Applying digital marketing strategies is the way to go if you want your company to rise above the competition. But how do you know if your business is doing well? What should you do to verify if your marketing strategies are successful?
That's where Digital Marketing KPI comes in. KPI stands for Key Performance Indicators, which means a set of measurable values you can use to determine your success for your digital marketing efforts. Having KPIs would help guide marketers on the expectations for their needs, measure everything that matters, and track their progress.
What you should focus on measuring are the quantifiable metrics that matter to your business goals. Don't go overboard and measure things that you cannot influence.
There are a lot of things that you can opt to measure, but here are the most common ones:
Leads are as valuable to a marketing company as gasoline is to a car. Leads are what drives sales to a company and is what increases growth opportunities.
What you can track on your end is the number of leads you acquire, how long it takes to secure a lead, and how much resources you have to spend to secure one. Reports like this will allow you to see which activities are more efficient to use.
Additionally, you can also track the rate by which customers use your product and how long they repeatedly make orders. On the flip side, you can also measure the churn rate of your customers. These numbers will show how you can improve your services and user experience.
Social media plays a vital role in driving customers and broadening your reach. Your efforts here must focus on generating engagement, building relationships, and turning them into customers.
One of the largest investments companies make for digital marketing is their website. Measuring the traffic that comes into your site helps you understand the type of customers you have, what they are looking for, and whether you can deliver what they need.
By studying the results for different KPIs, you will be able to design your website to fit what your clients are looking for and provide the absolute value they need to stay long on your site, make favorable actions, and visit again.
The organic traffic you can get from search engines is a reliable and profitable resource for digital marketing. It is essential to measure your attempts to optimize your site to be search-engine friendly. Studying inbound links, page authority, and ranking can help you improve your content strategy and perform better.
Understanding Key Performance Indicators will bring your business closer to reaching your marketing goals. It's a vital part of modern marketing and worth the time and effort. Don't worry if you don't have a lot of experience. You can hire a digital marketing services provider to work on it with you!