Digital marketing is one of the most popular and successful ways for businesses to make and increase sales. But how can a business know that their efforts are paying off? How can they be certain that their digital marketing activities are meeting operational goals? Enter marketing KPIs.
On a general note, Key Performance Indicators are values used to monitor and track digital marketing performance. In many ways, setting KPIs (specifically marketing KPIs) is the road to your business's success.
Why are Marketing KPIs Important?
Marketing KPIs are a window into what's working and what's not working in your marketing efforts. Without setting goals, it's hard for anyone to accomplish a task and measure how well they did it. Setting marketing KPIs is the optimal way to measure your successes and downfalls. You must invest time into understanding your marketing KPIs to know how you can better build your future marketing efforts for success.
9 Marketing KPIs you should be Measuring
Here are some marketing KPIs to keep in mind:
- Leads: This is a simple idea and one of the best marketing KPIs. As you acquire more leads, you have more sales opportunities. With more sales opportunities, there is a higher chance for sales growth.
- Lifetime Value of a Customer: Lifetime Value of a Customer (LTV) determines what your customer is worth to your business over the lifetime of your relationship. This marketing KPI is an optimal way to indicate you company's ROI. The information you gather from this KPI will help you build future business goals. Basically, figuring out how valuable your customer is over the lifetime of your relationship requires knowing all sales your average customer has initiated over the course of your relationship.
- Sales Team Response Time: The quality of a lead degrades as time passes. The faster your sales team responds to a lead, the more likely this will be a quality lead. This marketing KPI can help you improve your sale's team performance.
- Website Traffic to Website Lead Ratio: It's important to know how many website visitors convert and become leads. This KPI is helpful for measuring the quality of your website's traffic, and the conversion rate of your website.
- Social Media Reach and Engagement: Your social media strategy is one of the central parts of your marketing efforts. It gives you the opportunity to spread your content and interact with your current and future customers (but you probably know this already). A good way to measure this KPI is to track your growth, such as followers on Twitter and likes on Facebook. Now it's easy to track your growth with the built in tracking and analytics tools that social media platforms make available. Note: not all social media outlets will work for your business, so make sure to monitor the ones that truly matter to you and your customers.
- Email Marketing Performance: Your email marketing strategy is the lifeline between you and your customer. Analyzing your email marketing strategy is one of the most important marketing KPIs. Analyzing your strategy includes paying attention to delivery rate, unsubscribe rate, open rate, click through rate, conversion rate, and forwards/shares.
- Inbound Link Building: When someone links to your website, it means you're building a strong reputation within your given industry. The more people link to your site, the better your search rankings and the more traffic your website will get.
- Landing Page Conversions: Landing pages on your website should be drawing people in and converting them into leads. A good way to assess whether or not your landing pages are effective is to analyze the amount of people who visit such landing pages, and whether your CTAs are converting them.
- Blog Posts Visits: If you know how well your blog posts are performing, you can better gauge what your customers like to read and when they like to read. This allows you to create content around your customer's wants and needs.
And there you have it, marketing KPIs at their finest.
Why Monitoring Marketing KPIs is Critical to your Digital Marketing Success
Digitization is no longer the future of work, it's a present must. It's time for businesses to go digital with their production, sales, and marketing processes if they wish to survive. This challenge also presents a huge opportunity for marketers.
Using the latest innovations in technology, you can monitor the marketing KPIs you set, obtain measurable values of your campaigns’ performance, make more informed decisions, increase your odds at success, and boost your ROI.
Without regular monitoring of your marketing KPIs, you’d have no way of knowing how well your marketing efforts are actually paying off. Without keeping track of your marketing KPIs, you could potentially waste your time, efforts, and money.
Common Marketing KPIs Monitoring Mistakes to Avoid
Marketing KPIs are a digital marketer’s best friend. They are the goals you have to set if you ever want to see them met.
A common mistake in the digital marketing world is failing to set marketing KPIs all together. Mistake #2 is failing to define goals or leaving them too general. The more specific your marketing KPIs are, the easier it will be for you to understand if and why your marketing KPIs are or are not being met.
Mistake #3 that you absolutely must avoid is failing to monitor your marketing KPIs progress. How can you possibly know if you’ve met your goals, without tracking how they succeed in the real world?
Avoid these mistakes and watch your business grow and prosper.
The Tools that will help you Master Marketing KPIs Monitoring Today
At Mayple, our team of experts are masters of everything digital marketing. We know of the latest, most comprehensive and advanced tools to help audit your past campaigns, define and monitor your KPIs, and manage your account, ensuring that you receive the best possible results.
Top Tools every Digital Marketer Should Know About and Use
Google Analytics - The world’s most used analytics monitoring tool, Google Analytics (its basic version), is free to use, provides a clear view of all major metrics from a single dashboard, and generates reports for your convenience. Monitoring your marketing KPIs has never been easier!
Youtube Analytics - Stay on top of your video content published on YouTube, with YouTube Analytics. The tool’s insightful platform sheds a light on major video marketing KPIs, including watch time, traffic sources, audience demographics, playback locations and more, all in real-time.
Facebook Page Insights - With Facebook Page Insights, you can see how your business page is doing, and set your marketing KPIs to optimize your Facebook results. Discover how many people see your posts, which posts people engage with most, how well each post performs, which actions are being taken on your page, and more.
Your CRM - Your CRM keeps track of all customer's touch points, so be sure to use a CRM that covers the whole business, not just customer communication. Categorize interactions according to groups such as leads, opportunities, paying customers, MQL, SQL, etc., to enable comparisons that will inform future marketing decisions and help you better define your marketing KPIs.
Email Marketing Tools - MailChimp, Constant Contact, ConvertKit, and others provide great email marketing services, while also shedding a light on how your email marketing campaigns are performing across your pre-defined marketing KPIs. Select your best fit email marketing tool according to what meets your business's unique needs.
Funnelytics - Funnelytics was built by digital marketers, for digital marketers. It maps funnels with speed and ease, so you can best understand how your campaigns are performing . Share them with your clients to drive the message home, for free.
Hootsuite - Designed as a social channel management platform, Hootsuite enables marketers to enjoy its reporting functions, making it extremely easy to understand social campaigns’ performance and ROI results. Hootsuite provides insights on mentions of your brand on social media, and tells you whether they’re positive, negative, or neutral.
HotJar - With HotJar, you can visually understand your users, track and monitor marketing KPIs, and make better decisions. And as HotJar integrates with many other digital marketing tools and apps, you can turn generated insights into action, faster than ever!
Fullstory - Much like a DVR, Fullstory replays your customer's journey, so you can see their user experience through their eyes, gain access into what does and doesn’t work for them, and make the necessary modifications to your campaigns. Insights that scream marketing KPIs success.
Defining and monitoring your digital marketing KPIs is critical to your campaigns and business's success. Discover how the Mayple team can help you realize your marketing KPIs like never before; Contact us Today!