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 not in vain? How can they know for certain that their digital marketing activities are meeting operational goals?
Enter KPIs - Key Performance Indicators, values used to monitor and track digital marketing performance.
Top digital marketing KPIs
Some of the most important KPIs to measure are the one that will have the greatest impact on your business, such as:
- Web traffic sources - Qualitative insights into which traffic sources are driving visitors to your website.
- Web traffic leads - A quantitative measurement of how many of your website visitors convert into leads.
- New and returning website visitors - Quantitative insights into how many of your website visitors are new to your site, and how many are returning visitors
- The percentage of customers coming from various digital marketing campaigns - Self-explanatory.
- Click-to-action performance (CTA) - Analysis of how well - or how poor, your calls-to-action drive click-throughs, enabling content optimization.
- Cost per lead - The total cost you paid for an ad, divided by the number of leads you acquired.
- Cost per click - The total cost you paid for an ad, divided by the number of clicks obtained.
- Conversion rates, segmented according to leads, return customers, etc. - The division of your converted audience (leads that completed purchases), according to predetermined dimensions that help you understand who these customers are, and what motivated them to convert.
- Click through rate - The total number of clicks your campaign or website received in a given reporting period, divided by its total impressions (views).
- Churn/bounce rate - The quantitative rate of customer loss. As it costs more to acquire new customers than to retain existing ones, ensure churn is at an all-time low is a top priority.
- Brand awareness - Tracks how your brand is performing on social and on branded search, namely, how well your target audience identifies your content with your brand.
- Return on investment (ROI) - The sales growth from a particular product, service or campaign, minus associated marketing costs and divided by those same marketing costs
- Customer lifetime value (CTV) - The measurement of a customer’s long-time relationship with a brand, according to predetermined metrics, such as sales, website visits, correspondences, etc.
While it can be hard to even imagine managing this long list, a little prioritization and organization can go a long way. Bottom line KPIs, such as your CTA and CTV should be routinely monitored by every business’ sales AND marketing departments and discussed at weekly meetings. The others should be examined at regular intervals, to ensure maximum strategy alignment, throughout every sales funnel and optimize your path towards desired results.
Why monitoring KPIs is critical to your digital marketing success
The world is on a warp-speed path towards digitization and businesses must go digital - with their production, sales and marketing processes, if they wish to survive. This challenge also serves as a huge opportunity for marketers. Using the latest innovations in technology, you can monitor the 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, you’d have no way of knowing how well your campaigns are actually faring, and therefore could potentially waste time, efforts and money that could be directed towards optimizing your marketing strategy and its results.
Common KPI monitoring mistakes to avoid
KPIs are a digital marketer’s best friend. They are the goals you have to set if you ever want to see them met.
And yet, a common mistake in the digital marketing world is a failure to set KPIs at all!
Another mistake is failing to define said goals or leaving them too broad. The more specific your KPIs are, the easier it will be for you to understand whether and why they are or aren’t being met.
And of course, a third, all-important KPI mistake you absolutely must avoid is failing to monitor your KPIs’ progress. How can you possibly know if you’ve met your goals, without tracking how they fare in the real world?
Avoid these mistakes and watch your business grow and prosper.
The tools that will help you master KPI monitoring today
At Mayple, our teams 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 KPIs, and manage your account, so you experience the best possible results. Here are some of the 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 form a single dashboard and generates reports for your convenience.
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 - in real-time.
Facebook Page Insights - With Facebook Page Insights, you can see how your business page is doing, and optimize it to drive even better results. Discover how many people see your posts, which posts people engage with most and how well each post performs, which actions are being taken on your page, and more.
Your CRM - Your CRM keeps track of all customer touchpoints, so be sure to use a CRM that covers the whole business, not just customer communications. Categorize interactions according to groups, such as leads, opportunities, paying customers, MQL, SQL, etc., to enable comparisons that will inform future marketing decisions.
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-set KPIs. Select your best fit email marketing tool, one that meets your business’ unique needs.
Funnelytics - Funnelytics was built by digital marketers, for digital marketers. As such, it maps funnels with speed and ease, so you can best understand how your campaigns are performing - and share them with your clients, to drive the message home, for free.
Hootsuite - Designed as a social channel management platform, Hootsuite additionally 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 whether they’re positive, negative, or neutral.
HotJar - With HotJar, you can visually understand your users, track and monitor 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 customers’ journeys, so you can see their user experience through their eyes, gain unprecedented access into what does and doesn’t work for them, and make the necessary modifications to your campaigns. Insights that scream KPI success (and “needs improvement”),
Defining and monitoring your Digital Marketing KPIs is critical to your campaigns’ success. Discover how the Mayple team can help you realize your KPIs like never before; contact us today