Key Performance Indicators, a.k.a KPI’s, are a crucial part of any successful marketing campaign. They are great tools to help measure the success of your campaign and ensure that organizational goals will be met. According to KPI.org, here are 5 things all good KPI’s should have…
- Provide objective evidence of progress towards achieving a desired result
- Measure what is intended to be measured to help inform better decision making
- Offer a comparison that gauges the degree of performance change over time
- Can track efficiency, effectiveness, quality, timeliness, governance, compliance, behaviors, economics, project performance, personnel performance, or resource utilization
- Are balanced between leading and lagging indicators
(KPI.org, 2021)
There are a bunch of KPIs out there, so how do you choose the right ones? First, it is important to really define your company’s goals of the campaign. These goals should be SMART goals, or those that are specific, measurable, achievable, relevant, and time-bound. The KPI’s selected should match with each of these goals. For example, if one of the campaign goals is to increase your website traffic by 50%, then perhaps you could look at Unique vs Returning Website visitors. If your goal was to have visitors spend more time on your website, perhaps you could look at your bounce rate, pages viewed per session, or average time spent per page. This information would also be useful in determining the quality of your content.
Matching your KPIs with your campaign goals will allow you to effectively measure the success of the overall campaign. Should any issue arise, the KPIs will allow you to see where the problem is and tweak your strategy along the way!
But how will you be able to track all your KPIs? How will you be able to stay on top of the data they are built to analyze? Investing in a tool such as Google Analytics is a seamless and simple way to achieve this! This service allows you to have one centralized dashboard where you can view and track your metrics in real time. When you deploy a new strategy of your campaign and you assign the metrics to track it, it can be figured into this dashboard and you can immediately start getting data.
“Key Performance Indicators (KPIs) are the critical (key) indicators of progress toward an intended result. KPIs provides a focus for strategic and operational improvement, create an analytical basis for decision making and help focus attention on what matters most. As Peter Drucker famously said, “What gets measured gets done”
What is a Key Performance Indicator? KPI.org. Retrieved from: https://kpi.org/KPI-Basics
The Mindful Marketer 