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Marketing benchmarks should reflect the overall goal your trying to accomplish.
A proactive forward thinking approach to advertising analytics allow you to get ahead of and alter the outcome that other companies lagging indicators, that look months in the past, give you. Not all marketers are masters at delivering metrics that matter. As you determine your marketing goals, KPIs are the measurement standard that will help you stay on track and analyse the performance of your campaigns. Developing how those KPI’s are used, understanding their importance and how they’re tracked are vital to your long-term success. Are you using your KPI’s effectively to guide your marketing strategy and make necessary adjustments for improvement? Be proactive, not reactive. Don’t fall for vanity metrics. Constantly make improvements to keep your customers interested and engaged.
Why KPIs are Important
Whether you’re trying to get more of a social media following or more website traffic, KPIs will not only show you if you achieved your goal but also how far you passed it. Looking at KPIs that match your goals can really determine how well your marketing efforts are driving the desired result. KPIs help determine your ROI by showing you how much you’ve spent vs the goals you were able to achieve. Most marketing KPIs fall into these categories:
- Consumption Metrics: These metrics show how many people saw or accessed your content. These metrics often give you an overview, basic look at how your strategy is performing. Creating advanced segments to split specific types of traffic gives you a deeper understand of your marketing performance. Users and pageviews, when paired with location, source, device type, and email opens rates provide excellent mixes of consumption and segmentation. Is your website getting the cliks you desire, if not what can be done to get more people to click through and share their information? What can be done proactively to alter the outcome before your campaign ends.
- Social Metrics: These metrics provide a much deeper understanding of how your audience is interacting with your content and how long they pay attention to it. Metrics such as, average time on site, pages/session, new vs returning visitors, referral traffic give you website performance metrics. Where shares, follows, comments, subscribers, unsubscribes, opt-outs, forwards give you more commonly thought of social media metrics.
Engagement metrics are essential to fostering relationships with a sense of loyalty from your audience.
- Lead Generation Metrics or Conversion Metrics: Goal completions, goal conversion rate, transactions, time to purchase and assisted conversions. Gated content, lead capture forms, social media conversion tracking. Tweaking your calls to action, doing A/B testing, improving website copy all can help lead generation metrics.
- Sales Metrics: Not every lead converts to a sale. Lead to close ratio, cost per lead, lifetime lead value, help determine the cost-effectiveness of your campaign.
Don’t Fall for Vanity Metrics
Metrics need to measure, drive results and improve performance, not make you feel good. Metrics need to provide context for making decisions. Some actionable metrics are click through rate, social media shares, bounce rate, and engagement rate.
Proactive vs Reactive
Reactive analytics measure results after a campaign is over. A proactive approach, focused on leading indicators and predictions, provide the opportunity to influence the outcome of the campaigns KPIs. Leading indicators reveal results and can be hard to measure and when they’re identified can be easily influenced. Understanding what and how to improve an ad or campaign and how to implement it, is what separates WatermelonSeed’s approach to analysis. Lagging indicators do play a role in long-term strategy but work in tandem with your leading indicators.
Monitoring and Insites
We monitor search console keyword movement, page status, google my business reviews and questions to take action when issues arise. Staying alert and working smarter not harder allows us to provide you with more attention to detail in other areas of marketing. We track your spend on campaign level budgets and optimize their performance to deliver optimal results.
If you’re looking for help finding your relevant KPIs to get a deeper understanding of your data and identify opportunities for conversion optimization, give us a call today: 918-558-7001