What are the key performance indicators (KPIs) that you should track for your online marketing campaign? In this article, we will discuss the most essential metrics to measure, as well as how to track and monitor these metrics. We will briefly touch on some of the more niche metrics, but the majority of these will be covered in greater detail in a future article.
In the world of digital marketing, you are never done measuring. While you may achieve ‘perfection’ with one marketing campaign, the next campaign you launch may not work out as well. This is why it is crucial to track the performance of your campaigns and see how you can improve upon it. In order to do this, you need to set key performance indicators (KPIs) to track and analyze the performance of your marketing campaign.
What Are KPIs?
A KPI is a measure of performance, typically used in business. These numbers indicate the progress of a specific goal, and serve as a yardstick to determine whether or not you are meeting these objectives. Most businesses use KPIs when they analyze the success of a marketing campaign or online store launch. Essentially, a KPI is any number that you can pull out of a pie chart, graph, or table. It is an analytical measure that provides useful information.
Why Do You Need KPIs?
The purpose of key performance indicators underpins everything that we do in marketing. It is crucial to establish measurable goals for your campaign, and the only way to do this is with KPIs. Setting KPIs will allow you to track your progress towards a set goal, and determine whether or not you are on the right track. In the case of a marketing campaign, your key objectives might be to increase web traffic, gain social media followers, or sell more products. The choice is completely up to you, but you must have measurable goals in mind when you set out to launch your campaign.
How Do You Track KPIs?
The first step in monitoring the performance of your online marketing campaign is to set up Google Analytics. This is a free tool that allows you to track the progress of your campaign across different platforms and channels. If you already use Google Analytics, you can import your existing data and KPIs into this new platform with little effort. Simply click the ‘Get Started’ button to get started.
Choosing Your KPIs
When setting up your Google Analytics account, you will be presented with a choice of up to 30 metrics to track. These will be your KPIs, and they should all be easily measurable. Before you start measuring, make sure that you have a clear idea of what you are looking for. If you are not sure, ask your salesperson or a business analyst to walk you through the process. The better you understand what the numbers mean, the better your analysis of the results will be. If your metrics are too broad, you will not be able to pinpoint exactly what is going on. For example, if you are measuring the number of visitors to your website across all platforms, and you do not know the specific platforms your audience uses, you will not be able to analyze the results with any accuracy. This is why we always recommend that you pick your KPIs wisely, and only choose metrics that you know will give you an accurate result.
Measuring Website KPIs
The most basic of all the KPIs that you can track is the number of visits to your website. This is typically measured in two ways. The first is simply the number of visits to your site. The second is the total number of pageviews on your site. If you look at the Google Analytics documentation, you will see that there are two main ways to measure ‘visits’. The first is ‘Bounce rate’, which is the percentage of visits that result in a visitor leaving your site immediately after viewing one page. The second is ‘Time on Site’, which is the total amount of time that the average user spends on your site (however, this will be influenced by your landing page, site navigation, and other factors).
Social Media KPIs
A more targeted way to measure your marketing campaign’s success is to look at the key performance indicators (KPIs) of the platforms where your audience spends their time. The better these metrics perform, the more effective your campaign was in driving traffic to your site. When establishing these metrics, you must consider the sheer volume of data that they provide. It is not uncommon for marketers to track over a hundred different metrics for their social media channels. If you decide to track this volume of data, you will need to make sure that you have the technical knowhow to do this. Otherwise, you will be overwhelmed by the numbers and end up not analyzing any results at all.
While we could write an entire book on the subject of key performance indicators, this is not what we want to do today. Instead, let’s get back to you and your marketing goals. Once you have set up these basic analytics, you can use them to track the performance of your marketing campaign, and determine whether or not you are on the right track. If you want to dig deeper and find even more insights, you can export your analytics data directly into specialized software like Excel or Tableau, which provide even more comprehensive analysis.