We all recognize the value of monitoring business outcomes, but how can KPIs be used effectively in a marketing context? If you’re struggling to introduce accountability into your department or to identify opportunities for improvement, consider establishing some goals that define success for each of your brand initiatives. The first step in adopting KPIs is to specify the conditions or outcomes those programs are intended to achieve. Only then can you determine whether the data you’re collecting validates or challenges your strategy.
If you’re managing a paid search campaign, designate the click-thru rate you’re targeting, as well as the number of leads and sales conversions you hope to achieve. It may be painful to place that degree of pressure on your team, but without goals no amount of data can provide definitive performance into your efforts.
Once you’ve pinned down your objectives, begin amassing data. Almost any kind of internet user activity is traceable via Google Analytics, CMS tools or CRM platforms. Social media platforms offer robust metrics. But some important data points require painstaking record keeping.
For instance, your sales and marketing teams are responsible for tracking leads as they progress through your sales funnel. The most
Here is a list of more key metrics to collect:
You’re probably already collecting some of this data. The key is to organize it systematically, to review it consistently and weigh it against your target objectives. Assign responsibility to department personnel for compiling the data into a digestible format and schedule quarterly reviews to assess performance.
If the data shows your programs aren’t achieving your goals, then determine whether continual investment is warranted. Can improvements be made through modest modifications, or does the entire strategy or campaign need revamping? Don’t cling to an ineffective strategy out of stubbornness. Acknowledging the failure of one effort frees up resources for other, more successful initiatives. Double down on what’s working and be willing to relinquish what isn’t.
We’ve already mentioned a few benefits of installing KPIs. When you define success criteria and evaluate performance, you can improve poorly performing strategies and allocate more resources to proven ones.
In addition, KPIs and performance data provide the following benefits:
If you’re struggling to justify your marketing recommendations to a board or superior, appealing to hard data provides the scientific objectivity needed to bolster your case and prove your success. It’s also one of the best ways to establish your value as an employee.
Want to see how KPI metrics work in action? Take a look at how we measured campaign success for one of our clients: GHA DISCOVERY.
© 2018 AvreaFoster Inc.