Digital marketing KPIs are popularly known as Key Performance Indicators, are an integral part of measuring performance through digital marketing strategies. Today with the plenty of options available to choose from, along with so many businesses going through digital transformations, getting the best deal on how and from where to start is a big question to all enterprises. This article is an overview of KPIs and tips on using them in today’s digitalized world.
What are Marketing KPIs:
The quantitative benchmark or key indicators one sets to track how much progress an organization is making towards marketing goals is KPI’s. In simple words, the KPI is a metric aimed to hit that ensures the guarantee of a project. Whether the department is on track, growing, and adding value to the company’s business regarding revenue generation is the ultimate motto.
What Is A KPI In Digital Marketing:
Key performance indicators for digital marketing are measurable values that indicate performance conducted by the marketing teams in every digital marketing channel, be it in display advertising, social media, or search engine optimization. The establishment of the right KPIs for business helps increase the chances of success by ensuring a positive ROI.
Digital Marketing KPIs used in management consulting are as follows:
Most Important Digital Marketing Metrics and KPIs are listed here:
Every business has different needs. The particular combination or set of KPI that individual tracks will depend on the nature of business and channels one target with digital marketing campaigns. The most common categories that apply to most companies doing online business are:
- Search engine optimization (SEO)
- Social media
- Paid search engine marketing (SEM)
- Email marketing
- Website and blog content (content marketing)
Best Digital Marketing Metrics for modern digital marketers that is data-driven are enlisted:
- Web traffic sources
- Brand awareness
- Cost per lead
- Website traffic leads
- Returning visitors
- Online conversion rates
- Lead conversion rates
- Click thru rate
- Customer lifetime value
The Challenge and Opportunity of Digitalization in the modern era:
The world is moving at a rapid speed in the direction of digital movements. The best recent example is the explosion of smartphones. Initially used as a platform either used to call or text others, we all know the importance of mobile phones. Gone are those when cell phones were as big as walkie-talkies and were considered extremely expensive. For instance, one might have a Facebook Ad campaign specifically targeting smartphone users or a particular demographic. As the advertising pool is larger on mobile than on desktop, it certainly helps in making business.
It is always good to start with fundamentals. Firstly, begin with standard digital marketing KPIs. These comprise page views, bounce rate, conversion rate, return on investment (ROI), etc. Everything can be tracked on one single platform and thanks to the Google Analytics KPIs and metrics available these days. A common mistake done by most in setting digital marketing KPIs is to track too many of them. There are plenty of vanity metrics that appear crucial to marketers but usually don’t contribute much. Vanity metrics include the following:
- Social media platforms followers
- Numbers of shares and likes specific piece of content is getting
- How many page views a website is getting
How to Track Your KPIs for Digital Marketing:
Tracking the various digital marketing KPI’s as discussed gives the marketing team all the information one needs to make sound decisions about an enterprise or business. It takes many extra efforts to keep crucial details updated, specifically if marketing across several different channels.
Report Garden can be considered the one-stop solution as their digital marketing reporting dashboard software gathers all-important data into an automated KPI dashboard. Here one can see updated metrics whenever an individual wish to. They also offer a range of report templates to track KPIs for SEO, PPC metrics, email marketing KPIs, social media metrics, and many more.
The invaluable measures of digital marketing are KPI’s. Marketing strategies help and are always essential to create your specific plan as per the business’s need and nature. The next crucial and big thing to focus on is optimization and evaluation of the campaigns. Always highlight what works and what’s not working. There should be room for improvement. It is imperative to identify areas of failure, and specific actions should be taken to improve them.
One doesn’t really need an extensive list of KPIs and track them minutely, but what counts is considering the important ones and prioritizing them accordingly. The plan is to reach marketing goals that are both influential and critical. To conclude, reading data from KPIs is much easier to understand in a visual format than in a spreadsheet. Hence, every business or enterprise must have a dashboard and introduce metrics like KPI’s to grow the company better in the future.