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What is KPI Marketing?
Simply put, it is a way to track and measure your business goals.
By setting specific, measurable goals and tracking your progress, you can ensure that your business is on the right track.
KPI stands for Key Performance Indicator.
They can be used in any area of life, from personal fitness to business growth.
In order to use KPI effectively, you need to first set specific, measurable goals.
These goals will be your KPI.
For example:
“I want to lose 20 pounds in six months.”
This is a very specific goal that can be measured by weight, so it would make for an effective KPI.
The next step is to track your progress towards these goals with KPI marketing.
You need to set up a system to keep track of your KPI marketing so you can see how close or far away from achieving them.
KPI marketing is not about getting more likes on Facebook, it’s about setting and tracking specific measurable goals for your business.
Examples of KPI Marketing
We’ll discuss how to set and track these goals later in this post, but first, let’s look at some examples of KPI marketing:
Increase conversions by 20% in one month. This means that if you were getting 100 visitors per day, and your conversion rate was 0%, then after one month it would be 120 visitors with a conversion rate of at least 0.20%.
Reduce customer acquisition costs by 25% in two months. This could mean that you would need to find new customers at a lower cost (or increase the amount of revenue generated from each customer).
Increase web traffic by 50% in six months. This could be done through tactics such as increasing SEO efforts, or generating more buzz around your brand.
Increase customer retention rate by 30% in six months. This could be done through tactics like offering incentives for referrals, loyalty programs, and so on.
Reduce churn from current customers by 50% over a two-year period of time (not just one month). This would require some kind of long-term strategy, such as providing more value to customers or developing better customer service.
Improve lead conversion rate by 25% in three months. This could be done through tactics like creating more targeted landing pages, A/B testing different offers, and so on.
Launch a new product line that generates $100,000 in net sales within the first six months. This could be done through a variety of marketing channels, such as paid search, social media advertising, and email marketing.
Increase web traffic by 25% in two months. This could be done through tactics like optimizing website copy, creating more engaging blog content, and conducting SEO audits.
These are just a few examples of KPIs that can be tracked to measure the success of your marketing efforts.
The key is to set goals that are relevant to your business and then track progress against those goals.
How to Set and Track Goals for the Business
Now that we know what KPI marketing is, how do we set and track goals for the business?
There are several steps to take when setting up KPIs:
- Set KPIs
- Track your KPIs
- Analyze performance against KPIs
Set KPI Marketing Goals For Your Business
The first step is to set KPI marketing goals for your business. What are you trying to achieve? What metric will indicate success?
For example, if you want to increase website traffic, you could track the number of visitors each month.
If you’re looking to improve customer engagement, you might track the average time spent on your website.
Once you have a goal in mind, you can start tracking it using the right tools.
Track Your KPIs
The next step is to track your KPIs. This involves setting up a system that will automatically collect data on your goals.
There are many different ways to do this, depending on what type of business you have.
One popular method is to use Google Analytics.
This tool allows you to track website traffic, user engagement, and a variety of other metrics.
You can also use it to create reports and compare your data against competitors’ websites.
Another option is to use social media analytics tools like Hootsuite or Sprout Social.
These tools will track your social media engagement and allow you to see what content is performing well on each platform.
There are also paid software options like HubSpot, which allows you to measure the ROI of your marketing campaigns in real-time.
You can connect this tool with Google Analytics to get even more insights into how people are finding your website and what pages they are visiting.
Analyze performance against KPIs
This will help you to determine whether your marketing efforts are successful and identify areas where you can improve.
There are a number of ways to do this:
- Use Google Analytics to track website traffic and engagement
- Use social media analytics tools to track engagement on social media channels
- Use A/B testing tools to test different versions of your website or marketing materials to see which ones produce the best results
Types of KPI Marketing
There are many types of KPI marketing.
Some examples include:
- Financial metrics like revenue, profit, and cost per customer acquisition.
- Customer satisfaction KPIs such as NPS score or conversion rate on your website or landing page.
- Social media engagement KPIs include likes, shares, comments, and retweets for each post.
- Brand awareness KPIs such as brand mentions on social media or in the news.
- Blog post engagement metrics like clicks per post and views per month.
- Pageviews, the bounce rate on your website or landing page.
- Email open rate and click-through rates on your emails.
How KPI marketing reflects your SEO?
Now that you understand what is KPI marketing, how can you set goals and track your progress?
One of the best ways to do this is by tying your KPIs to your website’s SEO.
For example, if you’re looking to improve your website’s search engine ranking, you might focus on improving your click-through rate (CTR) and organic search traffic.
You can also use KPI marketing to track the overall success of your content marketing campaigns.
For example, you might measure how many blog posts or articles you publish each month, and then track the number of website visits or social media shares those posts generate.
This will help you gauge whether your content marketing efforts are effective and worth continuing.
So, what are some common KPIs to track with your SEO:
- Website visits
- Social media followers/engagement
- Leads generated
- Sales or revenue generated
- Customer satisfaction ratings
- Productivity (e.g. number of leads generated per hour of work)
- Calculating your website’s conversion rate (the percentage of visitors who take the desired action, such as filling out a contact form or buying a product)
- Pageviews
- Organic search traffic
- Bounce rate
- Time on site/page
- And many more!
Conclusion
By using KPI marketing, you can easily track your progress and see how far you’ve come in terms of sales or generating leads.
And as I mentioned earlier, every company is different so measure what matters most for your business – whether that’s website traffic or social media engagement!
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