The goal of every campaign is to be successful. For you and your team to grow, you have to have goals and targets in place. That’s where key performance indicators come in. We all know what key performance indicators (KPIs) are, they’re crucial for measuring how your business is performing and achieving goals. Your KPIs should be quantifiable, specific, and practical for your business.
Why are KPIs important for your business?
If you’re looking for your business to continue to grow, KPIs are an important factor to consider. To start, KPIs are great to measure progress. You create a goal for your business to hit, and they help keep your team accountable to achieving that goal. If you’re not reaching a target as expected, it’s easy to see how you can tweak certain areas in the strategy to help achieve the desired outcomes. The wins and losses are all a crucial part in learnings for setting future KPIs.
5 KPIs to look at:
1. Organic website traffic
Organic website traffic is the amount of people that visit your website from sources like Google, Bing, and other search engines. If you’re looking to improve your organic traffic, search engine optimization (SEO) can be your best friend. With the right SEO keywords, it can help you in many ways by reaching people worldwide, especially those who have never heard of your brand. A Hubspot report found that over 50% of marketers said keyword rankings and organic traffic are the top ways they measure success.
2. Social media engagement
In the last few years, social media has become a major role when it comes to marketing. 77% of social media marketers said that social media marketing has been effective for their company in 2021. Your engagement on social media says a lot about how your business is doing. Are your posts getting multiple likes, comments, and shares? Or are you noticing that it could be better? Some ways you can help increase your social media engagement include proactively reaching out to your audience, staying consistent with a posting schedule, and running promotions for your audience.
3. Conversion rates
Your conversion rates are the percentage of visitors that completed the desired action. Desired actions vary from filling out a website form, purchasing something from your business online, or signing up for a service. If your website is well-designed and appealing to your audience, you’re more likely to have a high conversion rate. Adversely, if your site performs poorly and doesn’t provide customers with beneficial content, your conversion rate will likely be low.
4. Customer retention
Customer retention measures how successful you are at obtaining and keeping customers. Your existing customers are your loyal followers - so it’s important that you’re maintaining good relationships with them. Research shows that it costs 6 to 7 times more to get new customers than to keep the customers you currently have. When you can fully understand your customers, you can market better to them.
5. Return on investment (ROI)
Last but not least, your ROI is an important KPI to keep your eye on. ROI measures the amount of dollars you’ve earned compared to the spend on the campaign. With this measurement, you can determine if your investments are giving you your desired results. At the end of a campaign, your ROI will help you determine future business decisions and lead successful future campaigns.
Make sure your campaigns are successful
Tracking KPIs are the best way for you to measure your business’s performance. When you properly implement them into your campaigns, you’re able to ensure long-term success. It’s important that you’re making educated decisions to guarantee success within all of your future campaigns.
If you’re looking for a helping hand when it comes to KPIs and campaigns, our marketing experts at Fifth & Cor are equipped with the best tools to ensure your business continues to be successful and grow. Contact us today to learn more.
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