Marketing analytics provides businesses with a competitive edge. They enable you to build and optimize campaigns based on factual data and analytics.
Companies of all sizes utilize digital marketing KPIs to gauge the success of their marketing campaigns. However, with so many alternatives available and so many companies undergoing digital transformations, how can you decide where to start or what to do if you need to attempt something new? This article includes 10 well-known marketing KPIs that every company should monitor.
What Is KPI?
Key Performance Indicators, or KPIs, are measures that demonstrate the numerical performance of a certain Digital Marketing campaign. They serve as indicators, indicating how near or far a strategy is from its objectives.
These KPIs must be tracked since they fluctuate depending on campaign performance. A typical KPI is one that tracks visitors to a company's website through social media platforms.
This KPI will track the volume of visits from social media platforms like Facebook, Instagram, and Twitter, which might fluctuate by day, week, or month. It's always necessary to examine the performance, no matter how volatile these data are.
Conversion Rate Of A Website Or Landing Page (CVR)
Whether you've created a dedicated landing page as part of your campaign or you're leading visitors to certain pages on your website, knowing how each is performing in terms of conversions is important.
Gaining an understanding of your conversion rates and comparing them to other pages on your site can assist you in identifying possible gaps or capitalizing on strengths. You may then apply this strategy elsewhere to duplicate this performance.
Calls to Action (CTAs) are typically used to encourage users to make a purchase, download material, or view a website.
The conversion rate attained by a CTA is measured by KPIs associated with this activity.
The CTA conversion rate is another KPI that Analytics offers with precision. To examine the conversion rate in the CTA, you must set which buttons to track in advance and access the indicator afterward.
Cost Per Click (CPC)
CPC is a powerful digital marketing KPI since it provides a clear pricing model that will assist you in making your campaigns as successful and cost-efficient as feasible.
This KPI can assist you in visualizing your typical expenditure on paid marketing activities such as pay-per-click (PPC), display adverts, and retargeting.
The goal is to continuously decrease your CPC over time, resulting in more successful, efficient, and cost-effective advertising activities.
Cost Per Lead Generated (CPL)
Everything your team does to generate new leads is an investment. Whether it's for site design, social media maintenance, or advertising expenses, it's eating up a sizable portion of your business's budget. As a result, including the cost per lead KPI in your dashboard to determine how much it costs to acquire a prospective customer.
A lower cost per lead might indicate an enhanced customer experience or higher brand recognition. The inverse outcome shows that you should review your marketing approach and concentrate on more profitable avenues.
Cost Per Conversion/Aquisition (CPA)
This marketing KPI displays the cost of acquiring leads that ultimately resulted in paying consumers. While an advertising campaign might produce hundreds of leads for businesses, only around 2% of them will become paying customers. If your cost-per-conversion is less than your client's lifetime value, your digital marketing approach is most likely squandering resources rather than generating revenue.
Net Promoter Score
This KPI is established to measure the degree of client satisfaction with the company.
We accomplish this by posing the following question in a survey: how likely are you to refer the product (or services) to a friend?
We categorize them into three groups based on the customer's rating:
9-10: Highly likely to recommend the brand.
7-8: Satisfied but not engaged and looking for better products, services, and deals.
0-6: Unsatisfied and may comment poorly about the brand.
We compute the average rating of consumer satisfaction with the firm by subtracting the lowest level (0 to 6) from the highest level (9 to 10).
Traffic From Organic Search
This KPI will provide you with an exact estimate of the percentage of website visitors generated by organic search.
You may be able to link your search engine optimization (SEO) approach to the organic traffic coming to your website. If your organic traffic is strong, it means your content is doing well in terms of value, relevancy, and engagement.
These KPIs will enable you to make modifications to develop more relevant, SEO-rich branded campaign material and will assist you in identifying where your organic traffic is coming from. Examples of these improvements include:
Number of lead conversions made possible by organic search
Customer conversions aided by organic search
The percentage of traffic attributed to branded keywords
Traffic percentage related to non-branded keywords
Visits Per Channel
Since attracting customers is the main objective, traffic is what makes inbound initiatives successful. Visits per channel are crucial since they reveal the channels that were used to get this traffic. This makes it easy to determine if a visitor originated through Google Ads, organic search, or social media. This measurement is carried out directly in Google Analytics (which is free), which displays this information in its metrics.
Monthly Website Traffic
This KPI indicates the number of monthly visitors to your website in a basic yet clear format.
This data is available in Google Analytics, and it includes details such as:
Visitors in pages (example: homepage, about us, blog)
Visitors in product categories
Visitors on landing pages
Visitors to the blog section
Average Time Spent On Page
Google's algorithms take into account average page time as one of the ranking variables. If consumers just spend a brief time on a page, Google may conclude that the page does not provide all of the information the visitor seeks. The longer your visitors spend on your website, the greater your chances of ranking well in search results and converting more visits to leads.
In Google Analytics, you may track this KPI and view the metrics by page, such as:
homepage
blog articles
product/services section
landing pages
Return Of Investment (ROI) or Return On Ad Spend (ROAS)
As a digital marketer, you need to recognize the significance of measuring the ROI for each of your projects or operations. Your ROI determines how well you spend your cash on a certain campaign. You'll be able to see if your efforts are producing actual returns by delving further into this all-encompassing measure.
In this scenario, the higher the ROI, the better. A high ROI indicates that your campaign funding is effective. If your ROI is poor, you will need to drill down into your weakest areas and make the necessary adjustments.
SO, WHERE DO YOU FIND THIS PARTNER?
Well, aren’t we glad you asked! We at DigiCom are obsessive data-driven marketers pulling from multi-disciplinary strategies to unlock scale. We buy media across all platforms and placements and provide creative solutions alongside content creation, and conversion rate optimizations. We pride ourselves on your successes and will stop at nothing to help you grow.