By Kelly Rogan, on 30 May 2018
Even if you don't know what a KPI is, you've probably heard of this concept more than once. It stands for Key Performance Indicator.
One of the great achievements of digital marketing versus traditional marketing is the ability to quantify and measure all of the actions performed online.
Metrics and KPI's are not exactly the same: Metrics are the different data points that helps you to assess if you are achieving your campaign's goals. KPI's - though they are also metrics - are only those indicators that we define as necessary to assess the effectiveness of the action.
What is a KPI in your marketing strategy
1. Set Goals
It is essential that the first step is the definition of the objectives of the campaign. Knowing where we are going and what we want. It is optimal to prioritize what goals we want to achieve in the first place and what more medium and long term. This is the key to obtaining actual results that are useful.
2. Design your marketing strategy
Based on the goals we have set ourselves we decide our strategy of online marketing and the weight that each of the digital channels must have.
3. Define the KPIs
When you have completed the first two steps, you can move on to choose the Key Performance Indicators or KPI's. Those who really will be needed to quantify and assess whether the actions we’ve put in place to achieve our goals are going to be a success or not. We will discard all those metrics that, although they may add information, won’t be useful to help us detect the effectiveness of the measured actions.
When the KPI analysis starts to give us data we can then identify what processes are being fruitful and what is best to modify, change or just eliminate.
12 examples of KPI’s in your online marketing strategy
- ROI - return on investment.
- Increased sales.
- Which are the sources of traffic that give us more visitors.
- Funnel sales: Important in native advertising, since it helps us understand the process of how to get customers.
- Measuring the success rate of leads or sales.
- The performance of the keywords you have chosen.
- The views we get from mobile devices.
- The cost per lead.
- The engagement of email marketing.
- Life Time Value.
- Average visits to the page.
- Followers in social profiles.