KPIs Are Dominating, Here’s Why You Should Pay Attention
Every industry has a means of measuring success. In every field, there’s a litmus test and standardized measurements to meet your objectives. Key Performance Indicators (or KPI’s) are the litmus test by which we can and should measure our goals in marketing! So what exactly are KPI’s and how can we dominate our field by using them?
KPI is marketing jargon tossed around incessantly. But what does it mean and how exactly can we use it? So then, which KPI’s should we pay attention to?
Key Performance indicators are statistics and numeric values that can be used measurably to ensure successful business practices. The following are three avenues of KPIs that you should examine with the accuracy of a microscope.
Sales Revenue and Leads
To enable our business to make money we have to be saving money. It’s a simple idea, right?
But that idea is harder to pursue. We have to make strategic decisions to spend money on the things that are making money. A key component in our marketing and sales practices becomes cutting out unnecessary resources. Some channels suggest this simple strategy when crafting inbound marketing to calculate sales revenue:
(Total sales for the year) – (Total revenue from customers acquired through inbound marketing)
Stick with the inbound marketing resources that your business deems most necessary. Cut resources that drain your ability to perform. If your Instagram is performing well and generating leads that end in sales, continue to emphasize that platform. If Facebook generates no leads, it might be time to stop pouring energy and resources into that platform.
Engagement and Traffic
Our social media, blogs, emails and other channels should be tell-tale signs of success. If they are not, something is wrong—we need to discover new opportunities in our omni-channel marketing approach.
Through social media platforms—such as Instagram, Facebook, and Twitter—we can see leads that have turned into conversions. Measuring sales leads and the conversion rate of those leads on each channel will inform us of how we need to maintain or adapt our strategy. Likes, comments, shares and direct messages operate as key insights into how much your followers are engaging and interacting with your channel.
Similar statistics and measurements can be used to explore the success of Email Direct Marketing (EDM) campaigns. Using platforms like Mailchimp and other marketing services, you can analyze measurements of performance. Check key indicators such as the following:
- Conversion Rate
- Bounce Rate
- Delivery Rate
- Unsubscribe Rate
- Opens
- Amount of Time Viewed
You might also analyze how many users are viewing from mobile audiences and how many are in a desktop environment and then cater to content creation with that in mind.
Write What People Want to Read
Our final tip for KPI is a simple one:
Write content others want to read.
Often content across channels lacks consistency—in voice, aesthetically and in quantity. Test several different types of voice and branding to see which appeals to your audience readily. After several tests, select a specific voice and develop a specific brand from what others connect with the most. If you are in a corporate setting, perhaps your voice should be more formal. If you run a beachside villa that sells surfboards, you should probably pick a voice that is cool and conversational. Be willing to write a variety of content and pick what sticks. This will help you develop consistency and engagement across channels.
Continue focus on these factors. Using KPI doesn’t ensure success, but ignoring it can cause you to falter! If you are a young and developing brand, we suggest that you find your marketing assistant. Here at Robotic Marketer, we are exploring the future of marketing strategy. Join today for your own personal, robotic assistant and discover what KPIs to measure for the future success of your business.
