Are you aware of what makes your marketing campaigns successful or unsuccessful? Do you have the power of KPI in your marketing toolbelt? This knowledge is imperative and crucial to running a business. You need to know what is and what isn’t working in your marketing efforts. This data is known as Key Performance Indicators (KPIs), and they are essential to reaching your goals. Living in the social media age makes it so easy to measure analytics to chart your successes and failures. If you don’t already track KPIs, then it’s time to get started.
Measuring your company’s KPIs will not only allow you to understand your company better but to help you improve your success.
“If you don’t measure it, you can’t improve it” -Chuck McMahon
Here are 7 KPIs your company needs to track:
- Website Traffic to Website Lead
The people that visit your website are prospects to become paying customers. Understanding your website traffic allows you to discover what type of people are drawn to your site and how many of them return to it to make a purchase. Improving these conversion rates is a common goal for businesses. Tracking the ratio between website traffic and conversion rates (that then become leads) helps you understand who’s interested in your company and how you can hook them to your brand.
Website Traffic Analytics can include:
-Number of Sessions
-Number of Users
-Number of Page Views
-Average Session Duration
The funnel from website traffic to customers is listed below.
Visitors – Leads – MQLs (Marketing Qualified Lead= more engaged) – SQLs (Sales Qualified Lead= worthy of a sales call follow-up) – Quotes – Customers
- Blog Post Visits
Do your customers like the blog content you create? Researching which of your articles received a higher click-through rate and even what time of day they usually visit your blog is extremely helpful. Curating your content towards what your visitors want will drive more people to your site and invite them to return more often.
Blog posts are a huge traffic driver, which is why almost every online business has a blog page on their site. Don’t forget to remind your audience when your newest blog is live, either through an email newsletter or social media. If you don’t post about it, most people won’t know it’s there.
Keep up with writing your blog. Many companies fail to maintain consistent blog writing and lose traffic because of it.
- Sales Growth and Leads
Be sure to chart your sales revenue. It will take time to compile, but the results will be well worth it. Recognizing what marketing tactics caused dips or rising in the amount of money made will help you understand what worked and what didn’t.
No company wants to pay for something that isn’t earning them money. Charting revenue allows a company to recognize where they should and shouldn’t put their funds.
- Cost of Customer Acquisition (COCA)
Cost of customer acquisition is when a company has convinced a prospective customer to officially make a purchase. To calculate the cost of obtaining customers through marketing tactics, divide the total marketing investment (the amount of money you spent on sales) by the number of customers acquired. The numbers don’t lie. They’ll tell you how your marketing campaign really went.
- Customer Lifetime Value
To maintain customer value and extend their connection with your company, reach out to your current customers. Keeping up communication with these customers will increase their satisfaction, help you discover new leads, and retain your customers even longer. After all, the biggest goal for a business should be converting average buyers into lifetime customers.
To calculate the lifetime value of a customer, multiply the average sale per customer by the average number of times a customer buys per year and by the average retention time in months or years for a general customer.
- Landing Page Conversion Rates
No matter how attractive your landing page, if it isn’t increasing conversion rates, it isn’t working. Make sure that the content and design you’ve crafted for your landing page is driving more than simply traffic, but customer purchases as well. Be sure to monitor your landing page’s conversion rate as often as possible. If a campaign doesn’t seem to be doing as well, update the page with either more persuasive copy, clearer, and more navigable design, or with positive customer testimonials.
- Social Media Traffic:
Tracking the metrics from your social media can prove just how much (or how little) traffic it’s bringing your business. Social media is a free tool that all companies should utilize and maintain. No matter the social media accounts you use, don’t forget to chart the leads, customers, and percentage of traffic to see how it’s improving your sales.
Mobile is now one of the most popular ways that people visit sites on the internet. Be sure that if a customer clicks to a landing page from your social media, that your website is optimized for mobile and still easy to navigate.
Want to learn more about COCA and Social Media? Keep an eye out for our upcoming blog! We’ll get into the nitty-gritty on how to utilize these.