There are KPIs for every business out there and for marketing for good campaigns they are extremely important. These campaigns are created to promote products and services that are trying to change the world for the better, and making sure the campaigns pivot as expected is crucial. But how do you do that exactly?
KPIs are an important part of any business. From the marketing perspective, it is important to understand how your campaigns are doing and if they are successful enough to, for example, raise awareness, generate leads, or increase sales depending on your marketing goals.
In this article, we talk about the importance of KPIs and how we use them to plan our marketing for good campaigns.
What is a KPI?
KPI, Key Performance Indicator, is a critical indicator of progress toward an intended result. KPIs provide a focus for strategic and operational improvement, create an analytical basis for decision making and help focus attention on what matters most. In short, they measure how your company is performing at achieving a certain goal or objective.
Why should you use KPIs?
It is important to understand why you should be tracking different KPIs in the first place. Using Key Performance Indicators to track your marketing activities will help you figure out what is actually working and what has to be improved in order to achieve your marketing goals. If you are not yet tracking any marketing KPIs we highly recommend you to start doing so as it might be extremely harmful to your business in the long run if none of them is tracked.
What are good KPIs for marketing?
It is obvious that tracking the wrong KPIs won’t drive actionable results. That is why it is important to understand which KPIs you should focus on. This solely depends on what is the purpose of your marketing campaigns. Here are five examples of KPIs you should consider focusing on, no matter the purpose of your campaign.
Return on Investment (ROI)
ROI refers to the amount of money you gain compared to the marketing cost.
Conversion rate is the percentage of visitors who completed a desired action such as buying a product.
Tracking the follower growth of your social media accounts will help you understand if your marketing efforts are working to attract people to your brand.
As a brand, it is important to attract visitors to your website. Tracking website visitors is important as it tracks the success of several campaigns.
Social Media Engagement
Tracking social media engagement will help you understand the success of your social campaigns.
These are just a few examples of different marketing KPIs you can use to track your success. When setting your campaigns and goals, always remember to do your research on which KPIs to measure.
Reviewing your KPIs
What is as important as measuring the needed KPIs is to have a clear review process for them. It is not enough to review them every once in a while but to do it monthly, quarterly, and yearly to ensure all of the planned strategies are aligned with the current trends, and results achieved.
To start off a new year, it is good to review your goals from the past year. Think of what were your goals and did you achieve them, what you could have done differently and what can you do to improve your performance this year. Using a Start/Stop/Continue framework is a great way to visualize what you should start doing, what you should stop doing, and what worked well last year and should be done this year as well. Doing these activities will help you learn from the past year and set achievable goals for the new one.
For the quarterly breakdown, start off with identifying how frequently you will track KPIs to determine the next steps. Then include the main strategies you will test and track for each quarter. For example, in the first quarter of the year, you will focus on launching an affiliate program.
What you should be doing monthly is to make sure you are working towards achieving these quarterly goals. Always remember to create monthly reports to show different KPIs to track the success of your marketing campaigns.
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Tracking KPIs is an essential part of any marketing for good campaigns. All marketers want to know how their campaigns are actually performing, and if there is anything they can do to improve their strategies. If you are not already tracking your key performance indicators, we highly recommend you to dive into this topic more, and start researching which KPIs are the most beneficial for your business.
Author: Oona Yletyinen