Marketing is an essential component of companies, big and small. Digital marketing efforts are made via multiple channels on the virtual stage. Since the internet is saturated with countless brands, services, and products each competing for the attention of the public, how can you make sure that your enterprise stands at the forefront of this highly competitive and dynamic market? The answer can be found in these three letters: KPI.
Digital Key Performance Indicators, more commonly referred to as KPIs, are measurable objectives that aid in tracking and estimating success. These fool-proof metrics are a useful means for digital marketers to establish expectations and to prove that their work manifests positive output.
You could devise the most brilliant digital marketing plan the world has ever seen, but it wouldn’t do you much good if you can’t monitor the impact it makes on your target audience. This is where KPIs come to the rescue. In this blog, we will be immersing you in the whole experience of all the top digital performance KPIs you need to know.
The term, lead generation, pertains to the initiation of consumer interest in the products or services that your brand offers. Leads can be generated through email marketing, newsletters, ads, or high-value content, among other things.
You can measure your company’s lead generation by bringing a pipeline management application into the game. This gives you the opportunity to leverage quicker analytics for an overview of the latest data.
Measuring the number of leads you attract on a monthly basis is only the beginning of this fundamental KPI. Your business’ digital performance is quantified by the number of qualified leads your marketing efforts manage to generate.
You don’t just want to know how many eyes have seen your ad or opened your email. What you really want to know is how many interested eyes have seen your marketing projects. Measure this vital KPI by categorizing all your leads in a sales funnel in a CRM software. Streamline it by providing tags and dates, so you know exactly how many monthly qualified leads you attract per ad.
Once you reach your specific demographic, chances are that you’ll see more leads convert into actual sales. These paying customers are the pivotal factor that generates revenue for your business. Thousands of leads wouldn’t mean a thing if your marketing efforts don’t have the power to convert them into sales. Keep an eye on your lead conversion analytics by taking the number of leads that have converted into sales. Divide this by the total number of leads. Next, multiply this number by 100, and there you have it; your lead conversion percentage.
Another vital facet in the lead generation process is the cost-per-lead. Cost-per-lead or CPL is a metric that shows the cost of acquiring prospective customers. You can easily measure the sum of this KPI by calculating the time, resources, and money spent on marketing a certain product or service. This is highly beneficial as it gives you a clear picture of what kind of techniques rake in traffic and which ones need a little tweaking. Do you need to increase the budget? Create more paid campaigns? Or change up the quality of your content?
Once you’ve evaluated all this, you will find out just how profitable your marketing activities are and just how strong your digital performance is.
You work hard to create and send promotional material to encourage people to purchase your products or services. So, it’s imperative that you keep track of just how engaging your content is. To determine how many clicks your marketing efforts initiate, take the number of clicks generated from a marketing email and divide it by the total number of emails you sent. Next, multiply the number by 100.
Let’s say that you have sent out 1000 emails and got 500 clicks. That means you would have garnered a click-through rate of 50 percent.
Measuring the number of returning and new visitors is especially helpful for gauging the digital performance of blogs and landing pages. By keeping tabs on this KPI, you get a bird’s eye view of how engaging your content is.
Let’s say you get a high return rate to a blog on taco recipes; this is a clear indicator that this kind of content resonates well with your visitors and followers. You can maximize this benchmark by sharing information on your blogs and landing pages.
Quantifying the average time spent on a page is important for organic search traffic, because Google ranks pages based on their level of relevance. The higher your website scores with this KPI, the more likely you rank well in search results. Ranking high in search results equals bigger chances for converting more visitors into leads, and more leads into sales.
Boost the average time on page with compelling content that adds value to one’s life.
More often than not, websites and ads are designed with clear call-to-action (CTA) buttons. Add measuring the click-through rate of this metric to your to-do list, because it can provide great insight for your marketing efforts. This digital performance element is especially important if you’re using pay-per-click campaigns to drive traffic towards a particular page. This is best measured by setting up website events on Google Analytics, which tracks every single click on your CTAs.
One way to increase the clicks on your CTAs is to make them look as presentable as possible. This pertains to both the written content and the graphic design. It is highly recommended to conduct tests on various CTAs to see which one works best for your brand.
KPIs are essential to your company’s business objectives, because they present your goals in the most logical and organized fashion possible. By keeping track of top digital performance KPIs, you can ensure that your business is reaching or even exceeding its goals. Learn more on how to improve your digital performance with The Influence Agency.4