Approximately 83% of businesses believe currently that their current efforts in the digital marketing realm are leading them into success for their long-term goals. There are billions of consumers worldwide who now use the internet to do their shopping, recommend their favorites to friends and family, and research companies that offer what they need. With so many more consumers staying at home the past two months, it has been rapidly learned that people are still eager to buy, they just need the correct ways of aligning said product to their specific needs and lifestyle.
Oganes Barsegyan is the founder and CEO of Digital Beverly Marketing Solutions in Los Angeles and wrote a fantastic and informative piece for Forbes Magazine last week about the importance of coming up with key performance indicators. The best strategy is to match these indicators not only to your goals but also to strengths and weaknesses and the literal position of your bushiness’s life stage.
These tips will help you craft KPIs that are effective in making sure that your strategy is always progressing, and there to see you crossing the finish line with positive gains in revenue. As digital marketing experts here at FarFetched Studios, we agree that these are key ways to assure that you aren’t missing opportunities that exist as well as spending your hard-earned revenue on means that are not effective.
Relate to Business Goals: If your current goal is to raise awareness, at least one of your KPIs should be about monitoring how frequently users share your posts. If your goal is simply to raise revenue, the close monitoring of sales and raw conversion rates are of more importance.
Address Problems and Acknowledge Successes. Just as any athlete preparing for competition would want to, focusing on weaknesses is key to winning. If your social media marketing efforts are succeeding, your KPIs will be able to determine why this is happening. The three most valuable categories here are bounce rates, click rates, and how long people stay on your page. One important aspect to understand is that during the holidays such as Christmas these change drastically, and if someone is staying long on your page but not buying you are simply facing competition from others that are lowering their prices to lure.
Tie KPIs to Company Size: Oganes does a great job here of professing her firm belief in the importance of life stages. Every stage has specific requirements you should meet to progress successfully to the next. A startup needs to acquire a healthy customer base and expand their business, while a more established company needs to be consistently better than their competitors and maintain current market share.
Simplicity is Key: At this current market stage, keeping a close watch on indicators that are deemed most important can end up with better results than keeping an eye on too many different categories. Tracking a large number of KPIs requires the proper integration of many tools and lots of time to hone in on. The most important metrics are usually the ones that directly relate to how fast customers are reacting to your message and product selection.
Traffic to Lead Ratio: This is a very valuable way to keep you informed on how good a job your site is doing with actually creating leads. If you see hundreds of visits to your site in a month but it only generates one lead, a sensible approach is to assure that your content is fresh and that you take a close look at what tactics you use to analyze your overall mission.
Customer Engagement: Taking the time to discern what content really grabs your customers’ attention helps you focus on your entire branding campaign as it weathers daily change. Your website may be the real meat and potatoes behind your operation, but social media platforms such as Instagram are now where much curiosity, frequent commenting, and intense interest are generated.