Each strategy must identify its own KPIs. We need to know what works for us and what we should improve.
In any field whatsoever, and more specifically in the case of marketing, it is true that work which goes unmeasured cannot progress. Therefore, measuring should be the last action in our marketing plan. Thanks to this action we are able to check how close we are to our plan’s initial goal. For this purpose, it is necessary to choose the KPIs (Key Performance Indicator) that allow us to measure what we want to achieve.
KPIs indicate the process’s performance level. These key indicators allow us to find out the current status of our business and determine a future course of action to success. Depending on the action we want to carry out, a goal must be established according to the desired results. KPIs are useful and necessary to determine if our plan has worked.
The KPIs we choose must be SMART:
– Specific. As specific as possible. We need a highly detailed goal which clearly establishes what we want to achieve and how.
– Measurable. Quantitative goals must be established in order to measure our success and know, when necessary, whether or not we have achieved our goal.
– Achievable. Our goals must be as ambitious as possible but also achievable. Moreover, we have to anticipate the possibility of readjusting our goals. It´s important to remember that we are working in a constantly changing process.
– Relevant. We need to use resources with intrinsic values for ourselves and the environment. Is it possible to achieve said goal considering the resources we have available?
– Timely. It should be possible to monitor the progress as time passes. When will the goal be achieved? We must be clear regarding the amount of time invested for each goal, as well as to create a timeline for each one.
Knowing a KPI:
The KPIs for each strategy must be identified. We need to know what works and what should be improved. Fortunately, almost everything is measurable in marketing. However, sometimes, it is difficult to choose the most appropriate indicators. In order to make this task easier, let’s check some examples of KPIs that can be monitored to execute successful marketing campaigns:
In social networks:
– Social networks such as Twitter, Google +, LinkedIn or Facebook can be added to the business strategy.
– KPIs shall be used to retrieve relevant information in order to know if we are getting results: the amount of new followers, “likes” in our publications, retweets…
– This work should be done by the company’s Community Manager. It is interesting to check the amount of users that visited our webpage thanks to social networks and how many of them showed interest in our product and became clients.
In the webpage:
– Number of visits in our webpage. In this case, the multiple visits made by one user shall be considered as different users.
– Pages views: the total amount of views of registered pages.
– Length of visits: the average time of the visits must be analysed.
– Length of page views: average time of page views.
– Amount of pages views per visit: it results from the division of the pages views and the number of visits.
Other KPIs that may be interesting to monitor:
– The level of satisfaction of our clients.
– The time we need to improve the service we are offering.
– Confirmation of leads.
– Company management quality.
– The amount of downloaded documents.
– The amount of information searches.
– Income per sale.
– ROI (Return of Investment).
We must compare the account of results to the established budget in order to check if we are earning or losing money. No one would support a marketing activity that produces company losses.
We should not forget that Internet has its own rules and improvising a strategy may result in failure.