Not All Marketing KPIs Are Created Equal, Here Are the Most Important Ones
by Chico Orange
There are so many KPIs in the marketing scene. But not all of them give you the data that you need to measure your marketing efforts and achieve your goals. We list all the important KPIs you should be using in your digital marketing strategy.
You can conduct all the best marketing efforts recommended by reputable experts, create stunning videos, post engaging graphics, and spend on optimizing your website for SEO. But none of them will show you any results if you don’t have a clue about how they’re performing.
Measuring the success of each digital marketing effort you conduct is a crucial part of your strategy. Hence, you need to pay attention to your key performance indicators (KPIs). KPIs measure the performance and effectiveness of every marketing tactic — they tell you if you’re reaching your goals or your efforts are underperforming or not contributing at all.
But with so many KPIs out there, it’s easy to choose the wrong ones. For you to maximize the data delivered by your performance indicators, you need to know which ones you should use. In this article, we list all the best marketing KPIs that will take your digital marketing in the Philippines a step further towards growing your business.
Leads drive your marketing and sales efforts, significantly boosting your sales opportunities. All the content you publish, the social media posts you make live, and the entirety of your digital marketing strategies have the ultimate goal of generating leads.
When measuring leads, make sure that you are focusing on the lifecycle stages of your customers, i.e. knowing the difference between marketing qualified leads (MQLs) and sales qualified leads (SQLs).
MQLs are those that are likely to become your customers based on their engagement with your marketing efforts. While they are not yet ready to make sure purchases, they are valuable individuals that you can market to and push further down the sales funnel.
On the other hand, SQLs are already at the crossroads of making a purchase from your brand. They are ready to make a decision, which calls for a different set of sales and marketing efforts to help nudge them to make a purchase.
2. Sales Growth
The best, and also the most obvious way to measure the success of your marketing is through sales growth. Marketing efforts targeted to boosting revenue should show you a relative increase in your business’ income.
However, don’t give up just yet if you don’t see your sales revenue increase immediately. It can take some planning and adjusting for you to find the marketing strategies that effectively drive sales. But keeping this KPI in mind can help you better identify sales growth opportunities.
3. Customer Lifetime Value (LTV)
Customers don’t just come and go. When they find a brand or product and make a purchase, they begin a relationship with the brand and can come back for repeat purchases or become deep engagers. Determining the value of your customers for the future of your business helps you strategize future goals and measure your ROI.
To calculate customer lifetime value, you need to determine the average sales initiated by your customer throughout your relationship. Here’s a simple formula:
Revenue x Gross Margin x Average Number of Repeat Purchases
4. Website Traffic
If you’ve been extending your marketing efforts to your website, then you need to find out how many people are visiting and making up your website traffic. These visitors are leads that you can turn into customers.
When counting website traffic, don’t just look at the numbers. Instead, get information on who your visitors are, where they’re from, and what they do on your website. Specifically, you need the following information:
- Average session duration
- Bounce rate
- Page per session
- Page views
This data allows you to identify what they’re looking for and where they are in the customer journey.
5.Website Traffic to Lead Ratio
Website traffic is just that — traffic. They don’t really do anything for your business until you identify which among them can become marketing qualified leads. This helps you determine the quality of your website traffic and create more tailored strategies that help generate visitors that can be promoted to MQL status.
6. Social Media Engagement
It’s time to find out if your frequent social media posts and thousands of pesos spent on ads are doing your business good. Tracking social media engagement lets you know if your strategy aligns with the goals that you are looking to achieve.
To measure this KPI, determine engagement through customer conversions, lead conversions, and website traffic that can be traced back to your social media efforts. Some platforms have built-in analytics features where you can get this information.
7. Landing Page Conversions
A good landing page should be engaging your audience enough that they end up clicking on your CTA buttons and either downloading your latest ebook or making a purchase. The purpose of your landing page is to guide your leads further down the sales funnel, but it can only do that if it’s constructed well and optimized for SEO.
Check your landing page analytics and assess how many people visit and are converted by your CTAs.
8. Blog Post Visits
Content marketing is a crucial part of digital marketing in the Philippines. Not only is it an opportunity to provide value to your audience, but if SEO’d, it makes Google happy too, boosting your rank in the SERPs.
Your blog posts should serve a purpose — to build brand equity and boost your website traffic. Determine if your blogs are meeting these and if not, it may be an issue either with the content you create, your SEO efforts, or your content maintenance.
Track the Most Important KPIs and Boost Your Digital Marketing
Implementing a bunch of different strategies for your marketing is equivalent to wasting your time, effort, and resources. You need to validate what you’re doing with these important KPIs and make sure that your efforts are driving results.
August 26, 2021
August 26, 2021
August 26, 2021