How should I measure my KPIs?Kiri Tamte-Horan
It is important for digital marketers to understand key performance indicators. Key Performance Indicators or KPIs give you a way to measure how your campaign is performing against your business objectives. When you start a campaign, make sure to outline your goals, and once you have them, be sure to translate them into quantifiable objectives. These measurable goals will give you your KPIs.
But how do you choose what to measure? With so many components going into a digital campaign, it seems impossible to pick just a few. Then once you do, how do you measure them? Luckily there are answers to both of those questions, and they may be simpler than you think.
One of the things that is very important to focus on is if you are effectively engaging your audience. You can measure this through your click-through rate. Your click-through rate takes the number of clicks on an advertisement and divides it by the number of impressions served. Click-throughs are a very useful measurement tool because they show what percent of users are clicking on your ads. If the CTR is low, it is safe to assume that the advertisement is not as effective as it could be.
Another way to track how effective your advertisements are is through call-tracking. Call-tracking gives you a number that forwards to your business’ actual number, and through this number you can track a variety of components that are helpful to your business. Once the phone rings, you know the path the caller took to find you, the caller’s history, and search keywords they used to find you. With that information you can figure out which keywords and which ad channels are working the best for your company.
An invaluable tool for measuring KPIs is Google Analytics. Google Analytics measures bounce-rate, conversions, and gives you a way to track your business’ URLs through UTM codes. Bounce-rate ties back to the engagement of the user. A high bounce rate may mean that you’re losing your website visitor too quickly because they didn’t find what they wanted. In addition to your bounce-rate, Google Analytics can measure your conversions. Google Analytics shows where the conversions are coming from and how well they are doing. Through this data, you can accurately assess which strategies are working for your business and which aren’t.
Lastly, with Google Analytics, you can use a UTM code to track your URL which are very easy to set up. UTM codes simply show the traffic coming into a site, and where those visitors were before they came to your website.
Through these simple measuring tools, you can significantly increase the success of your digital campaign!