Digital marketing key performance indicators or KPIs are quantifiable metrics that are used to help your company track and measure its success. KPIs are an excellent way for your company to set expectations in terms of its marketing campaign and prove that your work has a positive impact.
To see what we mean, let's take a look at the following example: You have a technology company that wants to improve its brand awareness in a specific geographic location. To see if you are accomplishing this goal, your KPIs might include things like social media followers, your online engagement rate, and your website traffic.
However, to fully optimize on KPIs and everything they can do for your business, you need to understand what a KPI actually is and what it does.
What is a KPI?
Marketing KPIs are numerical, specific marketing metrics that a company uses to track its progress towards a precisely defined goal within their own marketing channels.
What are the Common KPIs for TV and Digital?
- Brand Search: When dealing with TV and digital, one of the most critical KPIs is brand search. When you follow the number of requests on search engines, you can see what impact your TV campaign had on your brand. Specifically, did your audience go and look for your brand online, or did they use keywords associated with your company after seeing the ad on television?
- Web Visits: Monitoring your web visits is also extremely crucial. Why? Because depending on the numbers, you can quickly figure out if TV viewers were interested enough in your brand that they went online to find out more about your company. And by tracking how many visits on your website, and what pages your audience ventured to can help reflect the engagement that was generated by your campaign.
- For instance: Let's say you ran two side-by-side campaigns, one campaign got you 500 clicks and the second campaign got you 400 clicks. Based on this, you would think campaign one was the superior of the two. However, when you start tracking those users that went through to your website and took some action there, you may find that out of those 500 clicks, 20 purchased something with campaign one, while campaign two resulted in 40 purchases. From this perspective, campaign two was a more considerable success.
- Application Downloads: Just like your website, your app needs to be carefully followed. Many users today prefer the convenience of an application on their phone over heading to the site. And optimizing these apps can help you earn your client's trust as well as retaining your audience.
1. Determine What You Want to Measure
Before you can start tracking KPIs, you need to determine exactly what you want to measure. Defining your KPIs clearly can help you avoid building a strategy on the wrong indicators while also helping you unveil the overall efficiency of not only your TV campaign but your business as a whole. Sounds easy, right? It can be if you figure out your specific goals and objectives.
Consider the following:
- What is the main objective of your TV campaign?
- Is it purchases, appointment booking, creation of an account, or a document request?
- What overall purpose do you want to accomplish with your digital marketing?
- Is it acquiring new leads and customers?
Once you have a better understanding of your main objective, it will be easier for you to figure out what you want to measure and what KPIs you need to start tracking.
2. Choose KPIs that Align with your Channels and Platforms
When choosing your KPIs, you need to understand that some KPIs need to be channel-specific while others relate to your overall business goals. By measuring both of these KPIs, you can figure out your channel's performance and the overall impact this has on your goals. Plus, when you identify the right KPIs for your various channels and platforms, you can really dig into the details of how your content is actually performing.
There are countless KPIs that apply to TV and digital marketing; however, when looking towards your specific channels and platforms, the following KPIs are four that you should always be tracking:
- Landing Page Metrics
- Website Visits
- Keyword Metrics
- Adwords Metrics
These KPIs can ensure that you are generating quality content and help you understand how your content is performing in terms of lead generation and conversions.
3. Make Sure the KPIs Correspond with Your Goals
One crucial aspect to understand about your KPIs is that they are not a goal. Rather the KPI needs an accompanying goal to be effective. Simply put, where a goal is a specific outcome, the KPI is the metric that lets you know if you are on the track of achieving this goal.
- Your Goal: Decrease your acquisition costs
- Your KPI: What is the percentage increase in your CPA over the last month?
As you can see, the KPI does not define the goal. Instead, it measures whether you are on track of decreasing your acquisition costs.
4. Pay Attention to Your Target Audience
When you have a reasonable and clearly defined target market, it can allow your company and business to put in effort and time into those individuals that are interested in your business. When you do not have a clear picture of who your target audience is, you just end up wasting money, time, and energy on the wrong people.
However, when you pay attention to your target audience, it will provide you with:
- Clear Focus
- Precision Planning
- Lender Relevance
- Resource Prioritizing
Consider the following example: You are a company that wants to use social media channels to optimize their product, but you are not sure which social media platform is best. One way to truly measure who is interacting with your social media content is to check the following KPIs:
- Content Shares
- Comments on Existing Threads
- Percentage of Engaged Users
With this information, you can quickly see which social media platform is working, which is not, and what methods are best for your specific brand.
Good KPIs Can Mean Big Results
It is no surprise that, especially in today's ever-changing market that KPIs are more important than ever. These KPIs are vital in helping a company stay focused and getting them to where they want to go. However, it is much more than just measuring random data. If you genuinely want to get ahead, you need to start focusing on the right indicators and metrics that can help you effectively reach your goals and correctly analyze the success of your campaign.