Marketing is a vast field with many intricacies, but if there’s just one marketing concept every business owner should understand, that’s probably KPI. Read on to discover what this acronym stands for and the important role it plays in every marketing campaign regardless of its size or scope.
What Are KPIs in Marketing?
KPI stands for Key Performance Indicator. This term is used both in marketing and management to measure the effectiveness of a campaign or a company against its objectives.
In marketing, KPIs help track the success of a campaign by showing its impact in numerical terms that can be compared, stored, and turned into graphs. In order to be useful, a marketing KPI should meet these criteria:
- Simple: The aspects you choose to measure should be straightforward and easy to understand.
- Relevant: Track user behaviors that align with the goals of your campaign.
- Measurable: Your KPIs should refer to events you can count ( for example, number of clicks, impressions, or interactions)
- Achievable: Don’t fall to the temptation of setting unrealistic KPIs
What Are Some Examples of Marketing KPIs?
Some common examples of KPIs used in marketing campaigns include the following:
- Return on investment
- Social media/Brand awareness rates
- Landing page conversion rates
- Mobile traffic
- Sales team response time
The KPIs you choose to track will depend on the goal of your marketing campaign. For example, if your goal is raising brand awareness, you could measure your social media impact by the number of shares or likes you get on Twitter or Facebook.
Don’t Over Analyze
One word of caution when it comes to KPI’s: avoid over-analyzing.
From email marketing to social media, most digital platforms allow you to see and track many indicators. This is great, but you should keep in mind that tracking more values doesn’t always mean tracking more effectively.
Particularly if you are a small business, you are more likely to get better results if you concentrate on a few KPIs that really matter instead of going overboard analyzing as many indicators as possible.
Learn More About Marketing
Being great is not enough if your potential clients don’t know about you. These are some previous posts you can read to get more ideas to promote your business.
- What is SEO and how can it help your business?
- 4 Marketing ideas you can start using today
- 4 Ways a blog can benefit your business
- What is content marketing?
At Uniko Biz Solutions we provide marketing strategies that deliver measurable results. Whether you need to increase sales, launch a new product, or raise awareness of your brand, we’ll help you find the right marketing mix to achieve your goals.
Contact us today by telephone, email, or social media and unleash the power of multichannel marketing to amplify your message and reach your audience.
