Measuring your marketing is a common issue – many people did not know the best way to run and measure the effectiveness of their marketing campaigns. There are many different sides to marketing measurement which make it difficult to know where to start.
Here’s some easy to follow measures that can be monitored to show if your marketing campaigns are on the road to being a success.
What is a KPI?
Key Performance Indicators (KPIs) are a group of critical measures that you should monitor to record the success of your marketing efforts – remember, they don’t have to be a result as such, but more an implication of the direction of results – are they improving, decreasing or plateaued.
KPIs to measure
- Traffic – When analysing marketing efforts, the amount of traffic your site is getting should be one of the first things you look at. Monitor referral traffic (which external websites are your users coming from, Organic Traffic and All Traffic (which area e.g. email activity is driving the most traffic to you) are all worth recording to see if there are increases after certain campaigns, or certain pieces of content creates more traffic. Also look at branded traffic and non branded traffic – branded traffic includes your brand name in the search.
- Users – Are you getting a lot of returning visitors? Or do your users convert better on their first visit, and never come back? Monitoring this is key to understanding the journey of your users.
- Enquiries – If your business gets a lot of enquiries then how often and what causes the influx? Mapping this out over a year should show you any seasonal peaks and dips, and give you a standard to improve upon.
- Inbound links – Through great content, your brand might have been picked up by another website, and they’ve linked back to you as the source. You’ll want to monitor the number of links you’re getting back to your site, and also the quality of these links needs to be vetted.
- Conversion rate – How often are your users converting? Take your total of visitors, and divide by the number of conversions, to find out your conversion rate.
- User journey – Tracking the movement of potential customers through different stages of the purchasing funnel – new/ engaged – will highlight strengths and weakness in certain areas of the process as customers leave the site, and indicate where you might need to create more content to streamline this process.
- Drop off rate – This measure shows you where potential customers drop off of the sales process. This is a great way of highlighting weaknesses in your strategy.
- Session duration – Are your users clicking on a page and then leaving immediately because it is not relevant to their search? How long are users spending on your site? This length of time should indicate if you need to improve the structure of your site, or if you need to re-think the some of your content.
- Pages per session – Related to session duration is the average number of pages per session – how many pages are your users looking at while on the site. This will help you map the customer journey.
- Page views – The number of times a particular page has been viewed, including repeat views. This is especially important for any campaign landing pages.
- Bounce rate – If your users are leaving a page immediately, then they are bouncing from your site. This could indicate that the user isn’t finding what they need quickly enough, and so they leave. This should be as low as possible, between 25-40% is amazing, and average is between 40-55%.
- Device usage – The mobile market is rapidly growing so it is important to know where your traffic come from and if you are missing an opportunity by not maximising your customers mobile experience
- Average keyword ranking – Good SEO alongside relevant and engaging content will increase the ranking of your business for its key terms. It also makes for a clear performance comparison between you and your competitors.
- Google Search Console: clicks and impressions – Based on your organic performance, clicks are the number of click you’ll get, and impressions are the reach of the content – how many times has your content been seen. You want these both to be as high as possible, so high impressions and low clicks might mean you have to make some changes to entice the reader to click.
- Email subscribers – How big is your database of engaged users? Consider how much do you want to grow this list by the end of the campaign/year to set a new KPI.
- Email open & click rate – Setting a KPI to measure the open rate of your email campaigns (whether this is a newsletter or part of a more targeted nurture plan) is a great way to monitor relevance and the success of the emails’ subject line. Additionally, whilst open rate indicates the subject line impact, click rate is a measure of the percentage of users who have clicked a link or image in the email.
- Unsubscribe rate – It is also key to find out how many people are unsubscribing per email, and get an average. You will then be able to see if particular emails are causing more unsubscribes than others, and you can rectify the content
- Social – How many Facebook, Twitter or Instagram followers does your business have? How do these figures compare to those of your competitors? The size of your social footprint is essential for brand awareness and engagement – it is simple but effective. Also look at your follower’s social interactions with you – for them to matter you need to increase their interaction on your social media platforms such as liking and sharing your content. Aim for a KPI that will reflect a % increase on your monthly interactions – an increase in interaction means more engagement and further reach.
- Clicks on paid ads – TheClick-through rate is one of the most important KPIs to measure in a paid campaign. It measures the amount of people that see your ad and the amount of people that it entices to click. It is calculated simply using the sum total clicks / total ad impressions. This can be found on Google Analytics. The Cost per click (CPC) measures the amount that each click on your ad costs by doing the simple calculation of total cost of advertising/total number of ads clicked. Of course, the more clicks, the lower the cost, which is the result your brand need to be aiming to achieve.
- ROI – All marketing comes back building revenue – to build our brand profile and result in more sales. You want to be able to justify you are getting your money’s worth from your marketing campaigns. This can be done on a campaign basis, and is basically the revenue generated by marketing divided by the cost of the campaign.
Finally, remember results aren’t always immediate, often change comes steadily and slowly, in the form of brand awareness, influence and visibility.