3 steps to set KPIs:
1. analyze business goals
2. evaluate the set SMART marketing goals
3. derive KPIs from these marketing goals as a measure to achieve them
What are KPIs exactly? KPI stands for Key Performance Indicators which is a technique to measure and ensure the completion of the set marketing goals. The marketing goals support the general business goals.
Step 1:
These business goals, as mentioned previously in Creating Digital Marketing Strategy Part 2, can be as follows:
1. Increase brand awareness.
2. Increase the number of sales (online and / or offline).
3. Increase conversion which entails that visitors of your website or in your store / office turn into buyers of your services and / or products.
4. Increase consumers’ loyalty (online and / or offline).
Step 2:
The marketing goals set to increase brand awareness can be for example:
1. Increase the traffic to your website or offline business (SEO, SMO, SEM, offline branding).
2. Improve the recognition / brand awareness of the brand or the company name.
The marketing goals set to increase consumers’ loyalty can be for example:
1. Increase the quality of users on your Social Media, referring to users who are your target audience and feel connected with your business and its services / products.
3. Increase customer satisfaction.
For each business goal, you can set the marketing goals and then evaluate them.
Step 3:
For all these marketing goals you can set KPIs to accurately measure the progress of these goals.
Key Performance Indicators per marketing goal
Sales, by analyzing:
- Sales per hour, daily, weekly, monthly, quarterly, annually whatever is suitable to generate results of the current progress;
- The average order size (average shopping bag);
- The average margin.
Traffic, by analyzing:
- Website traffic;
- The sources where traffic comes from;
- The number of unique visitors received over a set period of time;
- Amount of new visitors against regular visits;
- Total amount of pages visited per visit;
- Total time spent on the website.
Customer Service and satisfaction, by analyzing:
- Interaction level;
- Customer Service channels used to make contact;
- Average time for solution, handling a query;
- Level of satisfaction.
Social Network, by analyzing:
- The level of visibility;
- Level of interaction from users / visitors;
- Loyalty and engagement level:
1. Quantity of comments and interactions.
2. Quality of comments (positive, negative).
3. Number of likes, mentions, shares. All the above are also (used) interlinked.
Read next post Consuming stage.
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