As business leaders, we’re always looking for answers around which marketing strategy is most effective. The answer to this varies based on your business, business model, and customer base. Sometimes it can even depend on different products within your product portfolio.
KPIs or Key Performance Indicators provide insights into how well your campaigns are performing and help you make data-driven decisions to improve your tactics.
10 KPIs that you should track to evaluate your marketing strategy’s success.
- Website Traffic: Website traffic is a critical KPI for any marketing strategy. It tells you how many people are visiting your website and allows you to evaluate the effectiveness of your marketing efforts. You can use tools like Google Analytics to measure website traffic and get an idea of which channels are driving the most traffic to your website. Ideally, you want to see steady growth in website traffic over time.
- Website Conversion Rates: While website traffic is essential, it’s only part of the equation. You also need to measure how well your website is converting visitors into customers or leads. You can measure your conversion rates by tracking the number of visitors who take a specific action on your website, such as filling out a form or making a purchase. Improving your conversion rates is a critical factor in driving the success of your business.
- New Email Subscribers: Email marketing is an effective way to engage with your audience and build relationships with them. Hence, measuring the number of new email subscribers shows how well your website is capturing and engaging your audience. You can track the number of new email subscribers and monitor growth over time. A steady increase in new subscribers indicates that your marketing strategy is working.
- Top 10 Keyword Rankings: Keyword rankings tell you how well your website is performing in search engine results pages (SERPs). By tracking your top 10 keyword rankings, you can see how your website and individual pages are performing in search results. You can then use this data to optimize your content better and improve your rankings.
- Domain Authority and Backlinks: Domain authority is a metric that predicts how well a website will rank in search engine results. Backlinks, on the other hand, are links that point to your website from other sites. Both these metrics are essential for improving your search engine rankings. Tracking your domain authority and backlinks will help you understand how well your website is performing in search engine optimization (SEO).
- New Linkedin Followers: LinkedIn is a popular social media platform for businesses, and it’s an effective way to reach new audiences and build relationships with potential customers. Measuring the number of new LinkedIn followers is a crucial KPI for social media marketing. A steady increase in followers indicates that your content is resonating with your audience, and your marketing efforts are effective.
- Email Marketing Performance: Email marketing is an effective way to communicate with your audience and drive engagement. Measuring the performance of your email campaigns can help you understand how well your messages are resonating with your audience. You can track metrics like open rates, click-through rates, and unsubscribe rates to get a better understanding of how your email campaigns are performing.
- Pay-per-Click Metrics: Pay-per-click (PPC) advertising is an effective way to drive traffic to your website and reach new audiences. Tracking PPC metrics like cost per click (CPC), click-through rate (CTR), and conversion rates can help you evaluate the effectiveness of your PPC campaigns. By analyzing these metrics, you can identify areas of improvement and optimize your campaigns for better performance.
- Affiliate Sales: Affiliate marketing or Performance Marketing is a powerful way to drive sales and promote your products. You can also generate affiliate revenue by sharing affiliate links on your blog. Affiliate marketing platforms help you evaluate the effectiveness of your affiliate marketing strategy. You can track sales generated by your affiliates and analyze the data to identify top-performing affiliates and optimize your program for better results.
- Referrals: Referral marketing is an effective way to leverage your existing customer base to drive new business. Measuring the number of referrals you’re receiving is essential for understanding how well your referral program is working. Word of mouth is a powerful tool and so creating, managing and monitoring a referral program can drive huge sales. You can track referrals and analyze data to identify top referrers, optimize your program, and drive more referrals.
Tracking KPIs is essential for evaluating the effectiveness of your marketing strategy. By understanding how well your campaigns are performing, you can identify areas of improvement and optimize your tactics for better results. The ten KPIs we discussed in this article are important for evaluating the performance of your marketing strategy. What marketing metrics do you think I missed?