KPI And Accountability In Digital Marketing
When it comes to digital marketing, it’s all about the data. How much did we spend on marketing? What is our Return on Investment (ROI)? How effective was this marketing campaign?
Fortunately, digital marketing allows you to track pretty much every penny spent, every link clicked, and every ad that provides a lead. But just having the information isn’t quite enough.
In business, Key Performance Indicators, or KPI, are used in most facets of a company to identify pain points and help maximize the company’s profits and effectiveness. Marketing is no different! Let’s find out more.
What Does KPI Look Like In Marketing?
As with any aspect of business, it’s important to focus on places where not focusing will lead to losses for the company. In marketing this is pretty easy to recognize after you have an established digital marketing plan.
For example, if your company website receives 150,000 visits in January, and increases by 20,000 every month that year, it’s probably better for you to focus your KPI monitoring on another aspect of your digital marketing plan.
This will look different for each element in your marketing agenda, so it’s important to make sure you or your marketing team knows how each platform works with data. Following shares on Twitter or Instagram, using Pay-Per-Click (PPC) marketing to track click-throughs, and using surveys and responses from websites and emails are all ways you can keep track of the KPI of each marketing tool.
Once you have the data in hand, it’s time to address how to apply it.
Applying KPI To Digital Marketing
Digital marketing has a massive advantage over print marketing in that it can be modified fairly easily. This means that if you find that a certain ad campaign or a certain tool isn’t making a good ROI, you can easily shut it down, modify it, or find alternatives that will work better for your brand.
But in digital marketing, you also need to either spend the time researching what good numbers look like for your brand, target market, and platforms on top of just knowing what works well for you and your business.
The key to applying a good KPI comes down to two things, then:
- Focus on 1 or 2 pain points at a time, and dig deep into them
- Research the market, consumer, and competition
You don’t want to spread yourself too thin, so start with the places where you either see pain points arising, or where you see a potential decline in performance, and focus on one or two of those.
Then, since you are focusing on only a couple of ideas at a time, you can better understand what you are comparing your results to. Every mobile platform, website, social media site, and advertising medium has its own statistics based upon several elements.
By focus on these one or two problems, you are focusing on solving the issues that are hurting the most in order to spend your company’s money more effectively.
Get A Marketing Team
A lot of small businesses make the mistake of thinking they can run their own digital marketing. While this might work for a very few specific circumstances, the reality is that one or two people can only handle so much in the marketing realm without detracting from the quality of the rest of the business.
Time is money, as we all know, and it’s often not only more affordable, but faster to hire a marketing firm to handle all of your digital marketing needs. Specifically in regards to KPI, this allows you to hire an entire team that already understands where the numbers need to be, and can quickly take your data and start applying fixes.
If you want to find out more about how to bring your digital marketing to its fullest potential while letting the experts handle the minutiae of marketing, you can schedule a consultation with a PixelPop Marketing team to get started.