A measurable value showing progress in reaching a business goal is KPI. Popularly known as digital marketing KPIs is a quantifiable value tied to specific objectives of a marketing campaign. Marketing KPI dashboard indicates progress during the campaign and helps to measure effectiveness at the end of a campaign. In general, KPIs in marketing differs a bit from any traditional marketing metrics. Usually, they are tied to progress. They end up showing performance related to specific campaigns and projects. Analyzing marketing metrics helps inconsistent tracking to understand the status of marketing campaigns and whether they are helping to meet business goals and KPIs.
Getting distracted by sheer numbers as analysts and marketers is a common problem, but feeling overwhelmed and focusing on the most critical things helps track. Marketing KPI dashboard examples presents the most Important Key Performance Indicators in digital marketing. Below mentioned are few ones:
1. Return on Investment (Marketing)
2. Marketing Qualified Leads (MQL)
3. Sales Qualified Leads (SQL)
4. Conversion Rates
5. Branded Search Volume
6. Customer Referrals
7. Cost Per Lead (CPL)
8. Customer Retention Rate
9. Customer Acquisition Cost (CAC)
10. Customer Lifetime Value (CLV)
Importance of digital marketing KPIs template:
It’s not enough to know what KPIs are; one also needs to understand why KPIs are essential. They play a very crucial role in marketing are necessary because they help you to define:
● Your goals and objectives
● How to achieve the goals
● Putting efforts and measuring output
● Lastly, making better plans for future
It isn’t easy to create and assess strategic marketing campaigns and marketing results without KPIs. Here is a list of 17 all-time marketing KPIs to track:
1. Number of Conversions
2. Conversion Rate
3. Cost per Conversion
4. Number of Leads
5. Cost per Lead
6. Number of Demos
7. New Customers
8. Cost of Customer Acquisition
9. Sales Growth
10. Search Rankings
11. Alexa Rank
12. Organic Site Traffic
13. Referral Site Traffic
14. Social Traffic
15. Social Shares
16. Number of Press Mentions
17. Number of Inbound Links
This is a list of 16 helpful marketing KPIs one should be measuring, but usually, none does that:
1. Sales Growth
2. Leads
3. Lifetime Value of a Customer (LTV)
4. Cost of Customer Acquisition (COCA)
5. Sales Team Response Time
6. Website Traffic to Website Lead Ratio
7. Website Lead to MQL Ratio
8. MQL to SQL Ratio
9. SQL to Quote Ratio
10. Quoted to Closed Customer Ratio
11. Website Traffic
12. Social Media Reach and Engagement
13. Email Marketing Performance
14. Inbound Link Building
15. Landing Page Conversions
16. Blog Post Visits
Setting digital marketing KPIs template:
One of the most crucial aspects of setting a KPI is figuring out what exactly to measure. Nobody wants to go wrong at this essential. All that needs to be done is to measure factors that will eventually impact the organization’s goals and targets. As known to all, KPIs are often connected to a “conversion”. But in today’s competitive landscape of marketing, conversions are more important than one can even imagine.
The thumb rule is conversions should be specific, which means easy to measure and define. Every marketer is bound to set goals and target for each conversion type. Hence, it’s vital to focus on the added value of each conversion event. The Quantifiable metrics usually align with the goals of a particular organization. These usually help to increase be leads and sales. Measuring leads can help in engagement. Leading Indicators. Economists generally use leading indicators to indicate which way the economy is headed.
In general, goals and KPIs need to be clearly understood by everyone involved. It very easy for different people to have various interpretations. When a plan seems as unambiguous as quantified KPI, things are meant to get unorganized; therefore, all KPIs should be SMART:
· Specific
· Measurable
· Achievable
· Relevant
· Time-Bound
Measuring your digital marketing KPIs
Using the above-mentioned SMART model, all digital marketing KPIs will eventually become time-bound, so it becomes easy to achieve what needs to be completed and when it is known in advance. The best part is analyzing and seeing how well the progress is before the KPI is due. If it looks messy regarding hitting KPI, it’s essential to update the other party so that encountering any nasty surprises can be avoided. It is good to keep track of progress during a recession because market fluctuations always end up with a much more significant impact on financials.
Conclusion:
Markets experts say always monitor marketing KPIs and prove your results. Decide in advance which KPIs align with the campaigns and goals, then use them to monitor performance, analyze results, and show the value of work. An individual choosing suitable KPIs is considered a critical skill for digital marketers, and it certainly takes some time and practice to be perfect. Always create reports that show management, decision-makers, or clients the results of the effort and work.
