Digital Marketing for SAAS Tips: The benefits tracking KPIs
Let’s have a look at key performance indicators or KPIs that help you to measure the results of your marketing techniques.
Now get this right, there is really no way of knowing if your strategy is working if you don’t measure it. KPIs help you compare your campaign costs and returns and determine where to improve. There are many types of KPIs to choose from; you need to understand how each function to decide which ones work best for you.
But before we get into much details, let’s define marketing KPI
Marketing key performance indicators usually abbreviated as KPI s are metrics that show you whether or not your marketing strategy is helping you achieve your set business goals.
If you have set specific goals and are not sure, which data sets to look at. You may want to be careful when choosing KPIs to use because there is a secret reason for this, which I will share with you for free.
By chasing and focusing on the most critical metrics, it is easy to determine the direction of your strategies and pinpoint the areas that need improvements. Simple!
So, how do you determine which KPIs are the most important? We are getting there.
Measuring marketing various marketing KPIs is an exciting activity. However, you want to focus and make the most sense on those that match your business goals. Like What do you hope to gain with your marketing programs?
While all these notably depend on the industry, most marketing KPIs are categorized into three major sections they include financial, website performance, and social. All these categories touch on every online business under the sun. How?
Remember, the goal of marketing is to increase conversions and generate more revenue for your business. In fact, that’s the primary goal for any business; otherwise, if the business does not generate profits, then it is better to close it down before you are exposed to more losses. With that said, It would be beneficial to have a look at those parts that help you generate income for your business. What does that mean?
You and any other online business owner need to monitor your financial KPIs. A basic indicator for your finances is total revenue. If your earnings keep increasing month after month, then you are in the right direction. If there are fluctuations, then you need to do something about it. You can also consider checking cost per lead and average customer value to help you determine how much you expect to make from each new lead.
If you own a website, a pretty obvious thing for any online business owner, you may want to look at your website performance to measure your company’s overall success. Website performance provides you with tones of insights into your consumer behavior and demographic.
So, what should you focus on when measuring the performance of your website?
The simplest way to go about it is checking the number of unique visitors that visit your site, how long they take, and what they look for. If this number increases, then you are doing things right, and that means people are discovering your site. What about social media marketing.
Now social media marketing is measured using the social metrics. Like all the other two, it is about the numbers. Aim for tags, comments, shares, and anything that indicates engagement or that can lead to conversion.
While there are many KIPs worth mentioning, financial, social, and website performance are the most common. If well utilized, KPIs can help you achieve goals and more.