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A key performance indicator (KPI) is a main measurement of performance used to track goals and quantify outcomes.
Without bench-marketing efforts, it’s harder to measure success. Follow these five steps to measure KPIs:
Before going through the process of collecting data and analyzing KPIs, you must have a plan to measure your performance by defining your business objectives. These can include growing brand awareness, increasing your social media presence or improving conversion rates.
Your marketing strategy and the techniques and tools used will not only help you achieve your goals, but influence the KPIs used to monitor performance. For example, if you want to use social media marketing as one of your channels, use the example KPIs listed below.
To avoid information overload, pick a certain number of KPIs to monitor and report. These KPIs will align with your business goals to help you understand if you are meeting your objectives.
Various analytics tools provide a way to segment the data to make it easier to gauge changes in KPIs and determine the causes. Examples of segments include devices/operating systems and characteristics of users.
Finally, decide on numbers for the goals you want to hit. Do you want to increase conversion rates by 7% in a quarter? Are you looking to grow your follower amount by 500 at the end of the month?
Here are the pros of measuring KPIs:
Here are some examples of KPIs often tracked in digital marketing pillars:
Site performance/user experience (UX)
Search engine optimization (SEO)
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