When you’re ready to roll out a new marketing campaign or sales initiative, you need the right tools to measure your success.
No business owner wants to waste time or money on an unsuccessful venture, and KPIs can help ensure that you stay on track and meet your goals. But before you can put your KPIs to work, you have to know what they are, what they do, and how to use them!
We’re breaking down the facts about KPIs so you’ll know what to measure and why you’re measuring it!
What are KPIs?
KPIs (key performance indicators) are a series of quantifiable measurements that represent key goals for your business. They can give you insight on the performance and overall health of your business and show you how you stack up against your competition.
Common KPIs may include gross profit margins, website traffic, customer acquisition, sales growth and more.
Are KPIs Different than Metrics?
Yes, but they work together! KPIs measure specific goals over a specific time period. Metrics are also quantifiable data points, but they measure processes or operations, and don’t follow a specific timeline. Basically, metrics give you the data that supports your KPIs.
If you want to track the efficacy of your new ad campaign, you might choose sales growth and new lead acquisition as your KPIs. But you’ll need the metrics to back them up, so you might choose to track qualified leads, new followers, or revenue growth as the metrics that support your KPIs.
Why Do I need KPIs?
- KPIs improve and maintain the overall health of your business
- They help you meet your goals and beat your competition
- They identify weak areas in your business so you can fix them
- Monitoring your metrics can give you a heads’ up if you’re heading in the wrong direction so you can course correct quickly
How Do I Choose My KPIs?
- Set your objectives for the initiative and be specific!! If your objectives are too broad or too numerous, you won’t get a clear picture of your success.
- Choose the metrics that help you track your KPIs. For example, if your KPI is increased visibility, you’ll want to track page views, engagement, and follower numbers through your social media analytics dashboards.
- Make sure your KPIs are measurable, and that you have the tools you need to track them. This might require you to invest in specific tracking software, so do your research BEFORE you launch your new venture.
- If you’re not sure what to track, leave it to the pros! A marketing company that specializes in SEO (ahem, like Resonetrics…) can help you choose your KPIs, set your metrics, and accurately track your data.
Need some help identifying your KPIs and choosing your metrics? Resonetrics is here for you! Visit https://resonetrics.com/services/ to learn more!