KPIs and Metrics That Matter for Digital Marketing Success in 2022
KPIs and metrics not giving you much information?
Are you skipping steps because they take too long?
It truly is possible to get the data and evidence you need to make smart decisions and identify issues before they harm your business.
On January 26, I hosted a sponsored webinar presented by Jonathan Laberge, partner at SmartBI/Reptile for CallRail.
Laberge showed how the right KPIs and metrics can be used to leverage new opportunities for your business.
Here is a brief summary of the webinar. For more details, fill out the form to access the full webinar.
There are 2 types of metrics
Key performance indicators (KPIs) measure results and you can divide them into two types:
- Vanity measures.
- Actionable metrics.
What are vanity measures?
Vanity metrics make you and your campaigns look good.
Examples include impressions, ad views, and website traffic.
But do they tell you if you are meeting your business goals?
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What are actionable metrics?
Actionable metrics are KPIs that have a tangible impact on your business goals.
They should give you a number you can use to take action and plan what to do next.
Actionable metrics help predict the success of your marketing strategies.
For example, knowing what it costs to get a new customer creates predictability in your business.
With this information, you can determine what profits you can expect and what action you can take.
Examples of vanity metrics and actionable metrics
Trying to increase sales? Your KPIs would be:
|Seen pages||Customer acquisition cost|
|Rebound rate||Leads generated by your newsletter strategy|
|Number of newsletter subscribers||Website conversion rate|
|Number of likes||Engagement rate|
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How to establish KPIs
Now that you know which metrics have an impact, it’s time to establish your goals, or KPIs.
Every year, business goals may change. Therefore, consider the impact of your goals on the business when establishing KPIs.
Follow these key steps when creating KPIs:
Step 1: Establish your business goals.
2nd step: Confirm which channels are best suited to meet your goals.
Step 3: Keep working on it.
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Step 4: Validate the quality of what you measure.
Applying Key Performance Indicators to a Specific Channel: Call Tracking
According to Sales Insights Lab, 41.2% of sales reps use their phone as the most effective selling tool.
So if you’re a B2B business, an important metric to measure is call tracking.
Knowing what motivates these calls is crucial.
Call tracking can help you:
- Develop a reliable and valuable channel.
- Get data without significant technology change.
- Collect data about the source of online and offline calls.
- Explore keywords for final attribution.
- Record calls for constant improvement.
- Measure the return on investment.
What metrics to measure when tracking calls
If you’re a business that relies on phone calls to drive sales, you’ll want to measure:
- Number of calls.
- Which page(s) generated hits.
- New callers vs old callers.
- Call duration.
- Calls answered.
- Missed calls.
- Relevance of calls.
- source channel.
- KPIs over time.
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How to create impact with KPIs
Analyze the data and interpret it to determine how you will achieve your goals.
But what if the numbers you see aren’t so great?
What can you do to create an impact?
Review your strategies around:
- Target customers.
- Channels used.
- Moments of contact.
- Message used.
- Content/keyword strategy in relation to these elements.
Once you’ve done that, here’s what to do if your KPIs are all low:
1. Validate with the customer base.
Ask people who didn’t buy your product or service why they didn’t.
2. Determine volume by channel, behavior, related keywords and analyze phone calls.
Think about your customer’s journey before they buy your products. Understand the unfolding of events before they come to your service.
3. A/B testing schedules and messages to cross-reference with KPIs.
See what works with your KPIs.
If you don’t fail, you don’t try.
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Today, tracking metrics is more than doable.
It’s not a question of how you follow them, it’s a question of what you follow has the most impact on your business.
[Slides] KPIs and Metrics That Matter for Digital Marketing Success in 2022
Here is the presentation:
KPIs and Metrics That Matter for Digital Marketing Success in 2022 from Search Engine Journal
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