In this article, we’re talking about the 3 KPIs to measure your business strategy. If you missed our last post 5 Digital Analytics That Matter Most bookmark that one to read next! Taking a look at your marketing Key Performance Indicators (KPIs) is critical to understanding how well your efforts are going – especially in your business. Each element of your marketing should be moving the needle for your business, if they aren’t, it is time to pivot.
How do you know if they are moving the needle?
Well, you have to understand your business to know if your efforts are working or not. Take a look at what your business goals are, know your audience, allocate resources and track, track, track.
Business goals
A clear understanding of your business goals will help when deciding which avenues to pursue for your marketing strategy. We all know by now that our goals must be S.M.A.R.T.- specific, measurable, achievable, realistic and timely. If they aren’t, you are wasting valuable time and resources.
If you don’t have very clear objectives for your business, then you should start there before deciding if you will be utilizing email marketing or posting to social media.
Business goals give you a direction to aim your marketing arrow. It is easy to get caught up in the latest of digital marketing, “TikTok is all the rage, I have to be on it!” or SEO is king, or the latest Google add on/trends.
At the end of the day, not every avenue will be the right fit for your business, but you have to understand your business. You have to give yourself a road map to determine the KPIs most important to you at the time.
Audience
Who is your ideal client? Where do your consumers hang out online?
Let’s create a consumer profile.
To understand your audience, the best place to start is with your most successful customers.
A few things to identify are their goals, fears, how they make purchasing decisions and what needs aren’t being met.
These answers will help you in determining where to be and what KPIs are most important to watch.
Not all audiences are equal. This is where this audience research is crucial. Depending on your business, you might find more success with one avenue over another. Find out where your ideal customer lives online and focus your efforts in that direction.
Resources
We all have limited resources; time, money and manpower, are just a few of the resources that need managing. KPIs help you determine the effectiveness of the resources allocated and Return on Investment (ROI).
One important resource to consider is the capacity of your business to support the demand that could come from your successful marketing efforts. If you are unable to meet demand this could have a negative effect on your business.
To understand your resources, you must track them. It is easiest to track them when you have systems in place to manage the information. This information also needs to be readily accessible to those who need it.
Your KPIs have to match up with what success means for your business.
The numbers may look good, but you have to pair them with your business goals to know if they are meaningful.
Your marketing efforts should always circle back to align with who your company is and where it is going. Moving the needle looks different for each business, figure out your unique set of KPIs most important to your business’s individual circumstance.
In Plain Sight Marketing can help you with strategy, planning and implementation of your marketing and public relations campaigns to help you drive meaningful results. Contact Us Today to see how we can work together.
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