Key performance indicators (KPIs) are essential for any business to assess its operations. When it comes to marketing for social enterprises, there are some essential metrics that serve as the most insightful KPIs to watch for. Each of these can provide analytics that inform any steps that follow and changes that need to be undertaken.
If you’re going to engage in digital marketing, make sure you set these particular KPIs for monitoring.
Conversion rates are what you’ll use to map out your sales strategy and future executions for lead generation. In digital marketing, these can inform you on the most effective platforms and ways you can funnel potential customers into a profitable transaction. Essentially, your goal is to not only increase the rate of your website traffic but also turn each visitor into a verified consumer that takes the actions you want them to take.
Optimally, you should aim to hit conversion rates above 10%. The industry average for e-commerce is around 4%.
This covers a variety of data you can gather insights from. As a starting point, you can check how much of your traffic comes from organic visits. This can tell you whether your digital marketing efforts are effective outside of sponsored posts.
You can also check the analytics of your traffic to see what your audience is made up of and whether or not you’re actually hitting your target market. See the ratio between returning visitors and new ones. On top of this, it’s a good idea to measure how long you are actually retaining customers. Those numbers can tell you how effective your product or brand is at offering long-term value.
To improve your overall digital strategy, it’s also good to gauge the sentiments around your UI, customer journey, and services.
For this point, you basically have to think about whether your actions are productive and worth the cost. Set targets that you can hit and analyze how much these objectives are producing in terms of revenue. It’s a good idea to have routine checks of this so you can have both short-term and long-term results.
Consider the details of your revenue as well. How much does it cost you to acquire more customers? Following that, how much are you actually earning per customer? It’s important to balance these out, so in-depth consumer revenue analysis can save you a lot of expenses when it comes to finalizing your digital marketing strategy.
As a general rule, you should not be spending more than 30 percent of your total gross revenue on marketing materials.
There are many other metrics to take note of as well, like click-through rates, impressions, and page views. However, those are just supplementary in the data that they provide. The points we mentioned today are the main three that you want to make sure are in your analytics because regardless of whether you’re expanding a massive brand or developing content marketing for small businesses, they will provide you with actionable information from which you can form plans and campaigns.
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