Digital Marketing 15 min read
Communications Manager @ Galactic Fed
Published 05 Aug 2020
“What gets measured gets improved.” Peter Drucker. As a business, growth should always be at the top of mind. In the digital marketing world, it seems like everyday there is a new actionable metric that is the “most important,” and deciphering which ones are vanity and which ones lead to that ever-important growth. A whopping 94% of Cheif Marketing Officers believe that analytics directly help them achieve their goals, but when you compare that to only 15-20% of companies using tools like Google Analytics in the decision making process, it’s clear this is an under utilized process.
As self proclaimed growth-obsessed nerds, Galactic Fed is all about analyzing our and clients’ KPI’s, adapting, re-implementing, and seeing results. We echo Mr. Drucker in that you aren’t able to keep evolving if you’re not constantly measuring where you’re at on the road to your goals. We’re breaking down the most important marketing key performance indicators (KPIs) you need to be measuring, and more important, why they matter.
What are Your Objectives?
Before diving it, it’s imperative to note that the key to identifying the most important key performance indicators are the ones that zero in on what growth looks like for your business, and what your end goal is. For some, it’s increasing brand awareness, others it’s growing a following or subscriber count, or to generating more leads. Ideally, your goal would include some version of all three. Once you have these objectives solidified, revisit them often, to ensure your KPIs are leading to the destination in mind.
What Are Your Desired Outcomes?
When considering the outcomes from measuring the metrics that matter, one of the obvious ones is growth. But in addition to that, some outcomes are increased focus on your goals, for you and your team. Setting these goals and reviewing them often (even daily) allows you to see the progress you are making towards your goals, in real time. Deciding on these marketing KPIs will also help you with your overall marketing strategy, since your strategy should align with what the outcomes of your KPIs are. For example, if you’re focusing on blog opt-ins, you’re going to create an accompanying blog content strategy. Now let’s get into it - we’ve broken down these KPIs by marketing channel, depending on where your brands’ strategic focus lies, and providing some extra strategies for those seeking inspiration.
When it comes to social media, you are in control. Because it’s made up entirely of all owned media, you can make improvements or adaptations based on the performance (or lack thereof) of these crucial metrics.
Reach: this refers to the unique viewers who could or have come across your content or social media. Here are some of the most important KPIs that can help you track your progress.
Next step: If you’re looking to increase your reach, we suggest monitoring and testing the times you post and measuring how many people see it, and also conducting and optimizing your hashtag research.
Engagement: Different from reach, engagement refers to the interaction with your content (see below.) It’s also important because it indicates how well your content strategy aligns with what your users want to see.
Next step: Struggling with getting your audience to engage? Create a branded hashtag that they can use whenever they post something relevant to your brand, and, although it may seem too easy: be consistent with the content you publish.
The KPIs to track for your website can be confusing, simply for the reason that there are so many. A brands’ website is often the control centre for all of your digital marketing content, and a hub for all of your other channels. Let’s take a look at what metrics will give you the best indication of performance.
Next step: A solid way to improve page view per visitor is to create evergreen content that can live on your website for a long time, filled with high ranking keywords so your audience can find you. It’s also important to constantly review your user experience. Does your website flow naturally from one area to the next? Is it clear where to go to find certain types of information, like the Contact Us page? These small but highly impactful factors are why 39% of people will stop engaging with content when the images won’t load or the loading time takes too long, and that’s valuable prospects.
We know blogs can be tricky. For some, they provide amazing ROI without using up too much resources. On the other hand, it can seem like a constant battle to have your blogs viewed, shared, or interacted with. These are the best marketing KPIs to track for your blog:
Next step: You have the potential to skyrocket your blog viewership and subscribers by cross-platform publishing. Ensure when you create new content you’re using all of your available platforms, and tailoring the way you present it to each. This may be sharing long-form excerpts from the blog on Reddit, infographics on Facebook, or discussion points regarding the blog on LinkedIn. Then, follow up with commenting and engaging with those who like, comment, and share on these posts.
\ Email is one of the digital marketing channels that consistently provides the most return on investment. For every $1 spent on email marketing, you can expect an average return of $42. It’s safe to say then, that you need to be sure you’re measuring the right key performance indicators to see that massive ROI.
Next step: Struggling to get people to engage with your emails? Some high-impact overlooked tactics include positioning your social media channels in an obvious place on the email, with the CTA to follow. Another strategy would be to personalize your email subject lines with first names, a nice touch that can be done easily with email marketing automation tools like Mailchimp or Mailjet.
In the age of conversion rates, retweets, and follower counts, identifying the most important metrics for growth can seem daunting. As experienced data-crunching, KPI-analyzing, growth scientists, we have tried and tested which key performance indicators do just that: indicate where your business is and what strategies need to be implemented. If you consistently measure your KPIs against your objectives and outcomes, this will ensure your actions and decisions are aligned, and you can be confident that these marketing metrics will lead to big time growth.
Communications Manager @ Galactic Fed