With so much data available to marketers throughout the customer online journey, it’s crucial to determine which metrics will define and measure campaign performance. While click-through rate (CTR) may be the most common, it’s usually not the best success indicator. Here are five key questions marketers should ask to identify which metrics should serve as campaign key performance indicators (KPIs).
1. What are the main campaign marketing goals?
Metrics don’t provide value unless aligned with overarching business objectives and goals. Determine which part of the “marketing funnel” you are targeting with your campaign (Awareness, Interest, Decision, Action) to identify metrics that align with that goal.
2. Who is the intended audience?
Consider the nature and needs of your target. Choose digital channels to meet your goal(s) while also reaching a critical mass of the intended audience. Determine metrics in advance to verify reach and effectiveness with the target, and to bolster understanding of audience behavior and affinities.
3. What are the delivery channels?
Next, consider marketing channels to further refine the metrics available. Are you using Facebook as a channel? Then review which Facebook Insights metrics reflect your marketing goal—for instance, Page “Likes” would reflect Interest more than measuring Facebook ad reach. Align the channel metrics with the desired goal.
4. Is this part of a larger, multi-channel campaign?
If your campaign mixes traditional media with digital, consider the interplay between these channels in the overall consumer journey. Website referral sources, shares and assisted conversions may be used for better perspective on campaign performance.
5. What was the typical path to conversion?
During and post-campaign, review the number of touch points to reach the desired consumer action. This will help determine ad frequency to optimize efficiency. Also, determine the typical timeline and path to conversion to better understand how the media mix moved consumers through the funnel to achieve your goal.
Asking these key questions pre-campaign allows marketers to establish metrics that give an accurate and informative measurement of performance and marketing ROI.
About the Author: Alexandra Watson is the Digital Director at Launch Agency. She also teaches on digital marketing topics as an Adjunct Professor at Southern Methodist University. In her spare time, she enjoys spending time with her teenage daughters and adding photos to her Pinterest boards.