Identifying Key Performance Indicators (KPIs)

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 digital metric, it’s usually not the best or sole indicator of success. Here are five key questions marketers can ask pre-campaign to identify which metrics should serve as key performance indicators (KPIs).

 

1.    What are the main campaign marketing goals?

Metrics simply won’t provide value unless they are aligned with over-arching business objectives and goals. Determine which part of the “marketing funnel” you are targeting with your campaign (Awareness, Interest, Decision, Action) to identify the broad category of metrics that align with that goal. Is it first and foremost an “interest” campaign to drive purchase consideration? Then survey intent to purchase or track factors like time on site, repeat visits, etc. Is it more action driven? Then setup conversion goals on your website to determine which site actions drive value (form completions, ecommerce sales, etc.).

2.    Who is the intended audience?

Consider the nature and needs of your target consumer. Choose digital channels that will meet your marketing goal(s) while also reaching a critical mass of your intended audience. Put targeting filters and metrics in place ahead of time to verify your reach and effectiveness with this specific audience, and to also bolster your understanding of audience behavior and affinities.

3.    What are the delivery channels?

Next, consider your marketing channels to further refine the metrics available to you. Are you utilizing Facebook as a channel? Then review which Facebook Insight metrics reflect your marketing goal – for instance, Page “Likes” would reflect Interest more than measuring your Facebook ad reach would. Align the channel metrics with your desired marketing goal.

4.    Is this part of a larger, multi-channel campaign?

If your campaign mixes traditional media with digital, be sure to consider the interplay between these channels in the overall consumer journey. Metrics such as website referral sources, shares, and assisted conversions may be utilized for a better perspective on campaign performance. Be sure to accurately tag your website with tracking pixels from all media partners, and consider using a tool like Google Tag Manager or Tealium to coordinate multiple tracking tags without affecting site load time or performance.

 5.    What was the typical path to conversion?

During and post-campaign, review the number of touchpoints it took to reach a desired consumer action. This will help determine ad frequency to optimize efficiency. Also determine the typical timeline leading to conversion and the attribution sources to better understand how the total media mix moved consumers through the funnel to your goal.

 

Asking these key questions pre-campaign allows marketers to choose and setup metrics that will give an accurate and informative measurement of campaign performance and marketing return-on-investment (ROI).