What are Marketing Metrics and KPIs and How Can They Be Used for Marketing Success
As important as it is for businesses today to implement a marketing strategy, so is implementing measurements of success to ensure your marketing dollars are well-spent.
What are marketing key performance indicators?
It is noted companies must set up key performance metrics (KPIs) to measure their success before implementing a marketing strategy or plan to ensure marketing dollars are not being wasted. KPIs are quantifiable, unique measurements of a marketing strategy over a period of time. These performance measurements are the essential elements of marketing when weighing if a strategy is successful or needs to be changed for the betterment of the organization.
Examples of Common KPIs
- X number of new customers per month
- Return on investment
- Sales made by area
- X number of inbound leads
- Average response time of customer service
What are marketing metrics?
While KPIs and metrics collaboratively help businesses measure successful strategery for overall purposes, the two terms differ. Marketing metrics are the everyday quantifiable measurements of a campaign to ensure the KPIs are being reached.
Simply, KPIs can be perceived as goals throughout a marketing campaign that determines the level of success, while metrics are the everyday measures of a successful campaign. Some say metrics are not as critical as KPIs in campaign success, however, we believe they work hand in hand to produce growth through marketing.
Examples of Common Marketing Metrics
- Email open rate
- Social media post click rate
- Number of social channel followers
- Total number of website visitors
- Keyword average ranking
Why are KPIs and Metrics Important?
Implementing both KPIs and metrics in a marketing strategy create a clear path of what campaign success will look like. On the other hand, having a marketing campaign running with no measurements is a quick way for companies to waste money. Here are some ways companies see overall growth with measures of success:
- Team Alignment – Measurements of success help everyone synchronize and move towards the same goals.
- Eliminate long-term mistakes – The risk of challenges and disruption to overall business is caught early with the constant monitoring for metrics and KPIs.
- Make adjustments easily – KPIs and metrics help navigate what’s working and what’s not more easily. Marketing tactics can be changed quickly to ensure all work toward the goals, not against them.
- Team Accountability – Measurements help uncover how a campaign is lagging. Adjustments in the way of work can be corrected in a timely manner.
SNR Creative is the premier boutique marketing agency designed to help our clients achieve all their goals through creative and innovative marketing strategies. If your business needs help implementing a successful marketing strategy or to revamp a current plan, we are here to help! Our team of experts are trained in successfully running and monitoring marketing campaigns at all levels. Contact us today to schedule a quick consultation to see how we can meet your business goals for the future!