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Jul 04 2023
To understand if your marketing is effective, you’ll want to be sure that your KPIs measure quantity, quality, and cost. This gives you a full picture of your performance. You may be able to create a single metric that incorporates all of these, but often it takes two KPIs to incorporate quality, quantity, and cost.
Quantity – How much am I getting?
Quality – How good is what I’m getting?
Cost – How cost-effective is it?
Check out this FREE Digital Marketing Strategy Toolkit for more ways to prioritize your KPIs for your business!
Each tactic should have 1 -2 KPIs. Prioritizing a few KPIs doesn’t mean that you should never look at other metrics, especially if you are evaluating performance. It means that you set a clear view of what you want to achieve and have selected a few metrics that best indicate if you are getting what you want.
In the earlier days of digital, many businesses focused on metrics that didn’t matter for their business success. For example, many businesses focused on the number of fans they acquired on Facebook. While fan growth is a sign of a healthy Facebook Page, it should never have been their KPI or the main thing they wanted to achieve. In many cases, they wanted to reach – so reach (the number of people that saw their messages) should have been the KPI instead of fans.
This is an excerpt from Krista Neher’s best-selling book, “Digital Marketing That Actually Works.” You can find this and more books at Boot Camp Digital
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