What are digital KPIs?
Every business has goals. Key Performance Indicators (KPIs) allow us to measure how we are doing in terms of reaching those goals.
Luckily, the digital environment is data-driven, making it the ideal space for capturing exact figures, which we can then use to see how well our online presence is functioning. And (hooray) evaluate the ROI for our online marketing. A critical pursuit of any business!
So, what do KPIs look like?
How many people are visiting your website? How long website users spend looking at a particular product. How many shares a piece of content got. Those are all examples of metrics you can use as KPIs.
The best advice to spotting a relevant metric to use as a KPI is to follow these simple constraints:
Quantitative: KPIs can be presented in the form of numbers.
Practical: They integrate well with present company processes.
Directional: They help to determine if a company is getting better.
Actionable: They can be put into practice to effect the desired change.
Decide on what you’re going to measure.
The trick is to know what online interactions are most valuable to you. All digital marketing elements follow a specific directive. Apply your business goals to the R.A.C.E formula to help you define what you want to track:
Reach – perhaps your focus is creating brand awareness?
Act – are you looking for likes, shares, or leads?
Convert – maybe sales are your highest priority?
Engage – you could be looking to create loyal, life-long customer relationships?
Digital KPIs for Dummies
According to Forbes, there are 5 key metrics every business should be tracking. Now, it’s really important to approach KPIs with your unique business offering in mind, but these ideas are a great start.
1. Website brand engagement: Look at metrics that let you know what customers are doing on on your site. These figures tell you if customers like what you’re saying, what they find interesting and how many new and repeat customers you are attracting. All of which is a massive brand exercise.
Here are some examples of the type of metrics you can track:
- Number of unique visitors
- Number of return visitors
- Time spent on a website
- Popular pages and how customers got there
- Number of people registering for something
2. Where is traffic coming from
This is an essential part of any digital strategy. The four main traffic sources to measure are:
- Direct. Visitors who visit your website by typing the URL into their browser.
- Referral. Visitors who ended up on your website after clicking a link on another website.
- Organic. Visitors who found your website after searching in a search engine.
- Campaign. Visitors who visited your site through a campaign or advertisement.
3. Landing Page Conversions
Track whether your landing page is sending your customers on the journey you have laid out for them. Then you can see which landing pages bring in the most conversions and which need to be revised.
4. Inbound Marketing ROI
Measuring how well you’re doing at attracting customers, or leads, with your branded content and campaigns is important. Not only as a brand building exercise, but it also lets you see if the cash you are investing in an online presence is actually paying off.
5. Social Media Traffic
An undeniable source of traffic, leads and engagement, it’s important to keep track of your social exploits.
Keep tabs on these figures:
- The number of leads generated from each social media channel.
- The number of conversions generated from each social media channel.
- The number of customers reaching out to your company via each social media channel.
- Percentage of traffic coming from social media channels.
When in doubt
Let your business goals lead your decisions.
- Take stock of your online touch points and work with what you have.
- Plan, plan, plan. This should be a measured approach.
- Analyse metrics and form a strategy based on the results – and revise them as data continues to come in.
- Go back and look at your progress. Adjust, redefine and repeat that until the end of time.
- Unlimited potential. Countless metrics. Numerous answers. Endless questions.
There are no shortages when it comes to digital. Only opportunities.
Ready to let us take charge of your data and develop KPIs that will help you reach your goals?
The LUMEN consultation package offers you a fresh perspective, combined with strategic direction that’s geared towards improved revenue streams. Our team excels at digital transformation and strategy development – Get in touch for a free consultation today!
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