Choosing the right KPIs for your digital marketing campaign
Sr. VP-Business & Strategy
TSL Consulting Pvt. Ltd.
Usually, while I am planning a digital marketing approach, especially with a client who is new to the field, I find that they are unclear on choosing the right Key Performance Indicators (KPIs). Most of the time, their suggested KPIs are the ones that can be found in one the ‘Top n KPIs’ or similar lists that are so popular on the Internet.
Majority of the clients’ focus is directed on selecting the most effective digital marketing channels. However, without the relevant KPIs, you will never know whether your digital campaign is working effectively, and if there is any room for strategy improvement.
So, when I suggest effective KPIs to our clients, I try to make sure that they align not only with the current campaign goals, but also with the client’s overall business goals. It is no use keeping a track of page views if the ultimate goal of the client is to increase revenue, is there?
Even today, many clients often come close to falling for vanity metrics, i.e., metrics that can indicate good numbers on the page, but do not have any significant impact on your ROI and customer lifetime value. A social media post may have a 1,000 likes, but if the product it promotes does not reflect sales in proportion, the engagement rate is irrelevant.
Truly effective KPIs must reveal not only your strengths, but also your shortcomings. Only then can you refine your strategies for a successful campaign. This does not mean you have to go overboard and track as many KPIs as you can. It will only result in an overload of information that hinders effective decision-making. As with countless other measurable considerations of a digital marketing campaign, relevance and quality is far better than quantity.
Thus, as important as it is to select the right digital marketing channels, it is equally essential that you choose the right KPIs. Doing so will enable you to steer your campaigns in the right direction and achieve the desired outcome.