Knowing how to measure the performance of your B2B digital marketing efforts is essential to ensuring your campaign achieves its goals. At the core of an accurate analysis is the use of suitable performance metrics. In this article, we look at key performance indicators (KPIs) for different digital marketing campaigns.
What are Digital Marketing KPIs?
In digital marketing, KPIs are benchmarks that you use to track and measure the progress of your marketing efforts. Like milestones, they help you determine whether the marketing project is on track, growing, and its effect on the company’s bottom line.
Setting up Goals and Picking KPIs Based on the Goals
KPIs only makes sense if you use them to measure your performance towards specific objectives. Otherwise, you may end up tracking everything. Consequently, a good KPI should be SMART: specific, measurable, achievable, relevant, and time-bound.
- Some of the questions to consider are:
- Is the KPI related to any specific goal of the business?
- Are there other factors this indicator is related to?
- How often should you check and report the results?
- Will you measure and analyse them yourself or you need a tool?
Though KPIs help you to develop your business for the long term, it often indicates your performance in the short-term. Therefore, ensure you start with primary indicators of business health.
Let us now look at the KPIs to use for different digital marketing strategies.
Backlinks: The number of times other websites linked to your page.
Keyword ranking: On what position does your page appear on search engine results’ page?
Organic search traffic: The number of visits to your site resulting from someone finding your business by entering a search query on a search engine.
Pageviews: The number of pages on your site viewed within a given period. It does not matter if multiple views were made by the same visitor.
Sessions: The number of times someone came to your site and stayed there for 30 minutes or more.
Total traffic volume: The total number of visitors to your site within a given period.
Website conversion rate: It is the ratio of purchases or conversions to the number of visits to your site. However, you calculate it differently depending on your site.
Popular pages: Shows the traffic volume to different pages on your website.
Return visits: How many people came back to your site within a given period?
Time on site: How long do visitors stay on your website?
Unique visitors: It is the number of first-time visitors to your site. It shows the level of your visibility.
Traffic to your site can result from different sources such as organic searches and paid ads, among others. The important KPIs to acknowledge include:
Bounce rate: Number of visitors who visit your site and leave immediately.
Campaign traffic: Visitors due to tracked online campaigns
Direct traffic: Visitors that visit your site by typing your website address on their browser.
Organic traffic: Visitors through search engine results.
Referral traffic: Visitors that come to your site by clicking on links from other websites.
Total conversions: Measured differently based on the purpose and structure of your site.
Paid Ads KPIs
Clicks: Total number of times people clicked on your ads.
Cost-Per-Click: The amount you pay each time someone clicks your ad
Impressions: The number of times the network displayed your ad.
Total spend: The total amount you have spent on the campaign within a given period.
Email Marketing KPIs
Click through rate: CTR is the percentage of clicks on the email link to the number of opened or delivered mails.
Conversion rates: Is the number of people who make a purchase or become clients by clicking the link in the emails.
Delivery rate: Is the number of emails that were delivered to subscribers.
Email open rate: Is the ratio of the number of emails opened to the number of emails delivered.
List size: It is the number of subscribers on your email list.
Spam rate: The rate at which subscribers and email service providers flag your emails as spam.
Unsubscribe rate: The rate at which people unsubscribe from your mailing list.
Content Marketing KPIs
Downloads: The number of times visitors provided their email addresses to receive a downloadable pdf, webinar, or access content.
Marketing qualified leads: The number of leads that are likely to become customers.
New leads: The number of visitors who subscribe to your email list after or when engaging with your content.
Organic traffic: Is the number of visitors who found your site by searching a keyword on your content.
Pages per session: The number of pages a visitor visits within 30 minutes period.
Time on page: The time spent on your blog or vlog.
Customer Lifetime Value
Customer LifeTime Value (CLTV) is the amount you will earn from the customer for the duration in which they will do business with you. As a digital marketer, you need this information to determine the long-term value of each lead. You can then create ABM campaigns for the most valuable prospects.
An essential KPI to keep in mind is the customer acquisition cost, CAC. It is the amount you spend to acquire a customer. The CLV must exceed the CAC for the deal to be profitable.
Return on investment is an essential KPI as it helps you determine if your digital marketing campaign is achieving its financial objectives. You can calculate it by getting the difference between the revenue from the campaign and the investment.
You can calculate the gross ROI or separate them according to the marketing activities such as email marketing, content marketing, and paid ads, among others.
How to Track Progress
You can track the progress manually by filling in a spreadsheet using data from Google Analytics and other resources. The other way is to hire a virtual assistant to extract and analyse the data. Alternatively, you can hire a digital marketing team to help you set up your KPI measurement system.
How often should you track your KPIs? Here are crucial tricks:
Weekly tracking: For very important KPIs that you can adjust weekly.
Monthly tracking: KPIs essential for investor’s monthly report.
Quarterly tracking: If you are using a slow burning strategy such as account-based marketing that requires a couple of months to show significant results.
Irrespective of the marketing strategy you employ, you should always have measurable metrics to track your performance. Remember, however, that you do not need to use all the KPIs mentioned above, just the ones that are relevant to your business goals.