Top 10 Marketing KPIs to Measure Online Business

When you run an online business, KPI for marketing is a term that becomes a part of your everyday life. Tracking these metrics tells us a lot about your marketing strategies.

Are you wondering what they are and how they can help you grow your business? Let’s find out!

Running a business requires some serious multitasking. For a business to make a profit, all divisions must work hand in hand. The R&D team should develop new ideas or products that the watch needs; The marketing and sales team has to develop a marketing and sales strategy that attracts more customers and increases revenue.

One of the terms often used by marketing departments is Key Performance Indicators (KPI).

But what is a KPI? A key performance indicator or key performance indicator in marketing is a quantifiable measure of progress toward a goal. KPIs have a huge impact on your business results. KPIs can provide a realistic view of your ability to achieve a specific goal or objective and help keep employees motivated to work toward the goal.

The marketing department may track a digital marketing KPI or use KPIs to justify raising the budget for a particular campaign. Either way, it raises the question, what exactly are KPIs in marketing?

What is KPI in Marketing?

The company’s marketing team will develop different ideas and campaigns to increase brand awareness and customer base. However, they need a concrete way to understand whether the strategy is working or not.

KPIs or KPIs in Marketing are exactly that. Marketing KPI is a numerical value that can shed some light on the success or failure of a marketing campaign. In other words, it helps in determining the performance of the marketing campaign. Examples of common digital marketing KPIs are the number of new customers who bought your product or revenue generated in a month and so on.

Top 10 Key Performance Indicators for Marketing for Your Online Business

There are a large number of KPIs that can help measure the performance of a marketing strategy. For example, Social Media Marketing KPIs, Product Marketing KPIs, Digital Marketing KPIs etc. Not all of these marketing KPIs may be appropriate for all businesses or campaigns. When looking at the list of KPIs, it is easy to get confused and confused.

Tracking the wrong KPI with a marketing KPI tracker can give an incomplete picture or a wrong idea of ​​the campaign’s performance. It can lead to wrong decisions that can in turn hamper business growth. To determine the correct marketing KPIs, there must be a clear idea of ​​the end goal of the marketing campaign. The type of business must also be considered during the selection.

However, there are some common marketing KPIs that all online businesses should track. Here are the top 10 KPIs in digital marketing.

1. SEO Keyword Sites

Search engines rank websites for different search queries based on the keywords on the page. Their algorithm automatically scans the page and selects the keyword as there is no other way to select the keyword.

Website ranking for different keywords is one of the most important KPIs for marketing. A good ranking means that the result appears on the first page and viewers are more likely to see it.

Read: How to Optimize Youtube for SEO?

2. Click rate

Click-through rate is used to measure the performance of ads and email marketing campaigns. CTR can be defined as the ratio of the number of people who clicked on the ads/emails to the number of times the ad/email was shown. CTR indicates how effectively an advertisement or email is driving visitors to a website.

3. New users from this campaign

The ultimate goal of most marketing campaigns is to attract new customers, users or subscribers. Counting the number of new customers or users received during or immediately after a marketing campaign or after implementing a marketing strategy is a valuable KPI in digital marketing.

A comparison can be made to the number of new customers acquired before and after the implementation of the new strategy to gain insight into the effectiveness of the marketing campaign.

4. bounce rate

When we throw a rubber ball on the ground, it hits the ground and instantly bounces to a new place. Consider the ball as a visitor and the site on the ground is the website. Bounce rate is a digital marketing KPI that tells us how many visitors leave a site.

It is possible that these visitors did not find what they were looking for on the site or visited it by mistake. A high bounce rate shows that the website does not provide attractive or relevant content that attracts the curiosity of the visitor. It also means it’s time to revamp and optimize your website for the right keywords and load time.

5. Conversion rate

Marketing campaigns are often aimed at increasing the number of sales or finding new subscribers to the site. Conversion rate is a marketing KPI that helps them track these goals. Basically, the percentage of visitors who successfully meet these goals is the conversion rate.

When a user visits a website, the website must be designed to lead them to convert into a customer. If there is a high conversion rate, it means that the marketing funnel is working as intended. However, if there is a low conversion rate, this could be an indication that customers are losing interest somewhere along the way.

6. Revenue

The ultimate goal of every marketing campaign is to increase revenue. Tracking marketing revenue helps measure the success of a marketing campaign, making it one of the most important KPIs for product marketing. Revenue is also used to calculate marketing KPIs such as ROI

7. Cost per lead

Cost per lead is another key performance indicator for product marketing that allows us to analyze the cost effectiveness of a marketing strategy. A potential customer is someone who is interested in the business and shows interest by completing some action.

The cost per lead can be calculated by dividing the total cost of the campaign by the number of leads. If a company is running marketing campaigns or advertising on different channels, then comparing the cost of a lead for each channel can help us determine the most cost-effective channel.

8. Campaign return on investment

Return on investment (ROI) is one of the vital marketing KPIs. It tells us how much revenue a business has generated from a particular marketing campaign. ROI is one of the most important KPIs for a marketing manager because it is a way to justify the marketing budget.

It also helps us analyze the performance of each campaign. It can also help weed out underperforming or underperforming campaigns and improve overall spending.

9. Traffic to Lead Ratio

Is the site doing what it should do?

Are they able to convert visitors into leads? Traffic percentage is a digital marketing KPI that can help answer such questions. If the number of visitors is large, but only a small percentage of them become leads, then the performance of the website should be evaluated to understand why visitors do not convert to leads.

10. Impressions

The impression is recorded when the user sees the link. The user does not have to click the link to be an impression. Google scores if the page appears on the page the user is viewing, even if they haven’t scrolled far enough to see the link.

Impressions are social media marketing KPIs that influence SEO rankings and play a role in increasing brand recognition, making them a valuable marketing performance indicator.

How to Automate Marketing KPIs Using Stackby?

Constantly managing marketing KPIs can become annoying and repetitive. Automating this with a marketing KPI tracker can save you a lot of time. It also ensures that any marketing KPI always contains the most up-to-date information.

In addition to the above-mentioned KPIs, Stackby’s Marketing KPI tracker also allows you to track budget, SEO clicks, users, results, total customers, etc.

The Marketing KPI Dashboard helps automate the tracking of different KPIs for marketing campaigns. Here’s how we can use this tracker:

  • Visit the Stackby website, go to the list of templates and click on Stackby One.

Click on Stackby One

Choose Marketing KPI Tracker Template

Stackby One Marketing KPI Tracker Template

  • You can now see the Marketing KPI Dashboard. Each row in the tracker corresponds to a marketing campaign. We can view all the details related to the marketing campaign starting from the objectives to the different KPIs of digital marketing.

Stackby’s Marketing KPI Trakcer Template Pre-built by Stackby

  • You can then bind the columns to the Google Analytics API to fetch the traffic along with User Analytics and the Google Search Console API to fetch the Search Analytics API.

Connect to the Google Search Analytics API

  • With Google Analytics API you can fetch data like Users, New Users, Sessions, etc. If needed you can add new columns by clicking on the field containing “Data” under the Analytics API column, then selecting the Marketing KPI you want to track KPI for marketing to follow.

Metrics from Google Analytics

  • With Google Search Console API, you can fetch data like SEO impressions, clicks, CTR, number of keyword positions, etc.

Connecting to the Google Search Console API

  • The “Conversions” column allows you to track the Marketing KPI associated with conversions, such as conversion rate, the number of people who started the goal, and the number of people who completed it. You can also track cart abandonment here.
  • You can also create columns that track marketing KPIs such as cost per lead and ROI derived from other KPIs using formulas.
  • The formula for cost per lead is budget / (number of users who completed the goal)

Calculate the cost for each potential customer

  • The KPI for marketing can be calculated using the formula: ROI = (Revenue – Budget) / Budget.

ROI Calculation

  • The Analytics API column allows us to schedule when the Marketing KPIs will be updated. Select the frequency at which we want to update the details, and the marketing KPI tracker automates the update of the information.

Automate data fetching from Google Analytics API

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Marketing KPI plays a huge role in helping us understand the performance of marketing strategies and campaigns. They also help identify areas that need more work in the online business.

Stackby’s Marketing KPI Model provides a comprehensive overview of various KPIs while also automating the update. It is often not enough to look at a single KPI for marketing. We need to look at the best marketing KPIs to get a complete picture. Sign up for free and start tracking your top 10 marketing KPIs automatically.

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