Businesses continuously spend a lot of their resources on marketing their products and services to their customers. Coming up with the right marketing strategy for your business is vital to its overall success which is why it is essential to keep on monitoring the progress of all your strategies. Key Performance Indicators (KPIs) help you determine which efforts are resulting in high returns and should thus be a continuous part of your business’ growth strategy. However, knowing which KPIs to measure is also an important decision since there are so many KPIs out there and you have to know how to pick the ones that measure your performance most accurately. In this article, we will share with you — KPIs that you are not measuring but should measure.
1. Sales Growth
The ultimate goal that business tie with each marketing effort is the growth in sales. This is why sales growth should be made a definite KPI when trying to assess the success of all your efforts. Through this, you will be able to identify those marketing efforts that result in a growth in sales, something that will be seen as valuable knowledge and can be used effectively to grow your business.
2. Response Time
In today’s competitive environment, it is important that your sales team delivers in the least possible time. Customers that are looking for information or help need to be addressed as quickly as possible to generate sales. Thus, the sales response time is another KPI that should be measured by every business.
3. Traffic on Website
Understanding what your customers want leads you to success. By keeping a track of the traffic on your website will help you identify what the customers expect from your business. Traffic, however, cannot be one KPI and should be seen as being divided into more than one variable such as page views, duration of the session, and the number of pages viewed per session.
4. E-mail Marketing
E-mail marketing is an important tool that needs careful monitoring. Many businesses ignore the power of e-mail marketing and thus miss out on the great benefits derived from analyzing its performance. Due to the extensive nature of this indicator, there are several other KPIs associated with it such as, unsubscribe rates, rate of conversions, and open rate or clicks.
5. Landing Pages
The purpose of landing pages is to attract more traffic to the website and asking them to take a particular action. Keeping an eye on the performance of your website’s landing page is important since they play an integral role in making conversions. Thus, one of your KPIs should be purely devoted to monitoring the progress of landing pages.
6. Customer Acquisition
The cost that you incur to acquire customers is something that is not given attention to by many businesses. When in reality, this is an important KPI that you must measure as this will help you identify the return on investment (ROI). Through these results, you can invest in efforts that are more profitable for your business.
Bottom Line
Identifying growth patterns for a business takes a long time, and therefore businesses should think long and hard about the different strategies that they will use to keep track of the growth rate. Using the above mentioned KPIs can significantly help you understand the important factors affecting your business.
