How & Why to Set KPIs
“If you can’t measure it, you can’t manage it.”
Translating your marketing results just got easier.
Key Performance Indicators (KPIs) are measurable and trackable data or actions that directly correlate to a goal and show progression toward reaching that goal.
Any life or business goal can have KPIs, but in marketing, KPIs indicate the performance quality of marketing campaigns, paid ads, content consumption, etc.
Why you should set KPIs
Measuring the outcomes of your team’s efforts and tracking them consistently gives you insights into what you can do better, what you should keep doing, and whether you’re improving over time.
As the late great Peter Drucker said, “If you can’t measure it, you can’t manage it.”
KPIs help you quickly & easily understand the performance status of your marketing campaign at any given time — all you have to do is check your KPI numbers!
They can also help keep you and your team accountable for the goals you’ve set and the realities of achieving them.
How to define your KPIs
To define your KPIs, drill down your campaign goals and how you’ll measure success.
Answer these questions about your campaign:
What is this campaign for? _________
Success for this campaign means ____[specific goals & numbers]_____.
To reach that success, we need our audience to engage by ____[actions]_____.
We can track these audience engagements through ____[KPIs]_____.
A few measurements that can act as KPIs:
# of form submissions
# of event registrations
# of product sales
# of newsletter sign-ups
# of app downloads
Here’s an example:
What is this campaign for? Promoting an upcoming event
Success for this campaign means 100 ticket sales/registrations per month for 3 months
To reach that success, we need our audience to engage with our campaign by viewing the event page, sharing event info with friends, & purchasing a ticket to attend.
We can track these audience engagements through/using page views + unique visitors in Google Analytics, social media shares + tags, and ticket purchases in Eventbrite.
What data have you been tracking that you just realized is a KPI? What KPIs will you be setting this month, quarter, or year?