As the nights get longer and the weather gets colder, we’re turning back on the Movéo blog to reflect on key insights in digital marketing from 2014. To conclude October, we’re discussing creating a holistic strategy for social media that includes a plan for defining key performance indicators, collecting and analyzing metrics, and shaping ongoing strategy based on feedback.
Imperative to a strong social media strategy is selecting and defining the key indicators you look at to see how you are progressing towards your marketing goals. What are your objectives and what KPIs do you need to track to determine if you’re meeting them? Commonly, we see lead generation leading to sales as a key objective. To ensure progress in that area, the KPIs that a marketer may want to look at include subscription rate, effective subscription rate, and the effective purchase rate.
Marketing metrics must be available, accurate, and actionable: data must be easily found, accurate enough to give you strong insights, and offer you the kind of information you can use to make your marketing strategy more effective. Think about metrics like your cost per new inquiry after you start a new campaign. A metric like this offers you insight into whether a campaign or tactic is costing you more or less than other efforts, and you can use that information to shift your marketing strategy and budget. Of course, this one metric alone isn’t going to be very helpful. Think about your goals and how the different metrics you choose compliment each other and offer you a more well-rounded picture of how your campaign is progressing.
Technology is moving quickly, and staying on top of the latest developments in data analytics and technology resources is what’s going to separate your marketing efforts from the rest. Like we wrote about in our latest white paper, the new marketing value chain leans heavily on data and insights to guide strategy.Take this to heart: while it may not be as easy as changing your metrics or looking at new data, shifting your culture to one that emphasizes data at the heart of every initiative is what will make your business soar.
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