This week we have discussed KPIs. We explained how crucial they are and how to pick the perfect one for your business.
However, as always, there still are a lot of questions about them!
Who can answer them better than experts like you?
We took inspiration from 3 tweets about KPIs from respected marketing specialists to unroll the most common questions about this topic.
Welcome to the first appointment with Ghostwriter’s Weekly Digest!
1. What are KPIs and why are they so crucial?
What is a #KPI, what are they used for & how do you use them? 😅 Don’t worry, @EmiBeaure has the answers. Check it out: https://t.co/kOE0IZ6eYc pic.twitter.com/aFa4p5Zi7R— Team LEWIS Global (@teamlewisglobal) February 11, 2020
KPIs, or Key Performance Indicators, are one of the primary elements to measure your company’s performance. According to the article by Emily Beauregard,
KPIs are used to help make informed business decisions based on the performance of the initiative being measured.
These numbers are the compass of your business. This is why you have to pick them wisely, knowing what you need to measure. They will be the decision-maker for the next initiatives you are going to take for your business’ future.
KPIs should be determined, and a measurement framework should be built prior to launch to be able to identify if the initiative was successful or not. Tracking KPIs are essential to being able to measure success!
All the meaning of KPIs lies in that last sentence – KPIs are essential to measuring success. They will tell you without any doubt what is going well and what is better to change.
2.Which are the most important KPIs?
#ContentMarketing success is SO HARD to measure. But with clear goals & the right #tracking tools, you can shed light on the content marketing KPIs that matter to your business.
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Get the other 11 #KPIs: https://t.co/mb0FlmdJvN pic.twitter.com/xNu0sfcIBS— Adriana Tica (@adriana_tica) February 11, 2020
The question is prevalent, and you should ask yourself when you start measuring KPIs. The answer is that it depends on your business, your strategy and your goals.
You can divide KPIs into several categories that will lead you towards the ones that are meaningful to you. In her article, Adriana Tica says:
There are hundreds of metrics you could track, and all of them can be connected to content in one way or the other. But not all of them are relevant to your goals. How do you define KPIs that are both relevant and realistic? Well, the bad news is that there’s no one-size-fits-all here. Every business is unique and has unique goals. It means that each KPI definition process looks differently from company to company.
We know that well. Our team is always struggling to help marketers to personalize the conversation around people’s most loved topics. No one is like another! We have something every day, and other things are not, that’s the beauty of communication!
For marketing, this can turn into a nightmare!
However, do not lose your hope, because variety is not necessarily wrong.
Artificial Intelligence today is a valid technique to identify similarities and lightening speed your digital marketing and social media marketing activities.
If you want to improve your social media metrics and goal, your KPI has a look at our GhostwriterAI Profiler, to get out from the clouds and have clear suggestions about top-performing content.
Variety means that you can find out the best KPI that fits you perfectly, thanks to recognized and defined groups of indicators:
The excellent news is that there are several types of key performance indicators […] that matter to any business. Within these groups, you are bound to find the metrics that ultimately reflect your content marketing ROI.
3.Which KPIs you can measure that everybody forgets about?
Here the other side of the coin.
A lot of companies stick to the usual sets of KPIs, without ever making a step further. It may be reasonable, but also a limiting factor.
Think outside of the box! There are a lot of KPIs that may be a gamechanger for your business but that nobody cares about, as Aaron Augis points out:
But in addition to engagement and website traffic, there are many useful KPIs which are typically overlooked. With this in mind, it’s no surprise that 46% of B2B marketers are unsure whether any social channels have generated revenue for their business.
Considering different KPIs to add in your set will make you more aware of the market, of your capabilities and your plans.
It may even help you consider your business and your goals from a different perspective, and this may lead to innovation, new solutions, and a bit of fresh air.
For example, the number of followers is a vanity metric if people are not engaging! GhostwriterAI Predictor automatically shows you which content resonates better with your target audience so that you save time up to 20% of your marketing budget.
KPIs are one of the essential resources that you can have to make your business grow. That is why you should select them wisely and, sometimes, to imagine how to measure something new.
The way you are going to do it has to do with your business, your stakeholders, and your strategy. There is no right or wrong when it comes to KPIs, as long as they lead you towards your business goals.
The last tip we can give you is not to stick to the classic ones and experiment. They may surprise you!