21st-century technology has made it possible to track all kinds of essential data for your business. You can monitor your digital marketing campaigns, observe your website traffic, and examine your social media posts’ success. However, given all the data that is now available to your company, it can be overwhelming to pay attention to every single one of them. Sometimes, the data you see doesn’t correlate to your success.
Fortunately, that’s where key performance indicators (KPIs) come in. They act as a guide towards the metrics you must focus on, as they have the most potential to boost your performance. They also help you achieve your business goals and objectives, as they target aspects that lead the way to their completion.
Here are two main KPI categories that you’ll need to track to improve your business’ revenue:
Your website is one of the most critical parts of your business, as it provides your customers with all the information they need to engage with you. However, many website metrics have little value when it comes to increasing revenue and boosting your business. However, the important ones contribute to your search engine optimization (SEO). If you need help in managing your SEO, local SEO services are the professionals you need to make the right choices.
Your website must be engaging enough for your visitors to browse in for an extended period. Otherwise, you’ll end up with a high bounce rate, which measures the percentage of visits that end after viewing one page. Ensuring that you have a low bounce rate will help you convince website visitors to make a purchase, thereby increasing your sales.
The number of visitors that go to your website has a significant impact on your SEO but not your website performance. It’s an important metric to pay attention to if you’re hoping to rank well on search engines, but not when it comes to your marketing campaigns.
Most website visitors have brief attention spans, so lengthy page load times turn off prospective clients. However, this has less of an impact on serious buyers.
Search engines like Google regularly crawl through websites to index pages properly, so if you frequently update your well-designed website, you’ll enjoy numerous indexed pages. Any crawl errors point to a problem that requires your immediate attention.
Your domain authority is a metric that assesses your website’s value as a reliable online source in your field. Backlinks are related to this; the more you receive, the more trustworthy your audiences think you are.
Your conversion rate is the most important KPI for your business, as this directly improves your business’ revenue. Focusing on these other metrics can help prospective customers convert into actual customers.
Social Media KPIs
There’s a lot of data that goes into social media. It provides valuable insights that inform your marketing campaigns, helping you boost brand awareness among multiple audiences. One of the many social media metrics you’ll want to monitor is your click-through rate or CTR. Although it’s easy to manipulate this thanks to click-bait tactics, this matters when your target market is the one doing the clicking.
Your share of voice evaluates the percentage of industry mentions of your brand. It measures how frequently other people are talking about you compared to your competition, which lets you handle your brand image.
Social referrals, or the number of social media visits, help you track how many people go to your website because of your social media. Meanwhile, your engagement has a substantial impact on performance, as those who engage with your social media posts implicitly endorse your brand and signal-boost your message.
One of today’s most effective marketing powerhouses are influencers, who have massive, involved networks of their own. Partnering with an influencer brings your business the potential to skyrocket your performance.
These KPIs and metrics will help you make informed decisions about your business, allowing you to capitalize on social media traction and search engine success to improve revenue and performance. However, not all insights come from collecting KPI-related metrics. You may have to further modify your KPIs by dividing your demographic or geographic segments to have a more accurate picture of your performance with different consumers. Overall, these KPIs provide a reliable guide of where you should invest your efforts to increase your profitability.
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