Marketers, campaign success depends on identifying your goals
This article is really pertinent right now as we roll into Q1 of the new Financial Year with goals and KPIs being set around NZ; “Digital marketing is more accountable than ever but results only matter if they map back to a specific goal. That may seem obvious, but the fact is that many marketers still aren’t sure what results they need from a campaign are. So how can they know if their campaigns are successful? The first step is to establish a goal, own it and stick to it, no shifting mid-stream”
Common Goals and KPIs
Awareness is big for brands. Awareness is nearly always a top goal and can be measured several ways; engagement with creative, reach and frequency numbers, a brand list study or, of course, click-through rate (CTR.) Since CTR does not take the cost of the placement into account, very often they work inverse to one another. That is, a high-cost impression may deliver high click-through rates but low site traffic. It’s important to understand this difference, particularly if CTR will be the main KPI.
Site traffic is also a good awareness metric. With respect to the bullet above, if site traffic is the main KPI, marketers should consider the ratio of low-cost targeted impressions and monitor CTR as a secondary KPI.
Engagement can mean several things. Typically, engagement is measured using a Video Completion Rate (VCR) for online video, but it can also be measured by time spent with high impact creative or with post-click metrics. It is always best to determine what type of engagement should be measured and to establish a benchmark before the campaign launches.
Online sales are a straightforward success metric and usually gauged by ROI or ROAS. However, even online sale’s KPIs have limitations: They can’t account for in-store sales or long-term influence. Like when someone buys an item, days or weeks after engaging with an ad.
Lead generation is another popular KPI for high-consideration purchases and B2B marketing. Cost per Lead (CPL) is a good KPI here. However, if businesses are concerned about the quality of the leads they’re generating, it’s smart to tie leads and sales data to determine which placements are generating the leads most likely to convert.
The Key take out is: Once you’ve decided what your campaign goals are and how you’re going to measure them, the next important step is to STICK TO THEM.