Business owners are often looking for ways to grow their businesses. There are several different ways to do this. How you grow your business depends on the industry your business fits in and your customer base. Some experts will tell you to keep an eye on your competitors, consider partnerships, and create passive income opportunities. All of these things are true – but part of growing your business requires knowing how to maintain your business. This requires you to keep track of key performance indicators.
What Is a Key Performance Indicator?
A key performance indicator or KPI is a measure of a business’s performance against its goals or targets. It’s usually used in reference to a company’s long-term performance. KPIs are important in determining if your business is succeeding. It will give you data to determine whether your current efforts are taking your business in the direction you want. Depending on the results, you’ll know if you need to try new tactics to reach your goals.
There are several types of KPIs that most businesses would benefit from. However, there are also certain KPIs that benefit certain industries. As a business owner, you’ll need to determine which KPIs are important to you and the success of your business.
Explaining the Essentials
Let’s talk about a few KPIs that are essential in marketing:
- Blog Post Visits – This KPI is a way for you to make sure you understand what topics interest your customers. Blog posts can be a big draw for people interested in a specific industry. If done correctly, it can help you gain regular traffic to your website. Gaining more website traffic through blog posts will lead people to browse other pages and information on your site. With KPIs, you can determine the information to make blog posts an essential part of what makes people visit your website. This can be done through social media, email blasts, or the use of search engines.
- Social Media Engagement – The use of social media is going to be essential for a lot of businesses. You can track the number of followers, likes, shares, and other analytical information based on your business’s social media accounts. This will help you learn which sites your customers tend to use the most in reference to your business. It will also allow you to understand what type of content your customers engage with the most. Keeping track of this KPI will help you hone in on the social media strategies that best benefit your business.
- Website Traffic – This KPI will help you learn when people are visiting your site, where they are from, how long they stayed on your site, and what they clicked on when they reached your site. This is incredibly valuable information for a business that relies heavily on online sales. When you understand this information you’ll have a better grasp of what your customers want to see from you. It may also give you more insight on how to best design your website.
- Sales Growth – This is undoubtedly the most popular KPI you will probably hear about from most experts in marketing. Tracking sales growth will give you an overall indication of the effectiveness of your marketing strategies. You can do this by monitoring monthly sales, profit margin, and purchase value. These indicators will give you insight into how much money you bring in each month, the amount of money you bring in that exceeds your costs, and the average value of each purchase. You can also look into the number of new inquiries, quotes sent, and the quote-to-close ratio.
Digital Mules: Helping You Reach Your Goals
Keeping up with these important marketing KPIs can help your business grow and succeed. Digital Mules is an all-inclusive digital marketing agency. Our team understands the importance of KPIs that can best benefit your business. We’ll help you figure out which marketing methods best benefit your business. Click here to find out how we can begin helping your business.
