The Key Performance Indicators to Determine Success
By: Annie Timby | 07/29/2015
Redesigning a website or implementing marketing automation can be a big undertaking...especially in terms of the investment. If you’re going to spend all that money, you want to make sure that you understand what you want to achieve. Is it engagement? Leads? Conversions? Defining your primary and secondary Key Performance Indicators (KPIs) will help you understand whether or not the investment you made was worth it.
By definition, a KPI is a quantifiable business metric used to evaluate factors critical to the success of an organization. KPIs are different per organization and used to guide distinct business tactics.
At the beginning of the project, work with your team to determine 1-3 primary KPIs that you can measure against once you launch. Make sure you keep it focused because these KPIs are going to be the metrics that determine success or failure. For example, if you’re looking to get as many leads as possible at an efficient cost, then your primary KPI may be Cost per Lead (CPL). Or if you’re looking for site engagement, then your primary KPI may be downloads or average time on site. Then decide what the other 5-6 secondary KPIs are that you’re going to keep an eye on and will help you optimize to that primary KPI.
But remember, give your new site or campaign some time before you determine whether or not it’s working. You most likely won’t see immediate success against your defined primary KPIs. It takes time for Google to re-index your site or to continue to build and optimize your new marketing campaign. Continue to measure yourself against your primary and secondary KPIs and analyze the data to see what is and isn’t working. Allow the new site or campaign at least 60-90 days and, if it’s still not performing the way you expect it should, learn why and reevaluate. As long as you’ve ascertained what you want to achieve and you’re measuring the data from day one, you’ll be able to adjust accordingly.
How does your organization measure success? Sound off in the comments below!