In the business world, there are two types of people: those who fantasize in VLOOKUPs and pivot tables, and those who desire a cyber-attack on the founders of Excel.
No matter what kind of personality you have, data is the essential element for the success of any business, and you are required to make enlightened decisions during the entire stages of your sales channel.
For an extended period, analytics and data were considered as an afterthought – an important constituent of doing the business. However today, in a world filled with different kinds of information, the process of attaining and collecting different types of data along with optimizing the marketing strategy positioned directly towards qualitative/quantitative details regulates the success factor of any organization.
The question which everyone should be asking is what you should be doing with this type of data?
The answer is simple. If you possess the exact traits of nearly 53 per cent of the business executives driven by the data factor, it can be a challenging yet enormous factor to understand which data points you should designate.
Not sure if your firm isn’t loading up concerning the data? You don’t need to worry at all. I have extracted the metrics which you should be targeting the most, along with the process of locating the KPIs (key performance indicators) to regulate your marketing success.
KPIs vs. Metrics – Understand the difference
You must be wondering what the difference between KPIs and metrics is? Even though both of these terminologies are different from each other, a majority of the people are using them similarly. However, there is little difference between both of these terms. Also, you shouldn’t stress the fact that semantics in the business are doing things differently.
KPI: An exact measure of how efficiently your marketing has changed the metrics of business for the good
Metric: A measurement unit (conversions, clicks, leads, and visitors to the most extent, etc.)
Let us consider an example. Suppose the objective of your marketing attempt is to pay less than a dollar for everyone visiting your website.
The question which you should ask is what kind of metric you should use to measure the data?
The second question which you should ask yourself is the usage of KPI and how effectively are you using it for the metric?
With the results stated above, you have paid less than a dollar for each visitor visiting your website for the first time, and your endeavours were well paid off.
Tracking the Business Data
The business track depends entirely on the objective you have set for yourself. Are you planning to increase the traffic to your website for creating awareness for the brand you represent? Or do you think about generating the leads as well? Maybe you’re simply motivating the people for signing up for a free demo.
With that being said, there are some basic and the most important KPIs which I strongly believe will satisfy the marketing professionals in all the technology and software firms.
1) Traffic:
For many, this is a dilemma, but for me, the traffic of a website is a fantastic thing. Traffic simply means the number of visitors visiting your website on a daily, weekly, or monthly basis. However, it may also add up the walk-ins or phone calls.
An increasing number of traffic on the website will drive more visitors to your sales channel.
2) Leads:
Defined as the occupied visitors, leads are known for showing a keen interest in any brand through the clicking of CTAs, filling the form for a website, or downloading the offers.
They also provide a chance to detect the behaviours of the consumers and optimize their engagements and actions.
3) Revenue:
The most common word for money but different factors regulate if you are obliged in using it as the KPI. If you are planning out to calculate the initiatives for more extended periods, like website designing, the process is long and hefty to get the most out of the investment.
However, if you measure the short-term strategies, like PPC, attaining the money you invested back should be of your most priority.
