KPIs and metrics not providing you with much insight?
Are you skipping measurements because they take so much time?
Getting the data and evidence you need to make intelligent decisions and identify issues before they harm your business truly is possible.
On January 26, I moderated a sponsored webinar presented by Jonathan Laberge, Partner at SmartBI/Reptile for CallRail.
Laberge showed how the proper KPIs & metrics can be used to take advantage of new opportunities for your business.
Here is a quick recap of the webinar. For more details, complete the form to access the entire webinar.
There Are 2 Types Of Metrics
Key Performance Indicators (KPIs) measure results, and you can divide them into two types:
- Vanity Metrics.
- Actionable Metrics.
What Are Vanity Metrics?
Vanity metrics make you and your campaigns look good.
These are impressions, ad views, and website traffic, for example.
But do they tell you if you’re meeting your business goals?
What Are Actionable Metrics?
Actionable metrics are KPIs that have a tangible impact on the objectives of your business.
They should give you a number that you can use to take action and plan out what you need to do next.
Actionable metrics make it possible to predict the success of your marketing strategies.
For example, knowing what it costs to get a new client creates predictability in your business.
With this information, you can determine how much profit you can expect and how much action you can take.
Examples Of Vanity Metrics & Actionable Metrics
Trying to increase sales? Your KPIs would be:
|Pageviews||Customer Acquisition cost|
|Bounce rate||Leads generated from your newsletter strategy|
|Number of newsletter subscribers||Website conversion rate|
|Number of likes||Engagement rate|
How To Establish KPIs
Now that you know which metrics make an impact, it’s time to establish your goals, or KPIs.
Every year, business objectives can change. Therefore, consider your goals’ impact on the business when establishing KPIs.
Follow these key steps when creating KPIs:
Step 1: Establish your business objectives.
Step 2: Confirm the channels best suited to meet your objectives.
Step 3: Keep acting on it.
Step 4: Validate the quality of what you’re measuring.
Applying KPIs On A Specific Channel: Call Tracking
According to Sales Insights Lab, 41.2% of salespeople use their phones as their most effective sales tool.
So if you’re a B2B company, one important metric to measure is call tracking.
Knowing what drives those calls is crucial.
Call tracking can help you:
- Develop a trustworthy and valuable channel.
- Get data with no significant technological change.
- Gather data on the source of calls online & offline.
- Drill down to keywords for final attribution.
- Record calls for constant improvement.
- Measure ROI.
What Metrics To Measure During Call Tracking
If you are a business that relies on phone calls to drive sales, you’ll want to measure:
- Number of calls.
- What page(s) generated calls.
- New vs. returning callers.
- Call length.
- Answered calls.
- Missed calls.
- Call relevance.
- Source channel.
- KPIs in time.
How To Create Impact With KPIs
Analyze the data and interpret it to determine how you will achieve your goals.
But what if the numbers you see aren’t so good?
What can you do to create an impact?
Revisit your strategies around:
- Aimed client base.
- Channels used.
- Moments of contact.
- Message used.
- Content/keyword strategy in regards to these elements.
Once you’ve done that, here is what you need to do if your KPIs are all low:
1. Validate With The Client Base.
Ask the people who didn’t purchase your product or service why they did not.
2. Determine Volume By Channel, Behavior, Related Keywords & Analyze Phone Calls.
Think about your client’s journey before they buy your stuff. Understand the flow of events before they get to your service.
3. A/B Test Times & Messages To Cross-Reference With KPIs.
See what works with your KPIs.
If you’re not failing, you’re not trying.
Today, tracking metrics is more than doable.
It’s not a question of how you track them – it’s a question of what you track that impacts your business most.
[Slides] KPIs & Metrics That Matter For Digital Marketing Success In 2022
Here is the presentation:
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