KPIs (Key Performance Indicators) are a core part of a successful marketing campaign, it being the measure of whether or not investing in marketing pays off. In marketing KPIs, the focus is on staff performance, sales generation, and cash flow, among others. However much this is the case, some problems could arise even though you have all your KPIs figured out. You could still end up getting overwhelmed with your marketing performance, because of the KPIs you have. Here are some of the most common mistakes people make when it comes to marketing KPIs:
Not having KPIs
It is surprising that there are still business owners who go blindly into marketing without intentionally setting KPIs beforehand. The problem here is that you will always have a hard time defining the success of your marketing efforts. Therefore, even though you may be performing well, you will not appreciate it because you have no performance indicator to notify you. In the same way, you cannot determine the marketing efforts that are not bringing in any tangible results unless you have a metric to measure.
Too many KPIs
So, it is terrible when you lack them, but it is equally as bad when you have too many of them. The problem with setting so many KPIs is that you end up getting mixed up on which ones to focus on, given that there are other sectors in your business that need to be measured, other than marketing. At the very least, understand that your marketing and sales team will only pick the KPIs that are convenient for them because there are so many to choose from in the first place. This way, you will realize decreased productivity because some areas of marketing will lag.
Unrealistic and immeasurable KPIs
Any performance indicator you determine for your marketing strategies must be measurable. Most business owners can get caught up in coming up with KPIs without putting much thought into whether or not they are realistic and achievable. Overall, choosing a KPI to measure is less about convenience and suitability, and more about whether or not it can be measured with sufficient accuracy.
The KPIs are not specific to your business
Just because your competitors measure a certain metric doesn’t mean that you also should. For the most part, your company may be in the same industry as that of your competitor, but their end goal may be completely different from yours. Ideally, you can tell that you are on to a wrong metric is the KPI of choice is generic and not specific to your business and the individual objectives thereof. Before setting a parameter to measure, understand that it should complement your overall brand goals and not the other way around.
You focus on activities not results
Certain processes are involved in achieving the success of your marketing efforts. If you are not intentional to consider these processes as the steps to achieving the results you anticipate for your business, then you will be easily ensnared in measuring the activities more than the results. For example, if you are considering the ‘number of hours that an employee works’ as a KPI, then you are focusing on the activity more than on the result. For one, people could spend so many hours in the office and still achieve very little. To get it right with measuring results with your KPIs, ensure that you focus on short-term objectives as well as long-term strategic goals.
There is not a perfect measure for your marketing efforts. You cannot achieve a 100% guarantee that all your marketing efforts have paid off. The idea with KPIs is never to achieve a perfect measure, but rather to ensure that you have a metric that is accurate enough, reliable, and can be trusted as an actionable lead and source of information. The role of KPIs is not only to measure performance but to realize actionable insights that will help in re-strategizing the marketing techniques for better results.
Marketing as a sector has a lot to cover, ranging from proper customer relations and engagement, to high sales and leads conversion. With the proper KPIs in place, every business should be thriving in their marketing efforts. Learn more about how your website rank position is an important marketing metric to measure by visiting:https://serpbook.com/blog/keyword-ranking-tracker/