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What is KPI in Digital Marketing?
Digital marketing is the most popular way of advertising a business now. It is used by different companies, even pest control companies. These companies use marketing strategies to advertise their services to people near them. But how would they know if their pest control marketing strategy is working or successful? They can track their digital marketing through KPI.
What is KPI?
KPI stands for Key Performance Indicator. It is used to track and determine the progress of a business in achieving its goal. For example if their pest control advertising campaign is successful or not. They are checked regularly to know if they are still on the right track and how successful they are in reaching their goal. Setting up a good KPI should be aligned with the overall strategy and outcomes of the business. At the same time, it should be realistic, actionable, straightforward, and easy to measure. You should outline the ways how you will achieve your KPI. Moreover, start small to minimize the risk and be more realistic. In addition, you should determine what you want to achieve, your desired results, and your deadline for the goals. By using KPIs in digital marketing, you will have more direction and better understand what aspects of the business will benefit your company more.
Important KPIs to measure
There are many Key Performance Indicators (KPIs) that you can measure. However, below are the most important KPIs that a business should measure.
Click-Through Rate (CTR)
CTR is the commonly tracked KPI in a business. It pertains to the percentage of people that have clicked on your digital advertisement. It determines how many users may see your advertisement. Although the percentage does not say the exact number of people seeing your advertisement because not all of them are clicking it, it gives you insights that people did indeed see your advertisement.
Conversion Rate
Conversion Rate refers to the percentage of people that took action after visiting your website or other platforms. These are the leads your business has that took action. For example, a customer bought something from your brand after visiting your social media page. If your conversation rate is high, it means that your digital marketing campaign is successful. To achieve a high conversion rate, you must ensure the customer has an excellent buyer’s journey or experience when navigating through your brand.
Keyword Ranking
Keyword ranking is commonly known in search engine optimization (SEO) practices. It is used to optimize the content of business posts online to become more visible online. Businesses should use relevant and popular keywords that people usually search for. If businesses use keywords that most people search for, their content will appear more. If they appear more, many people will become aware of their business. So if you have your own business website, optimize your website contents to rank high on the search engine results page (SERP).
Customer Acquisition Cost (CAC)
CAC refers to the amount of resources the business uses to convert a lead into a customer. This means the business must calculate its marketing investment and the number of customers it acquired. This will determine if the marketing strategy is effective or successful. When the business knows the CAC, it can budget wisely for its future marketing strategies. In addition, they would know where to put their resources more and where they should focus less.
Digital Engagement
Engagement refers to the customers’ interaction with the business’s digital content. This would determine if the business’s content is engaging enough to attract customers’ attention. If the content is still gaining attention, do not post new content yet. This will give more time for the content to generate more leads. Otherwise, create new content if your older posts are not gaining attention. To ensure that your posts will gain attention, always stay relevant. Research your audience to know what they are looking for and what are the trends in your industry. You will gain more engagement if you deliver the right content to the right person at the right time.
KPI Examples
We now all know what specific kinds of KPIs a business should measure. So now, we will give specific examples of KPIs you may encounter in your business.
- Net sales
- Average time for conversion
- Net profit margin
- Gross profit margin
- Customer retention
- Market share percentage
- Employment satisfaction rating
- Employment churn rate
- Website traffic
- Inventory-to-sales ration (ISR)
Track your Digital Marketing now!
Applying digital marketing alone is not enough. You can do digital marketing and call it a day. However, if you are not tracking your pest control marketing strategy, you might not know you are already wasting money. You will know what works and what does not by tracking your pest control marketing strategy. Doing so lets you know where to put your resources and focus more. Start tracking your digital marketing now, or call digital marketing pest control companies to do the work for you.
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