Creating Smarter Goals and Digital Marketing KPIs

It’s exhilarating having all the digital marketing metrics you could ever need at your fingertips, but all that data can get overwhelming when planning how to measure your projects or campaign performance. To help you get out from under your data overload, read on to learn about creating smarter goals and digital marketing KPIs.

What Is a Metric?

Metrics are numbers or ratios that track the status of business processes. They provide insights but aren’t as relevant to measuring your performance related to your business objective. Need some inspiration on what metrics you should consider measuring? See what eMarketer now says are the top metrics most important to worldwide companies when measuring their own digital marketing success.

What Is a KPI?

KPI stands for key performance indicator. Think of a KPI as a compass: It can tell you if you’re headed in the right direction toward your goal and also how you’re doing along the way – whether you’re on track, falling short or exceeding it. KPIs

  • are actionable,
  • give you a baseline to measure performance,
  • and tell you where to focus your team’s time, energy, expertise and talent to accomplish your objective – whether that’s to increase revenue, grow new customers, send more traffic to your website, get more social media followers or something else entirely.

Metrics vs. KPIs: How Are They Different?

Metrics only become KPIs when you apply and compare data to your goals. So KPIs are metrics, but not all metrics are KPIs. KPIs are the relevant and insightful metrics you select, monitor and track to help you make informed decisions about your marketing initiatives.

A 5-Point Checklist for Creating Smarter Goals and Digital Marketing KPIs

After that quick refresher, here’s a 5-point checklist to setting goals and KPIs for any upcoming marketing project or campaign:

  • #1: Ask the Right Questions.

    • What do you want to do and why? This can help you easily generate the right goals for your team.
    • When writing goals, remember to make them clear (don’t use jargon), short (one line if possible), and SMART (specific, measurable, actionable, realistic and timebound).
  • #2: Find Your Target.

    • Every goal needs a target – that numeric value that shows what you hope to achieve and by when. A target shows you what to aim for and whether you’ve hit the mark. It’s what gives KPIs the power to gauge your goal’s performance.
      • Take this example: Say you achieved a sales volume of 5,000 widgets by a set date. That seems good, but how can you be sure? You don’t have any reference point. But if you know your target was 3,500 widgets by that set date, then you know you significantly surpassed your goal.
  • #3: Be Careful What You Measure.

    • Before tying KPIs to any goal, ask yourself these questions:
      • How do you envision success?
      • Which metrics align with your particular goal and support what you’re trying to accomplish?
    • Digital marketing KPIs – such as ROI, website page views, cost per lead, customer lifetime value, to name a few – abound, but our data insights analysts suggest having two to five logical and relevant KPIs at a time per goal that are actionable as well as easy to measure and quantify.
    • To put together what you’ve learned, let’s look at this digital marketing initiative example:
      • Objective: Grow B2B sales leads
      • Goal: Grow company’s subscriber list by 50% this year
      • Marketing Initiative: Develop and post 5 engaging and evergreen lead magnets on website landing pages, all free to download in exchange for contact info
      • Potential KPIs: % increase in website’s subscriber conversion rate; % change in landing page views; % change in lead magnet downloads
      • Owner: Marketing Manager
      • Frequency Check: Monthly
  • #4: Keep Tabs on Your Results.

    • Assign a point person to analyze each of your goals and KPI performance regularly, whether that be daily, weekly, monthly or at another interval. The specific timing you can select is flexible and should depend on what you’re tracking.
    • To analyze results, either take a manual approach and piece together the data for review into a report, spreadsheet or slides or set up an automated dashboard that can do the work for you and can always give you an at-a-glance view of where you stand.
  • #5: Be Willing to Change.

    • Goals and KPIs are fluid so will change over time. If something isn’t working and needs shifting, switch up your strategy and experiment. Retiring old KPIs in favor of introducing new ones is natural. Keep only those that serve you best and can best gauge your performance over time.

Interested in learning more ways to tie your digital advertising efforts back to measurable results? Check out our president Jay Friedman’s latest book, Prove Your Advertising Works (no need to get it from Amazon; download it here for free!). Or let’s connect to discuss your specific digital advertising needs and challenges. We can give you the knowledge and guidance you need to harness your data, set the right strategy, and confidently make the right data-driven decisions to move the needle on your next digital marketing campaign.

Goodway Group Partners With RSi’s Ansa for Shopper Marketing Analytics

Goodway Group is partnering with Retail Solutions Inc’s Ansa to gain detailed shopper marketing analytics, such as point-of-sale and SKU data, that can help CPG brands align and optimize digital media efforts, tie digital campaign performance to individual products by store location, and analyze and increase their product sales.

How to Improve Lead Generation With Facebook Lead Ads

Whether your business is B2B, B2C, D2C, or some other combination of alphabet soup, driving in new leads is always top of mind. But in today’s ever-evolving ad landscape, it can be tough to know which channel will bring the best results. Many B2B brands instinctively turn to LinkedIn for lead generation. But we often remind these clients not to overlook the power and reach of Facebook’s new lead ads. For example, one of our B2B cable industry clients recently gave Facebook lead ads a try based upon our recommendation, and they were shocked by the results. If you are still skeptical about Facebook lead ads, check out our quick Q&A to learn how they work and how we can help make them work for you too.

What Are Facebook Lead Ads?

A Facebook lead ad lets you create an ad for your product or service, plus a customized form to go with it. For instance, if you want to encourage prospects to download a guide, request a cost estimate, sign up for a product demo, or enroll in a program or an event, you can create and set up a customized form that will instantly collect answers and contact info (name, email address, phone number, and the like) from high-quality prospects who may be interested in your product or service.

How Do Facebook Lead Ads Work?

When a user scrolls through Facebook, sees your ad, and taps on it, your customized form pops up pre-populated with the user’s contact info from Facebook. This makes submitting the form quick and easy for prospects since most of the work has already been done for them. Also, the experience is seamless for users because the form allows users to stay in the Facebook app rather than redirecting to an external landing page.

Why Should You Use Facebook Lead Ads?

Benefit #1: Build Brand Awareness and Reach

Facebook lead ads can help you build both brand awareness and reach at the top of the funnel. You can find the people most important to and most interested in your business and give them what they want: a simple way to respond to your message from any device. The seamlessness of Facebook lead ads helps discourage form abandoners.

Benefit #2: Tailor the Form to Suit Your Brand

Facebook lets you customize the form, too. Capture the contact info most important for your team’s follow-up – be it a phone number, personal email address, or business address. And you can ask your audience custom qualifying questions to learn more about their level of interest.

Benefit #3: Get Your Leads However You Want Them

When users submit the form, you can download your new leads through Facebook or have them sent directly to your customer relationship management (CRM) platform, such as MailChimp or Salesforce, so your sales team can immediately follow up.

How Can Facebook Lead Ads Help You Reach More Customers?

Facebook lead ads help you leverage your first-party data – the customer data gold mine you already own – to the fullest as well as gather the third-party data you need to expand your prospect pool. To make the most use of your first-party data, start with these tactics and expand your reach:

  • Use your first-party CRM data, the info you’ve already collected on customers, to build look-alike audiences within Facebook.
  • Examine your other Facebook ad conversions and then use those insights to build additional look-alike segments.
  • Retarget people who abandoned your lead ad form without submitting it. Retargeting is so effective because you’re getting back in front of people who are familiar with you and who have already shown interest in the past.

Once you’ve squeezed all you can from your first-party data, expand your prospect pool using third-party data to reach similar people who may be interested in your message.

  • Take advantage of Facebook interest segment targeting.
  • Reach your preferred business segments, such as small business owners. (Our client used Goodway Group’s preferred partnership with PushSpring, a provider of device-level targeting data,  to reach these segments.)

How Can Facebook Lead Ads Improve Your Results?

Facebook lead ads can improve the customer experience just like it did for our cable industry client:

Our Client’s Advertising: “Before”

Before testing Facebook lead ads, our client started out advertising with Facebook conversion ads. These ads redirected prospective customers to a landing page where the prospects could share more info about their needs via a two-step validation process. This generated some positive results, but we knew our client could do better.

Our Client’s Advertising: “After”

It wasn’t until they started running Facebook lead ads that their lead generation really took off. Facebook lead ads let our client’s audience avoid the tedious two-step form submission process. And instead of having to leave Facebook to submit the form on another website, prospects could quickly and easily do it within the Facebook site or app. Then, we helped our client set it up so their leads would go directly to the right team for quick follow-up. After making the switch to Facebook lead ads, our client’s lead generation vastly improved:

  • They decreased their effective cost per lead (eCPL) by 73% …
  • AND they achieved a 6-fold average increase in leads!

Are you curious about what Facebook lead ads can do for your business? Reach out to us today. We can help you build an innovative social strategy and hone your lead generation efforts to achieve more social advertising success.