A Key Performance Indicator, or KPI for short, is defined as: “a measurable value that demonstrates how
effectively a company is achieving key business objectives. Organizations use
KPIs to evaluate their success at reaching targets” (klipfolio.com). in
a recent article published by searchenginejournal.com, it goes into depth about
important considerations regarding the KPI’s and metrics of content marketing.
Though the article discussed
fifteen points, here are a few that I found very important:
- Be Fluid in Establishing Content KPI’s and Metrics
Depending on what the company
is trying to do, not just any KPI or method of using metrics will work. It is
important to find some that are most relevant to the business needs and goals. Through
being fluid with the way the data is measured, new opportunities may arise that
will help in how the business is doing in the present and discovering new tactics
for the future.
- Take Action
Ask yourself the questions that
matter the most, which include: are the current actions or goals measurable? How
long does it take to express action for this metric? How will this metric influence
your probabilities for increasing success? “Your insights show you where a
problem or opportunity might exist, and only when you take action will you
solve that problem or seize the opportunity” (searchenginejournal.com)
- Use Common Sense
Often what some companies forget to do is
make their KPI’s actionable. It is common for them to set high expectations for
they believe their metrics should indicate. Asking appropriate questions such
as: “what are the KPI’s you’re
focused on? Are they actionable, and have we set the applicable business objectives
to the actions we need? Are the right tools in place to measure the actions?”
- The 10/90 Rule
“Avinash Kaushik, an
analytics evangelist for Google, is considered one of the world’s leading
authorities for proper analytics strategy and management” (searchenginejournal.com).
He came up with the idea of The 10/90 Rule, which indicates that companies should
spend 10% of their analytics budget on tools, and 90% on individuals who are
able to make sense of all the data. The right brain power can take even the
most basic data and develop a plan to not only improve the company but take it
to new heights.
- Don’t Hold Branding & Direct Response Goals to the Same Standards
One of the biggest issues of analyzing the
benefits of social and content is when businesses and marketers try to apply
direct-response metrics to branding. Though
branding goals are important, not all of it should have a monetary value
assigned to it. Branding is often considered a hidden gem of content marketing because
it is a means of getting them direct-responses while still saving them a
significant amount of money that can be used in other areas such as traditional
marketing. When it comes to talking dollars and cents, your business needs to
hone in on key areas, such as: “what is an actual dollar amount of how much a
lead is worth to you? Do you have specific numbers to prove that your efforts
in paid display or brand media are working when specific actions are conducted?
How would that spending translate to your company’s brand goals for earned media,
in particular, the consumption of media?
In
conclusion, the KPI’s and metrics of any company should be somewhat centered
around the company’s goals. Whether the goal is to foster a better plan of
action to enhance the business’ objectives or to come up with creative
strategies to involving the content marketing team, the data analyzed can help
ensure the company stays on track and is making the most of their money.
Resources:
Good information!
ReplyDeleteGeissy, good stuff here, it's all about the KPI's, were working with a non-for-profit in Norwalk on this, the 10/90 rule I hadn't heard of before, thanks.
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