Many businesses fail because they have no idea about their overall health, strategic direction, or the ability to achieve their goals. Your success lies in your ability to measure your performance in different areas of your business.
KPI (key performance indicator) is a measurable expression companies use to achieve the desired results in different areas relevant to their daily business activities.
With the help of the correct KPIs, you can solidify your strategic plan and know exactly where to focus. Monitoring KPIs is akin to an annual full-body health checkup of your organization. It helps you identify the loopholes and plug them in.
Cost per acquisition, customer lifetime value, traffic, page likes, followers, bounce rate, search engine rankings, and profit margin are some KPIs businesses use to evaluate their performance in different areas.
Value Added by KPIs
KPIs deliver value by helping you achieve the following things:
- Clarity: It helps you paint a clear picture of your strategy. KPIs provide you with the stats in an easy-to-understand manner.
- Focus: They allow you to focus on essential areas that require immediate attention.
- Improvement: It helps to monitor your progress towards your coveted goals.
The insights you get through KPIs also help you tweak budgets, manage teams, and create new products.
What Is KPI Monitoring?
To ensure your agency’s growth and success, you need to track your most crucial metrics by KPI monitoring. It tells you where you stand and what you should do to achieve your goals.
It helps you:
- Identify your realistic business goals and achieve them, whether it’s selling products, improving processes, or boosting monthly subscriptions.
- Identify the most feasible options and best practices for your business, such as the best marketing and social channels.
- Optimize the processes and maximize your marketing ROI to improve future campaigns and replicate the success of the most profitable campaigns.
The KPIs You Should Monitor
DashClicks’ dashboard displays almost everything you may need to measure your business’ performance using the most crucial data points. Use your discretion to choose the most suitable KPIs for your business.
Make a judgment call to see which KPI examples apply to your business and track them accordingly.
A. SEO KPIs
SEO is a skill to master, and it needs to be appropriately done over a few months consistently. Otherwise, it won’t yield any results.
It will help if you put in a lot of effort to attract quality leads through SEO. Create quality content that is unique and engaging to win over your competition.
Use DashClicks’ Analytics tool along with Google Analytics to achieve the best results for your SEO campaigns. Here are some of the SEO KPIs you can track:
- Organic traffic
- Time on page
- Landing page visits
- Number of quality backlinks
- Search engine rankings
Monitoring SEO Campaigns
This screenshot explains how you can track your SEO campaign in the DashClicks dashboard. All you need to do is click on the SEO tab from the Analytics app, which you can fetch from the app drawer.
It displays all the campaign data with prominent SEO metrics.
B. Sales KPIs
Low-quality leads are a familiar problem marketers face. You need to align your marketing and sales teams to achieve high-quality leads. It will work wonders if you can also align customer support and the product development teams.
Here are some sales and revenue-related KPIs you should monitor:
- Customer lifetime value (CLV)
- Sales revenue
- Profit margin
- Cost-per-transaction (The average cost of a single transaction)
- Cart abandonment rate (specifically for eCommerce websites)
C. Social Media KPIs
Social media KPIs are crucial for those brands that attract a sizeable clientele from social media. They also have lots of dedicated followers on social media. It’s assumed that social media has a minimal direct impact on sales, as it’s primarily meant for marketing. Google recognizes social media as a significant ranking factor, so along with SEO, it can do magic for your sales.
To achieve these, you need a better performance in social media metrics such as lots of impressions, likes, and comments. It would help if you also had numerous followers and a highly engaged audience. It increases your brand’s exposure and helps more people know about it.
You can pay attention to the following metrics:
- Followers and Page likes
- Engagement rate
- Reach and impressions
How to Monitor KPIs?
Consolidating data from different channels is tedious, but KPI monitoring tools help you do it faster.
Using the DashClicks platform with a single dashboard, you can quickly view all of your campaign data in one place here.
First, go to the DashClicks Dashboard and:
App Drawer in the DashClicks Dashboard
- Integrate with your chosen data sources
- Open the relevant app from the app drawer
- Select the most crucial metrics
- Drag and drop as you wish
Steps to Monitor KPIs for Your Agency
Here is a three-step procedure to use your chosen KPIs to achieve your business goals.
Step 1: Identify the Most Relevant KPIs
Requirements vary from business to business; hence, identifying the most crucial metrics becomes essential to measure your success. For different companies, there can be different relevant metrics such as traffic, cost per acquisition, outbound sales, and leads, etc.
However, CPC, ROI, and campaign performance are the three most relevant metrics for marketers.
The next step is to know just how well you should perform for each metric to meet your business goals. For example, you might need 40 new customers for your premium subscription plan to break even. It entirely depends on your business type and current situation.
Step 2: Identify the Best Marketing Tools
Thanks to white-label platforms like DashClicks, you can easily plug in KPIs and track them via dashboards. For example, with DashClicks' central dashboard, you can access many apps such as Deals, Analytics, Inbound, and Contacts to manage your sales pipeline.
You should consider the following factors before you choose a marketing tool:
- Pricing: Buying numerous expensive marketing software can be disastrous for your marketing budget. If you sign up for the DashClicks platform, you can get all the necessary tools for a reasonable and affordable monthly subscription fee.
- Features: Before buying a marketing tool, make sure it’s feature-rich and has the monitoring features you are looking for, such as a central dashboard and split testing, etc.
- Integrations: Third-party integrations become crucial in certain situations. Also, ensure that the software you’re buying integrates with your existing tools.
- Users: Check the number of users it allows and if you need to pay a monthly fee for extra users.
Use the trial period to see if the tool works fine for you, including the integrations and user additions.
Step 3: Optimize With Your Findings
Once you’ve set the KPIs, defined your goals, and bought a new tool, it’s time to see whether you can track your performance with the data provided by your software.
Again, there are two scenarios – underperformance and high performance.
- Underperformance – If you fall behind your KPIs, you need to check what’s causing this to happen. Can an automation drive or additional sales training solve the problem? Or do you need to rework your sales and marketing strategy altogether?
- High Performance – If you are performing fine, it isn’t the time for being complacent but to get to work! Determine the factors leading to your performance and optimize them to strive for even better performance.
Identifying and tracking your most relevant KPIs gives you Nirvana if you want to ensure that your agency is on the growth path. Many businesses fail because they are unable to track whether or not they are on the right path.
Figure out what metrics are game-changers for your business. Is it CPC, ROI, search engine rankings, traffic, or campaign performance?
Then, search for the best tools and platforms online. If you run an agency, a white label platform that offers analytics, sales pipeline management, lead management, CRM, project management, and a single dashboard can be the best option for you.
Avail free trials to shortlist the best platform for your needs and get your team onboarded. Later on, you can also integrate other tools you use.
You can try DashClicks for free. It's specially designed for digital marketing agencies to scale faster and better.