As you have seen, management indicators are an excellent tool for monitoring and controlling your planning and actions. We know that currently in Miami every day entrepreneurs or businessmen have more competition and must take action with strategies that align them with their goals. That is why, the management indicators or KPI’S will allow you to choose between those actions that are more and less profitable, and above all the degree of compliance with the objectives set for your business. The implementation of the KPI’s, has to be a consequence of a correct strategic planning, it will be useless to measure the results of poorly planned actions from the beginning.
That’s why Cute Digital Media, wants you to find the ideal balance for your business, to learn how to implement the necessary actions to measure the impact of your digital strategy.
The KPI (Key Performance Indicator) refers to a series of metrics that are used to synthesize information on effectiveness and productivity. They are key indicators, therefore, we can not fall into the error of wanting to measure everything, we must learn to discard those that are not relevant to our purposes. Although it may seem a complex subject to understand, you can seek the collaboration of experts for your strategy. But how can you define a KPI?
KPIs are defined according to two elements: the objectives and the data that can be obtained. We would say then that the KPIs are the middle ground between the two, the way to transfer the data to the team and managers so that they are easily understandable, analyzable and provide knowledge in relation to the objectives and strategy.
To define the measurement KPIs you must be clear:
- What are the objectives of the strategy?
- What strategy has been defined?
- What actions will be developed?
- What data do you want to obtain?
When you have defined these questions you can proceed to define the KPIs needed for your business. Here you can find some useful examples for you to compare with yours:
KPIs for sales:
- Turnover level
- Overall return on sales
- Market positioning
- Stock rotation
- Loyalty index
- Claims
- Returns
- New followers
- Scope of posts
- Profile Visits
- Telephone calls
- Frequent messages
- Volume of purchases per customer
- New VS recurring customers
- Cost per conversion
There are KPIs to check the progress of the achievement of objectives in different areas of a company, this is just an example for the sales area. Depending on what you want to measure you can propose it for your team.
What KPIs can be measured in Social Media?
As you could see some examples of performance indicators that we reviewed above you can review them through your social networks and thanks to the tools that today provides us, Instagram and Facebook will give you a hand with statistics. Here are some examples of how they can help your business and consider using them to measure our social media strategies:
- Increased followers
This is the difference in followers between two equal periods of time on one or more social networks. For example, we can measure the increase of monthly followers on Facebook. The calculation will be made by subtracting the total number of new followers from the total number of followers in the past period and multiplying by 100 to get the monthly average.
- Reach
Most social networks show us the total reach of each publication as data, however, we recommend you to make a simple comparative calculation between reach and followers at the time of analysis. To do this you will have to divide the average reach by the average number of fans and multiply it by 100 to get your percentage. You can calculate the average reach by adding the reach of all the publications made in the period and dividing it by the total number of publications. And the average number of fans can be calculated by adding the total number of likes, i.e. fans, there have been each day during the period analyzed and dividing it by the total number of days.
Among the advantages that can bring to your business, the application of KPIs can be found:
- Informed decisions
- What can’t be measured, can’t be improved
- Align the entire team with the company’s diagnosis.
- Take corrective action
- Set up new experiments to improve metrics
The Internet is an increasingly competitive environment, so it is becoming more and more important to analyze the performance of the web and carry out actions and make appropriate decisions based on the data obtained if you want to get results. Therefore, the KPIs for online marketing will be especially useful to exploit this environment and achieve the goals you set. Our marketing agency in Miami can be your ideal ally to create a digital strategy capable of impacting your entire audience. Contact us and use online marketing KPIs to analyze and measure your strategies.
