Set your Key Performance Indicators, make them SMART KPIs, and align your objectives using the RACE Framework to achieve a winning marketing strategy and YOY growth
Digital Marketing KPIs or Key Performance Indicators are quantifiable goals that help you to track and measure success. In a changing marketing landscape, such as today in the era of digital disruption, it's more important ever to plan your short-term and long-term KPIs.
KPIs are a useful way for Digital Marketers to set expectations and prove that their work is having a positive impact. To outsiders, the success of digital marketing activity can be seen as difficult to measure but this really isn’t the case. In fact, it’s normally easier to measure progress for a digital campaign than an offline one.
The aim of this post is to help you set digital marketing KPIs to measure what really matters at the moment, in a way which all…
From SMART to SMARTER marketing objectives: Discover how to define marketing objectives, measure your digital marketing channels and campaigns, and use data to inform strategy
When identifying specific marketing objectives to support your long-term goals, it is common practice to apply the widely used SMART mnemonic. You will know that SMART is used to assess the suitability of objectives set to drive different strategies or the improvement of the full range of business processes.
By definition, an effective SMART marketing objective is:
Specific, measurable, actionable, relevant, and time-bound.
One of the main reasons we called our site and service SMART Insights is because we help marketers succeed through using a more structured approach to their marketing strategy and planning.
We've got marketing tools and techniques to support you in defining and measuring your marketing objectives, so you can use data to inform your marketing strategy.
If you're looking for a winning marketing strategy to…
An integrated marketing strategy means every element of your marketing plan must contribute towards your vision for the business, or be cut out of the day to day workload
Lack of integration between strategic vision and the tactics needed to get there is a problem I often find when reviewing marketing strategies. That's why I created the RACE Framework as a simple one-page summary to unify your marketing strategy through goals, objectives, and KPIs.
This is true whether I'm reviewing student assignments or mentoring marketers creating real-world marketing strategies. More often than not, I find myself reading about different aspects of marketing objectives and tactics that just don't line up with each other - and leave you questioning why.
These issues can be magnified by marketing strategy structure - the way the document is split up into separate sections. Without a unifying framework, it's not clear how each strategy is supporting a goal or…
Without setting clear marketing goals, you’re basically directionless – and working to achieve vanity metrics that don’t necessarily help you achieve your overall business objectives
Marketing goals underpin all marketing strategies. After all, how do you know what you're working towards without clear, actionable, and achievable metrics? Setting marketing goals should always be the priority as they will be the basis of your entire strategy.
By achieving your digital marketing goals, you’re also helping reach your overall business objectives, whether that’s boosting your overall sales or improving awareness of your brand.
Setting strategic goals is, on one hand, a great way to motivate yourself and your team and work towards achieving better results for your business.
On the other hand, objectives and KPI-setting is about much more than just saying “I want to achieve that and that” – it’s how you can develop a plan or strategy that will help support your vision and…
Metrics are your marketing strategy scorecard. Track the right UX and CX KPIs to truly understand your customers' experiences of your brand
Metrics are the ‘scorecard’ of your marketing strategy. When these metrics, also known as key performance indicators (KPIs), are moving upwards, you’re winning the marketing game. When your CX KPIs are trending downwards, you’re on the losing team (at least for now).
You probably know your conversion-related KPIs by heart: metrics like conversion rate, revenue per visitor (RPV), and average order value (AOV). And on the acquisition side: cost per acquisition (CPA), return on ad spend (ROAS), and marketing qualified lead rate (MQL).
But, to get a clear sense of what matters most in your customers’ minds, you need to include CX KPIs (customer experience) in your scorecard mix.
These CX KPIs measure your prospects’ and customers’ perceptions of your brand, judged after several interactions, or ‘touchpoints,’ with both your online and…
'Strategic marketing beyond a single campaign metric': Brand evaluation requires deeper analysis of your campaign KPIs
A single brand evaluation metric such as 'brand awareness' can get a bad press as a marketing KPI. It's easy to see why, after all, just because I'm aware of your brand, it doesn't mean your marketing has been all that successful in driving demand or sales for a product.
To give a trite example, I'm aware of Donald Trump, North Korea and Protein World. It doesn't mean I like any of them. Nor does it mean I'd ever buy from them. Oh and before you say 'You can't buy from North Korea Rob you idiot'- I think you'll find you can.
Strategic brand evaluation runs much deeper. It's time to aim for strategic marketing beyond a single campaign metric.
"Strategic marketing beyond a single campaign metric"
Boosting brand awareness isn't pointless, far from it.…
Set the right goals for digital marketing using the 5Ss
Do your set of goals for online marketing cover all the bases? A good set of digital marketing goals covers a range of different measures to help set, review and control performance across all digital marketing activities.
Digital marketing goals through the 5 Ss
PR Smith, my co-author on Emarketing Excellence developed the 5Ss of digital marketing around 2000, and although basic, it's still used by many planning their digital marketing strategy. So I thought I'd share it here by showing how it applies today to ASOS.com, a dynamic online business. To measure the goals suggested, see my post on goal setup in Google Analytics.
1. Sell - Grow sales
Start with your most important transactions…
You need a product roadmap so your team doesn’t get lost in the tactical weeds. Here’s what a great one looks like.
As Lewis Carroll famously said, ‘if you don’t know where you’re going, any road will get you there.’ When it comes to digital product planning, unless you want to risk wandering aimlessly, you’ll need a product roadmap. Besides keeping your team focused, a good product roadmap will help keep your work aligned with the expectations of your executive team. And it will show you’re keeping your eyes on the financial ball.
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Here I share five essential traits of product roadmaps for owners of digital products, using examples from my experience that worked well. Take it, tweak it to make it your own, and use…
How to ensure you track performance against target
KPIs, we all have them, sometimes we set them for ourselves, often they are set for us! The question is, are the KPIs you are reviewing supporting your efforts into making the boat go faster? Are they translated from business goals or just a bunch of metrics someone thought they may as well stick on a weekly powerpoint dashboard because Google Analytics spits out a sexy graph?
This post explores how you can ensure you are using the KPIs that are helping you track performance in line with your business goals? KPIs give an integral pulse on the business that helps keep you be aware of what's really going on and they allow you to exert control to pull the right levers to keep on track according to what actually matters. For me, the key when setting KPIs for marketing and digital marketing is to start with the business goals.
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Why and how you should define goals vs objectives carefully?
I’ve found that goals and objectives are often defined and used differently within different companies or parts of a business and this can lead to problems when creating processes to track and improve marketing performance. This post gives a short summary of the difference between goals and objectives and why it matters!
Typically in businesses you see that objectives are specific, they cover the SMART or SMARTER criteria for objectives which make it possible to set specific targets for a time period and measure against these using sales or analytics systems. That’s the way it should be, I think, this is the de facto standard!
But in some businesses or some student case studies, “goals” are used to refer to specific objectives too. Perhaps it’s not helped that confusingly, in Google Analytics, goals are specific quantifiable metrics which are often used as…