KPI or Key performance indicators are numeric values which indicate whether or not your company or business is reaching its targets. KPIs are used by team leaders or business managers to assess and evaluate the performance of the business processes and individuals. Constant monitoring of KPIs will help a business not only to determine their performance but also to help them make better decisions to grow faster.
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There are many different types of KPIs, which depends on the organization. However, the five main types of KPIs used are:
- Business KPI
- Financial KPI
- Marketing KPI
- Sales KPI
- Project Management KPI
Marketing KPIs help an organization to monitor how successful are their marketing channels. Having a quick overview of the marketing metrics gives a clear picture to the marketing team of how it is doing in terms of acquiring new leads.
When it comes to marketing KPIs, there is also the concept of digital or online marketing KPIs. There are many ways of how a company can track the essentials of modern online marketing which is through web controlling, web analysis and web tracking.
The essential online marketing KPIs that a company should be monitoring are:
- The number of conversions – this depends upon the business model and their objectives such as downloads, e-mail contacts and more.
- CPA – This is the cost per action which is the estimate of the value of each action or objective. It is also known as CPO or CPL.
- Conversion rate – which is the ratio of the number of visitors or clicks that lead to registered conversions and also shows the number of visitors has performed that action.
- ROI – this means return on investment. It is the ratio of profit as compared to the capital which is invested in the business and is quite an important economic indicator for marketers as it shows whether the marketing measures are being profitable.
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