What to measure in your marketing strategy (Metric vs KPI)
This is one of the keys to determine the success of any digital communication action since almost everything can be measured,
So how not to get lost in the sea of information that results from measurement tools?
In this article we will discuss the difference of a metric and a kpi in your communication strategy.
What is a metric?
Metrics are a numerical value that indicates the performance of something in a given time.
In simple terms, a metric can be the number of people who visited your website or interacted on social networks in the past month.
Here are some examples of metrics
- 15,000 people reached on facebook or
- 859 visitors per month on the website
- Ad impressions
- Answered calls
What is a KPI (Key performance indicator)
A KPI for its acronym in English "Key performance indicator" is a performance indicator that comes from an interpretation of one or more metrics that give a sense of value to performance in a given time.
In strict terms, all data are metrics, only until they are assigned a value they become a KPI "performance indicators" that are used as performance indicators.
Here are some examples of KPI's
- Form records
- Incoming calls
- Bounce Rate
- Duration time on the website or specific page
- Sales closing time
- % of sales closing
- % buyback
- Cost per acquisition
- Cost per thousand impressions
Differences between metric and KPI
The main difference is that metrics provide general information regarding performance while a KPI reveals the performance of a specific action that generates value for your business.
An example of this is the followers on facebook, you can have 100,000 followers on your fanpage (which corresponds to a metric) and an interaction with 3,500 publications in the last month with organic reach, corresponds to 3.5% (This is a KPI) that indicates in this example the low interaction percentage.
In short, having many followers does not indicate that you will have good results, and this is defined by the interpretation of a KPI.
How to measure a KPI
The key indicators are determined according to the strategy and marketing funnel in order to obtain the best performance in communication actions.
In this way we leave you an example of how metrics and KPIs play in a digital marketing strategy
Impressions / Ad Click / New Website Users / Bounce Rate / Session Duration / CPC / CPM /
Video views / Forms sent / Comments / Click on call to actions / calls received /
Sales revenue / Average time to close the sale / Cost per acquisition /% of buyback /
The objective of this is to prioritize the information that generates positive results by collecting and measuring the relevant information in the commercial processes of your business.
Call to action
3 digital marketing tactics to attract customers to your business
In this guide you will find the 3 marketing tactics that you can apply to attract clients to your practice.
- Defining your audience's online demand
- Demographic and specialty segmentation
- 3 digital marketing tactics
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