For technology companies, numbers are essential for business. In this article at Kiwi Creative, Tori Bartolozzi discusses four marketing KPIs that technology companies need right now.
Merging Marketing and Technology
53 percent of business leaders depend heavily on data and metrics. It is confusing to understand which data points to measure. If you are struggling to understand which KPIs and metrics you should monitor, read below:
Understand the Difference: A metric is a unit of measurement. Meanwhile, a KPI is a parameter to learn how efficiently you are enhancing a metric. For example, your marketing goal is to pay less than $1 for every new visitor on your site. A metric can measure the number of unique visitors on your site. Whereas, a KPI measures how your marketing has improved the metric result with cost per visit.
What you should track for your business depends on the goal you have chalked out for the quarter. Do you want to increase website traffic or brand awareness?
Following are the four marketing KPIs that a technology company requires:
Traffic: Traffic can be the number of visitors on your website, phone calls, or walk-ins. Beware, increased visitors may not all convert into improved sales figures. Cost per visit can reveal how your website traffic has been for the last six months. Your aim is always to reduce a few cents every month. If you are a startup or have started a campaign to attract visitors, this is the metric for you.
Leads: The more engaged your visitors are, the more leads you gain. Clicking on CTAs, downloading content, and filling out forms are parts of the engagement environment. These visitors are scrolling your videos but are not yet ready to commit to your campaign. However, these people help figure out the flaws in your campaign content and demographics. Cost-per-Lead (CPL) and cost-per-Qualified-Lead (CPQL) are the commonly used KPIs in this category. They are useful if your sales planning cycle is a long-term one or you have a substantial conversion data.
Conversion: When leads turn into customers, the conversion rate increases. Cost-per-Acquisition (CPA) is an excellent example of conversion KPIs. 80 percent of leads can turn into customers for technology companies. This KPI helps when you are making offers, or you are focusing on increasing the quality of the KPI.
Revenue: It measures how much money you are attracting for your efforts. For a long-term project like a website redesign, you will not see the money soon. For short-term results, you can realize the income stream. Return on investment (RO) is the best KPI to find out about your revenue. Technology companies usually invest in a lot of costly tools and services, so this marketing KPI is a suitable parameter. To have a granular view of your profit levels, revenue KPIs are the best bait.
To view the original article in full, click on the following link: https://blog.kiwicreative.net/top-4-must-measure-metrics-for-tech-companies