The goal of digital marketing is to provide and communicate value to consumers across all electronic formats. No matter your industry, a clear framework for strategizing and measuring marketing goals is essential to understanding what works.
In this infographic, see the top three digital marketing Key Performance Indicators (KPIs) in 2020.
Three Primary Goals
According to a 2019 Smart Insight study of 604 marketers, primary digital marketing goals in 2020 will center on:
- Increasing brand awareness and brand health
- Increasing the number of new leads / customer prospects
- Delivering a high-quality, unified customer experience across all digital channels
These translate to the following KPIs:
- Customer loyalty/Customer lifetime value
- Direct revenue
- Brand awareness
The Importance of KPIs
A strategy that includes clear KPIs can pave the way for increased productivity and effectiveness.
According to the aforementioned study, 49% of marketers reporting using digital marketing but having no defined strategy. The benefits of developing strategy, however, include:
- Direction and focus
- Team alignment
- Resourcing vision
- Reduced waste of money and time
Structuring Your KPIs
Whether your KPIs align with the above or whether you want to form your own, there are several steps you can take when including performance indicators in your strategy. These include:
- Having defined objectives (i.e. revenue, clicks, site visitors)
- Optimizing your baseline (establishing a foundation for reaching your goals – like understanding web analytics)
- Codifying the costs (Knowing the ROI of your marketing initiatives can help you connect reach to revenue)
Defining your KPIs can help you strengthen your marketing strategy throughout the year – no matter what outside factors may come into play.
Want to enhance your digital marketing skills? Learn more about your options at the University of Alabama at Birmingham’s Collat School of Business.
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<p style="clear:both;margin-bottom:20px;"><a href="https://businessdegrees.uab.edu/blog/measuring-digital-marketing-in-2020-with-3-kpis/" rel="noreferrer" target="_blank"><img src="https://s3.amazonaws.com/utep-uploads/wp-content/uploads/UAB/2020/05/08164702/uab-bsmkt-digital-marketing-kpis-in-2020-infographic.jpg" alt="An infographic about digital marketing KPIs in 2020 by UAB Collat School of Business." style="max-width:100%;" /></a></p><p style="clear:both;margin-bottom:20px;"><a href="https://businessdegrees.uab.edu" rel="noreferrer" target="_blank">University of Alabama at Birmingham </a></p>