Imperative synergistic methods to optimize KPI efforts utilizing big data for increased engagement with contextually targeted audiences of BUZZWORDS.
If you both enjoyed and hated that sentence you are not alone. Many of these buzzwords have been circulating for a while now, and some are important metrics in the digital space. However, a problem arises when marketers do not truly understand what these words actually mean and these metrics actually measure.
When it comes to determining if your marketing strategies are reaching the desired goals, there are many ways of defining success, but in all cases it is vital to grasp what you are measuring and why. From social to display, video and everything in between, tailored goals should be set with the channel and desired outcomes in mind.
First things first.
Before launching a campaign, goals must be identified. What will make this campaign successful? Is the objective to brand and get your name out there? Is interaction with the content most important? Are you in dire need of people to sign up to your super important newsletter containing the secrets of the human race? Whatever the case may be, it is important to understand the campaign goals and how to judge the success of the campaign before building a plan and seeing it through.
Metrics? No, we use Imperial here!
The answers to the previous questions about what will make a successful campaign becomes important when selecting KPIs (Key Performance Indicators), or the actual metrics that will mark success or failure of your goals. Let’s go over a few of the most important metrics with a mini refresher on definitions.
- CTR (click through rate) – how often the target audience clicks the advertising creative
- CPA (cost per acquisition) – how much it costs per acquired consumer
- Viewability – the % of your ads that are viewed by your target demographic on their screen, and not just loaded on the page below the fold (This metric can vary across different platforms and channels)
- Impressions – the amount of times the ad was displayed
- Reach – the possible number of people your campaign could reach at 100% effectiveness
- CPM (cost per mille)– cost per thousand impressions
A clear understanding of how these metrics align with campaign goals is important when determining the health of a digital marketing strategy. While even a blind squirrel finds a nut every once in a while, a well informed and data driven squirrel better utilizes their time. There are many more metrics that can be applied, even as specific as what’s happening at the website level, but matching the correct KPI with the goal is crucial.
Working hard or hardly working?
Why can’t all of those metrics be used to judge the success of a single campaign and give a well-rounded view of the plan? They can, but that’s like judging a football wide receiver on two unrelated skills, such as rushing yards and tackles, or like judging McDonalds on both speed of food production as well as the quality of their produce. Some metrics, while important for one campaign or strategy, are just not relevant for others.
While we have only scratched the surface of goal creation, choosing metrics, and campaign optimization, hopefully you can now begin developing better synergistic methods to optimize your KPI efforts while utilizing big data for increased engagement with contextually targeted audiences.