Not all metrics are created equal! The first time someone told me all the KPIs I needed to track, I was instantly overwhelmed.
Instagram likes, comments, shares, saves, engagement, followers, reach, and then repeat for every platform. Not to mention emails, open rates, click rates, and everything in between!
But is all of that information really going to serve us?
More like overwhelm us.
Don’t overload yourself with too much data! I’m here to make your KPI tracking painless(and maybe even a little fun).
What is a KPI?
A KPI is a key performance indicator. It’s a super easy and quick way to track and measure quantifiable performance over time for a specific objective.
Looking to keep tabs on your social media growth? Wanting to learn more about your email list? Trying to figure out what’s working on Youtube and what’s not cutting it? Then KPIs are your best friend.
So, what do I really need to track?
Every KPI will be a little different based on need. The first step will be to identify the platform you’re using that you’d like to track data from.
For example, if I’m trying to grow my Instagram account, I definitely need a space on my KPIs for IG data.
Once that’s identified, let’s get down to the core of what we need. Let’s start by tracking the most important numbers in marketing.
- Audience Count: Whether it’s email subscribers, Insta followers, or Facebook Group members, this is one of the first things you’ll want to keep tabs on – it informs on not only growth, but retention. Retaining an engaged audience is the key to purposeful growth on any platform
- Engagement: As much as we glamorize things like likes and comments, these are just vanity metrics. The KPIs you’ll want to focus more on saves and shares – even website taps! This let’s you know your audience values your content, that your content is pushing people off the app and onto your site. Open Rate: When it comes to emails, nothing is more important! Your open rate should lie between 17-28% depending on your industry. These will help you to create attention grabbing subject lines and content that keeps your audience interested.
- Click-Through Rate: This measures the percentage of people that clicked at least one link in your email. CTR lets you evaluate the success of your campaign and whether your copy, design, subject line, etc. are effective in keeping your audience engaged. Your ideal click rate should generally be between 2-5%.
And here are our 5 favorites for sales:
- Revenue: How much money is the business bringing in? This metric measures the money in the bank, what your business has brought in in cash.
- Sales: Different than revenue, sales measures how much money you’ve contracted in a month. For example, you could close a contract for $6,000 – that’s a $6,000 sale. But because the client has opted-in for a payment plan, the full $6,000 won’t reflect as revenue until it all hits the bank.
- Expenses: How much are you spending in your business? How many of those expenses are necessary and how many of them are oversights (i.e. subscriptions you never canceled)? There is a lot that’s out of your control – like rent if you’re a brick and mortar or wifi expenses if you WFH. But there’s a ton that’s in your control – get familiar with where your money is going.
- Net Profit: Keeping track of profit (what you have left after all expenses and operating costs have been deducted) is HUGE – you can be making $50k months, but if you’re spending $47k, you might want to dig into your expenses and see what the deal is.
- Sales Call Close Rate KPIs: You’ll have to track two things for this –
- Number of Sales Calls: How many calls did you have this month?
- How many of those calls did you close? How many of those calls ended up signing with your company?
- You’ll want to get your close number and divide it by the number of calls you took – that’s your close rate. If you had 10 calls but only closed 3, you have a close rate of 30%
How do I set one of these up?
Luckily for us, free resources like excel and Google sheets are readily available to start your tracking ASAP!
At Behind The Screens Inc, we spend a lot of time tracking KPIs through amazing resources like Airtable as well.
Want to work with us? Let’s connect! Find out more at https://tamaramunozwhilden.com/services