Do integrating business goals and Key Performance Indicators (KPIs) remain elusive in the digital marketing success of your MSP company? It can certainly be a struggle to identify the right KPIs and the associated business goals, but they are important measures of success. If you ignore them, it could spell disaster.
What Are KPIs and Why Are They Important?
The role of KPIs is to give you a strong basis for developing a digital marketing strategy that differentiates you from your competitors. KPIs also help drive sales, profits and strengthen your future business growth. Knowing how to effectively manage your KPIs is crucial for your success. The purpose of understanding KPIs is to let you know how your business performs in relation to your identified SMART goals.
KPIs work by applying metrics to the goals applicable to your MSP company. An important feature of KPIs is that you can build upon them and scale them according to what’s best for your employees and customers. If you don’t take advantage of KPIs for managing your projects, teams, and resources, it makes it difficult to measure the attainment of your goals and successes.
Four crucial KPIs for reaching your marketing goals include:
- Conversion goals
- Customer value
- Website quality and conversion rate
- Lead to revenue ratio
Do you know that 49 percent of small and medium-sized businesses don’t identify their KPIs, according to a Geckoboard study? Even those that do track KPIs said that they never look at them. They’re missing the mark when it comes to focusing on the critical metrics that lead to success.
How Your Business Can Benefit from KPI Tracking
If you still aren’t convinced that you should implement KPIs in your MSP business, the Geckoboard study might change your mind. The study states that 74 percent of companies that track KPIs regularly were rewarded with reaching all their target goals and improved performance.
You can use KPIs to track and report on employee performance regarding your digital marketing strategies every day. These daily reports provide you with information on your customers’ choices and your employee’s effectiveness when responding to customers. This data is important for adapting and optimizing your performance for attaining your identified goals.
KPIs can deliver the following benefits to your business:
- Increased employee satisfaction
- Motivated marketing and sales teams
- Improved employee performance management
- Employee understanding of how their performance influences company goals and objectives
- Increased customer satisfaction
- Stronger customer relationships
- More repeat customers
- Increased sales
- Stronger profit margin
- Effective targeted marketing system
- Understanding of strengths and weaknesses
As you can see, making KPIs a priority for your marketing strategy is the most effective means of reaching your business goals. KPIs give your MSP company an accurate way to understand what your customers are doing and how they’re interacting with your brand. Although it takes some trial and error, you’ll eventually establish KPIs that work at helping you grow your business.