When it comes to multi-KPI optimization, there are a lot of fine things to consider, from correct selection to applying the right data analysis methodologies. The optimization process can become particularly math-intensive when numerous KPIs flow into each other, leaving marketers perplexed as to how to achieve their aim.
Marketers understood decades ago that relying on intuition and casual observations to assess campaign performance was ineffective. This shift in mindset coincided with the rise of digital marketing, which brought granular performance indicators into the marketer’s daily diet.
Marketers now utilize KPIs to track their objective progress when they need to measure the performance of a campaign, whether it’s in-flight or completed. Many marketing teams, on the other hand, may be oversimplifying their approach to goal tracking with KPIs, which could lead campaigns astray.
How to optimize multiple marketing KPIs
The use of a variety of KPIs is essential for reliable assessment, yet optimizing campaigns to satisfy various KPIs can be difficult. Here are a few ways for getting teams back on track.
Clearly define objectives
Setting KPIs should always come after setting goals. Otherwise, selecting the appropriate set of KPIs for campaign optimization will be tough. The chosen goal should be profit-related (even tangentially) and adhere to the SMART goal framework.
Businesses should set their KPIs and relevant targets after they have set their goals. In addition, firms should consider the following questions: Which KPIs are the most accurate representations of their final goal? With respect to the goal, how should they weigh these KPIs? What are they hoping to achieve with each KPI? What impact would a situation where one KPI exceeds expectations have on target completion?
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KPIs should be used at all phases of the funnel
Marketers who understand the customer journey recognize that, while each customer’s path to purchase is unique, they tend to follow steps inside the marketing funnel. These might vary based on the mentality of the team, but they usually involve action, awareness, desire, interest, and continued loyalty.
It’s critical to account for activity at each stage of the funnel and weigh those actions correctly to get the most out of multi-KPI campaigns. For example, a campaign aimed at top- and middle-of-the-funnel customers with the goal of generating sales would weigh a KPI for search engine activity at 40%, time spent in the online store at another 40%, and actual sales at only 20%. This allows the team to stay focused on upper-funnel tasks while still keeping sales in mind.
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Communicate expectations with stakeholders
While the marketing team normally oversees marketing operations, it’s indisputable that stakeholders outside of marketing have a critical part in campaign success. Store managers, for example, may need to train in-store staff to sell specific products or services using targeted customer messaging. These individuals should comprehend why their participation is required and receive regular feedback on their progress toward the goal.
Stakeholders should remember that they are not accountable for the complete outcome; that is the responsibility of marketing. They should, however, be expected to contribute to the monitoring, interpretation, and implementation of these KPIs within their own sphere of influence. This will assist all parties to feel more invested in the goal and make them more committed. Furthermore, it will help them in determining which stakeholders are using their talents and behaviors the most effectively.
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