Do you know if what you are doing to market and grow your startup is actually working? While ‘trusting your gut’ is essential in entrepreneurial success, trust alone can be fatal. By defining and tracking key performance indicators (KPIs), you can help ensure that you have a healthy return on investment and you are indeed headed in the right direction. Getting the results that matter to your startup’s success. And measuring your ROI accurately requires understanding your key metrics.
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What Metrics Should I Measure?
The KPIs for your business may vary depending on the industry. However, there are some digital metrics that will help you make informed decisions about your digital marketing strategy. When selecting your key performance indicators, make sure they align with your business goals.
Are you trying to determine how the majority of your qualified leads learn about your company? Your key indicators should focus on page views, leads, and returning visitors.
Here’s a List of a Few Top KPIs to Consider:
- Web Traffic Sources -The Web Traffic Sources metric evaluates the sources of website traffic and compares their effectiveness. The primary sources are direct, referral, and search, although campaigns like banner ads or paid search may also generate traffic.
- Leads – This is a person who has shown an interest in your company’s products or services.
- Unique Page Views – Unique Page Views refer to the total number of sessions where a particular page was viewed at least once.
- Cost per Lead– CPL is a digital marketing pricing model in which the advertiser agrees to pay a predetermined fee for each lead that is generated.
- Returning Visitors – This data point tracks users who come to your website more than once in a short window of time such as 30 days.
- Conversion Rate– A conversion rate involves increasing the proportion of users or website visitors who complete a desired action.
- Goal Completion Rate – The Goal Completion Rate (GCR) is a metric used to track the percentage of individuals who successfully complete a marketing goal, such as signing up for a trial or subscribing to a mailing list.
- Click-Through Rate – A Click-through rate is a metric used to gauge the effectiveness of online advertising campaigns and email marketing efforts. It measures the ratio of clicks on a specific link to the total number of users who view a webpage, email, or advertisement.
- Customer Acquisition Cost– A CAC or Customer acquisition cost refers to the expenses incurred by a business in securing a customer’s purchase of its products or services.
- Customer Lifetime Value– Customer lifetime value (CLV, or CLTV) is a measure of the projected revenue that a business can anticipate from a single customer account over the course of its relationship.
It’s not only important to choose the correct KPIs, you also need to analyze them correctly. The quickest way to consistently measure KPIs is by setting up a dashboard template that isolates the data you’re looking at.
Here are 5 Free KPI Dashboards to Consider
Google Analytics is the source that every other dashboard will pull data from, so in many ways, it’s the easiest choice. However, it doesn’t allow you to filter data quickly. While other dashboards may provide a custom view, GA will give you everything. Another unique benefit of GA is that it provides real-time data.
Google Looker Studio
Google Looker Studio, formerly named Google Data Studio, is an excellent option for someone who is comfortable setting up a custom dashboard. There are templates to select from. However, the platform can be a bit finicky, so it’s a good idea to read a few tutorials before diving in.
While Databox offers a much more seamless setup than Google Looker Studio, you get what you don’t pay for in that the metrics you can measure are limited.
Airtable is a unique platform that is completely customizable. There are dashboard examples and templates available in the marketplace. This platform has enough space for you to create on “base” a social media dashboard and one for your website. However, you can choose to combine information as well.
Using dashboards and scorecards will help your startup track the numbers that matter most and drive your innovation in the right direction. If you’re in need of a discussion about KPIs or need help setting up a dashboard, send us a message.