Each business type has unique performance metrics that should be measured. Some common KPIs are suggested in this lesson with insights on various types that are used to measure online activities.
- [Instructor] By now you may have a good idea of the KPIs to monitor for your business. I'd like to share with you a few ideas on KPI selection for various business types. This may help you to think of more actionable data to track in the future. So let's list some popular KPIs that are used by many businesses. Social traffic, referral visits, total unique visitors, are all important. And if we look at conversion rate, and even conversion rate per channel, or conversion rate per campaign, and the average order value, and also the bounce rate as well as bounce rate by different campaign, and the online brand strength are all useful KPIs.
Now it's common for stakeholders in large retailers to monitor up to 100 KPIs. So it all comes down to knowing the individual business needs. Notice that I'm not advocating overarching segments to group your KPIs, such as conversion related metrics or ROI related metrics, why? This is because there are so many different types of businesses with different metric definitions, for example an online newspaper will see referral visits as an ROI related metric since each visit eirectly increases its advertising revenue.
Another business might argue that this is a revenue metric. Now a service portal that's handling customer complaints\ might see referral visits as a consumer sentiment metric, rather, because it only increases the number of cases that it needs to resolve and it doesn't actually increase the company's revenue. So the grouping of metrics is really going to depend entirely on your business type.
Learn how to step up your marketing analytics game with this course on setting and measuring KPIs from marketing expert Adriaan Brits. He shows how to import existing dashboards and create brand-new ones to measure your KPIs and keep track of relevant data. Learn how to enhance dashboards with goals and event tracking, review historic or recent trends, and find more data you need. Then get tips and tricks for reading Google Analytics reports and measuring specific KPIs related to content marketing, brand awareness, or even customer loyalty.