KPIs and Your Digital Marketing Food and Beverage Agency
To improve your marketing strategy and continue seeing better results, you must closely monitor your key performance indicators (KPIs). But why are these numbers so important? What are the best KPIs to track? And how can a digital marketing agency help you track and act upon them?
The Value of KPIs
In your marketing campaign, Any good digital marketing food and beverage agency will tell you that clearly defined KPIs tell you everything you need to know about how your marketing strategies are working. This is important for several reasons:
- Campaign performance analysis. For starters, you’ll be able to analyze whether or not your campaigns are working the way you intend. For example, if you have a strategy designed to attract more traffic, you should be able to see measurable increases in traffic. If you’re interested in more conversions, you should see an uptick in conversions. If you notice something isn’t working, you can stop using it. Conversely, if you notice something is working extraordinarily well, you can increase your investment.
- Brainstorming and direction. KPIs are also important for Brainstorming and determining new directions. As you study these metrics, you’ll get a feel for the types of effective strategies for your target audience, and you may be able to come up with new, creative ideas for campaigns or strategies.
- Value proof. Add in a few other data points, including the average value of a new customer and how much you’re spending on marketing. Then, you can calculate your return on investment (ROI) and prove the value of your marketing efforts.
The Role of a Digital Marketing Food and Beverage Agency
It’s entirely possible to track all your most important KPIs independently. But working with a digital marketing food and beverage agency is much easier and more efficient.
Your digital marketing agency can help you in several ways, such as:
- Identifying KPIs. Which KPIs should your business be tracking? There are hundreds of potential metrics to track, and tracking them at once can be a headache. At the same time, you don’t want to narrow the list too much, or you might miss something important. Marketing agencies can help you determine the most impactful metrics and tell you why you should be monitoring them.
- Creating and reviewing dashboards. Most digital marketing agencies can also help you create and review various dashboards, allowing you to track metrics associated with each of your individual campaigns. Dashboards are helpful because they can help you, at a glance, see how your campaigns are performing. You may even be able to review performance in real-time.
- Regular reporting and reviews. At the end of each month, or potentially each week, your digital marketing agency will submit reports to you and go over them so you can better understand how your campaigns are performing and what you can do together to make them better.
- Actionable recommendations. Data analytics is always interesting, but it’s only valuable if your insights become actionable. For example, you may notice that your conversion rate is increasing, but what are you supposed to do in response? Your digital marketing agency will provide you with actionable recommendations that you can use to make your marketing strategies even more effective.
- Goals and milestones. On top of that, digital marketing agencies can help you set goals and milestones so you can iteratively improve your results and feel confident that your momentum is increasing.
Important KPIs to Track
So what specific KPIs should you be tracking?
Much depends on the nature of your business and your specific goals, but these are a good set of metrics to start with:
- Marketing revenue. How much total revenue is being generated by your marketing strategies? Comparing this figure to the amount you’re spending on your marketing strategies can give you a high-level view of your current ROI.
- Customer acquisition cost (CAC). How much does it cost to acquire a new customer? This can tell you how expensive it is to attract a person, on average, to your brand.
- Customer lifetime value (CLV). Once you understand the average customer acquisition cost, you can compare it to your average customer lifetime value, which measures how much money a customer can make throughout the entire time they remain a customer.
- Traffic metrics. If your website is the central hub of your overall marketing strategy, traffic is one of your most important metrics. You can track traffic in many ways, filtering it by origin, date, and behavior. You’ll need to understand where your traffic is coming from, how traffic patterns change, and how that traffic behaves once it reaches your site.
- Clickthrough rates (CTRs). You’ll also need to understand clickthrough rates for strategies like search engine optimization (SEO), email marketing, and even social media marketing. Essentially, this measures the number of people who click a link you’ve provided for them. It’s a sign that you’re reaching the right people with the proper messaging.
- Leads (and lead quality). If your brand has a lead generation strategy in place, you need to aggressively track how many leads you’re generating and where they’re coming from. It’s also essential to track lead quality; in some ways, lead quality is more important than quantity since thousands of low-quality leads probably won’t do you much good.
- Conversions. Finally, you’ll need to consider tracking conversions – in other words, how many people are taking a revenue-generating action in response to your marketing materials? Conversions could mean an onsite purchase; a new lead generated because they filled out a form, or even someone watching a video on your site.
Let’s talk if you need your digital marketing food and beverage agency to help you track, report, and act on KPIs related to your marketing campaign. Then, you’re in the right place. Asl to see NewPoint’s proprietary social & website analytics reporting platform. Because what good is all that social media if it can’t be tracked, measured and reported on? At NewPoint Marketing, we specialize in helping food and beverage brands maximize their marketing dollars – so contact us for a free consultation today!