Any business that you run online should stick to a certain marketing strategy. This strategy aims to build awareness of your brand, promote your product or service and help you increase your sales.
However, if you want to see if your digital marketing strategy is working, you need to track specific key performance indicators (KPIs).
We’ve outlined the most important SEO and Marketing KPIs that every business owner should consider.
SERP visibility and voice sharing (SOV)
You might be wondering why two different KPIs are combined in one section. The point is, SEO related KPIs related to SERP visibility are tied to a marketing KPI called voice sharing (SOV).
So what is the similarity between these two KPIs?
SOV measures your advertising share compared to your competitors. But practice shows that brands compete with each other to be more visible on organic channels. In other words, SOV measures the visibility of your brand in the online market.
Therefore, the higher your brand’s SOV, the more visible it is. And if online visibility is estimated via the number of organic traffic generated by your website, SERP visibility is a KPI that definitely deserves your attention.
How to measure these KPIs?
One of the easiest ways to measure SERP visibility is to compare your website traffic with that of your competition. You can use Ahrefs’ batch scan tool for this. Just copy / paste the domains in question and review the traffic column.
You have to take into account that these numbers are not one hundred percent correct. They include the traffic that these domains get from branded keywords. To put it simply, your website won’t rank for your competitor’s branded keywords. As a result, the website will not get traffic from these keywords either.
To get more correct results for the SERP Visibility KPI, you need to rely on the Rank Tracker tool. Analyze the keywords that would be related to what a target audience is looking for on Google. Draw your attention to the “Visibility” column available in the “Competitor overview” report.
Track this KPI and know the current SERP visibility situation of your competitors.
The next important KPI for SEO is organic conversions. In fact, it’s the one SEO KPI that almost all business owners tend to measure.
You might be wondering why this KPI is on the list if it’s measured by default? When measuring organic conversions, there are three basic things to keep in mind:
Carefully define conversion goals
Suppose you are the owner of an eCommerce website that sells different products. However, you set a conversion goal that tracks visitors who checkout but don’t buy the products you’re selling. It makes no sense in terms of commercial value. The best KPI would be the average order value in this case.
Configure your analysis software
It’s a good idea to make the marketing decision you want based on the analytics. But if the analysis software is not configured correctly, your decision may fail.
Thoroughly analyze the data
Even if your analysis software is perfectly configured, you cannot completely rely on the data. The conversion may vary from period to period. So, you need to benchmark periods from time to time. This will help you to estimate the real situation of your organic conversions.
First of all, this SEO KPI works as a supporting metric. The main purpose of this KPI is to help manage attribution errors.
What does it mean?
The “last non-direct click” attribution model in Google Analytics does not work perfectly. All award credits go to a single channel.
How is this reflected in concrete terms?
You can think of traffic as a source of leads. The more traffic your website gets, the more potential customers you will get. Most importantly, the site generates traffic every step of the way in the marketing funnel. Suppose you have published 50 blog posts on your blog – every page will get traffic. Some users get converted after reading your content. But the rest – after clicking on a retargeting or search ad.
If this happens, you will need to determine that initial contribution to organic search.
You can do this by visiting the conversions report. Click on “Multichannel Funnels” and pay attention to the “Assisted Conversions” option. Then choose the main type of conversion you want to track and the number of days before the conversion.
The final step in the process is to look at how each channel contributes to conversions. And analyze the periods.
Brand awareness indicator
The first step in the marketing funnel is called “awareness”. This step has a direct correlation with your brand awareness. While brand awareness indicates how popular your brand is in the niche. This marketing KPI is quite important to follow.
What do you need to know about awareness KPIs?
Before you follow this KPI, you need to know what the percentage of the market knows about your brand. Second, make sure your marketing communications create the right associations with the brand.
For example, your business creates tools that help make content more visually appealing. The most important tool you have created is your presentation software. When your brand awareness is at the highest level, the first brand they remember is yours.
It’s like when you think of smartphones. Which brand do we think of from the start? That’s right, it’s an iPhone.
To measure awareness KPI, you need to do market research. It is quite a difficult task. Therefore, it is worth delegating this KPI to a market research agency.
Define sales KPIs for your business
Setting sales goals will help you think about how to actually grow your business online. Sales KPI it all depends on the type of business you have. For example, if your business is all about SaaS products, you should rely on KPIs like Monthly Recurring Metric (MRR) and Yearly Recurring Metric (ARR).
It won’t be difficult to measure these KPIs because you know their value. However, if you have any doubts about this, you should use a financial system (eg CRM) and track these numbers.
Quality and quantity of leads
This KPI is for companies who are curious about how their marketing communication channel works. If you track the quality and quantity of your potential customers, you will always be able to monitor sales growth.
If you use CRM, it won’t be hard to keep track of how many leads you get. But when it comes to lead quality, you’ll need to use a lead scoring system.
The lead scoring system is based on data that your potential customers can provide to you. It’s up to you to decide which triggers will give you a clear picture of the quality of the lead. However, there are a few things you should include in your lead scoring system:
- User behavior on the site
- Communication between users and your support team
- The history of the use of the test
- Some specific data that is taken from the user registration process
To get a better result from tracking and analyzing this marketing KPI, you should consult an analytics expert.
Customer Lifetime Value KPI
This KPI represents the estimate of how much money a customer is willing to spend to purchase your product. If the CLV metric is high, you will be able to spend more resources on acquiring new leads. Plus, it has a positive impact on your overall financial growth.
To calculate the CLV and track this KPI, you will need to use this formula:
Avg. Order value x Avg. Annual purchase frequency x Avg. Customer lifetime
Now let’s see how you can do it in practice.
Suppose your AOV is $ 200. Your customers buy the product every month (12 months per year). In addition, customers show their loyalty to your brand for 2 years.
CLV = 200 * 12 * 2 = $ 4,800
This KPI is worth following if you have a few years of sales history. Otherwise, the results will have no value.
The marketing and SEO KPIs suggested in this article are fundamental metrics that you should consider. By following these KPIs, you will be able to observe the progress of your business online.
However, there are other KPIs that you should never forget: return on investment, cost of acquiring customers in marketing. domain rating, organic traffic, SEO keyword positions.