In order to track your KPIs properly, you must know and understand what they are and how to interpret them. Tracking the right KPIs can make a huge difference in the success of your advertising campaign as you manage expectations. If you fail to establish the right KPIs, however, you may find your campaign failing before you even have a chance to get started. By clearly establishing your KPIs, you can manage your expectations and better understand the effect of your TV advertising campaigns.
What KPIs to Watch
There are several KPIs that advertisers keep an eye on when establishing the success of their TV ad campaigns. Start by establishing what you want your campaign to accomplish, then determine the KPIs that align with those goals. You may want to track:
- Increase in revenue
- Website views
- Leads generated as a result of your campaign
- Increase in email subscribers
- Increases in social media traffic
- Organic website traffic
- Landing page conversion rates
- Customer lifetime value
- Cost per lead
Every campaign may not depend on all of these factors. For example, in a brand awareness campaign, you may want to focus more heavily on the number of website visits you get than on a specific increase in sales. On the other hand, if you're promoting a specific product or sale, you may want to focus on how many additional sales you have generated as a result of your campaign.
Clearly establish your expectations before the campaign begins so that you can be sure that you're focusing on the right KPIs. For many marketers, it's all too easy to get caught up in the wrong numbers. Imagine, for example, that you have created a campaign designed to increase customer lifetime value. You want your existing customers to make more purchases with your business, so you may focus on retargeting them. If you do not see a change in social media traffic during that period, it may not indicate failure; instead, you need to track overall customer lifetime value or see how sales increase during that period.
How to Measure Marketing Success
Before you begin your new advertising campaign, start by taking a look at your existing numbers. If you're hoping to increase your email lists, how many current email subscribers do you have? If you want to increase customer lifetime value, what is the lifetime value of your existing customers? How many social media followers do you have, and how much traffic do you see on a regular basis? Once you have those numbers established, you have a point of reference in place that will allow you to more accurately evaluate the success of your campaign.
You will also find that, when you start out with a strong understanding of the KPIs you're measuring, you don't have to wait until the end of the campaign to see your successes. For example, if you know that you have 5,000 email subscribers, and you generate 500 more in the early days of your campaign, you know that you are seeing a reasonable success rate, especially if that number continues to grow over time. You can also use those numbers to tweak your campaign as needed so that if you aren't seeing the results you hoped for or expected, you can make alterations that will increase your campaign's success.
Working with an experienced media partner can also make it easier to track the right KPIs and to understand what they mean. They can provide you with more information about what to measure, when to measure it, and how to interpret it once you have those results in hand. As you continue to work together, your media partner will also provide you with valuable advice that will help you manage your expectations and see better overall results.
In order to properly track your KPIs and see the return you hope for on your advertising investment, you must start with a solid understanding of those KPIs. A media partner will help you assess which KPIs you need to track for your campaign, get more information about the results you should expect based on the size of your business, and achieve greater benefits through your advertising efforts.