Measuring Conversion KPIs | Are Your Campaigns Succeeding?

Wouldn’t it be nice to see that your online marketing campaigns are working by looking at more than your company’s bottom line? When running concurrent campaigns (and you are, aren’t you?), you want to see how each of them perform. Otherwise, even when your bottom line says they’re succeeding, you could be doing extremely well with one or two and have third that’s failing miserably.

Yes, It’s a Red Flag

Today’s blog post, the last of a five part series in measuring metrics and KPIs, was written with this problem in mind (look for Thursday’s post that will have a wrap up, an ebook, and maybe a surprise if our graphics department can move quick enough). How do you tell which campaigns are working and which aren’t?

There isn’t a visible red flag. You don’t get an email saying, “Hey, campaign 3 is tanking.” No bells and whistles go off as the submarine sinks. –And since there aren’t any of these very noticeable signs, we turn to what does tell us all this and more: metrics and Key Performance Indicators (KPIs).

Conversion – Stage 4 of the Standard Business Funnel

“Conversion is similar to engagement. However, the definition differs slightly: a response that actively and directly affects the company’s business goals.

~Measuring Metrics for Success

Conversion – that moment when all your marketing team’s hard work comes to fruition. It’s a beautiful thing! Doesn’t it just make you smile? Can you hear the angelic choir?

Conversion can sometimes be confused with Engagement. It’s often qualified as the sale; therefore, if it doesn’t bring dollars it doesn’t look like a conversion. However, there are multiple touch points in online marketing. A single site may have three or more actions that would qualify as a conversion because, simply put, a conversion is when the visitor does what you want them to do.

Conversions are here

Market Segmentation and How It Applies

The point of conversion is where all that market segmentation, multiple campaigns, multiple touch points and metric measurement starts to make some serious sense. Not only is this the bottom line (whether sales or lead generation makes no difference to analytics – it’s all numbers), but it’s also the place where you’ll first see when something goes wrong.

For example, you have three potential conversions on your site:

  • Download a free report after filling out a short form
  • Fill out a short form to request more information
  • Buy a product

Note: these points won’t fall under the Engagement stage because they are the final steps you want your visitor to do.

You’re spending marketing dollars on six campaigns, two for each potential conversion. Are your marketing dollars being spent wisely? What’s succeeding? What isn’t, and why? If you’ve set up market segmentation and followed it for each stage, these answers will be easier to find.

Key Performance Indicators for Conversion?

If a visitor hits the “thank you” page without going through your sales funnel, is it a conversion? Of course it is! – But if you can’t tell where they came from, you don’t have much hope it growing that particular sales corridor, do you? This is what metric measurement is all about. It’s also why you:

  • Set up goal funnels
  • Create events alerts
  • Use traffic segmentation

Conversion Action: Download a free report after filling out a short form

Market: Moms with hyperactive kids

Campaigns:
[table id=1 /]

As you can see, your conversion KPIs may be:

  • Visitor information received which includes exclusive FB and TV codes
  • Visits to the “thank you for downloading” page reached with the exclusive codes
  • Final information given to customer service with the answer to, “Where did you hear about us?”

Of course, this means you’ll have to make sure exclusive codes are set up, the free report form routes to a thank you page, and the customer service department is properly trained.

Trim The Fat

A Case of Not Enough Information

Now, your “download a free report” page is hopping and traffic is up. You know because your marketing team did things right and created a benchmark report before the campaigns started. However, your campaign budget will be smaller next month and you’ll have to cut one or the other. Your job is to:

  • cut the least performing one
  • make the other campaign more productive

Simplify

First, let’s get rid of the phone calls. Because your customer service staff was correctly trained to ask, “Where did you hear about us,” you know 5 calls came from Facebook and 10 from the TV ad. Of those, two converted from Facebook and five from the ad.

Facebook: 2                        TV: 5

Look at the conversions.

You’ve had 600 conversions through the website in the past two months (don’t freak out at the numbers, we’re just using examples here). Where are they coming from? Because you set up those exclusive codes, you know that at least 300 came from Facebook and 200 from the TV ads. That leaves 100 that fell out of the sky.

Facebook: 302                   TV: 205                 Miscellaneous: 100

Although it appears Facebook is a clear winner, there may be something easily fixed in the TV ad that would make it outperform Facebook. Unfortunately, while FB was correctly tracked and the proper KPIs were chosen throughout, the only thing you can see on the TV ad is whether they used the code at the end or not. For that matter, your miscellaneous conversions could be from FB or TV, and the user just couldn’t remember the code.

Happy Thoughts

Food for Thought: A Question for YOU

How would you set up the TV ad to provide better tracking throughout the funnel? Because of ad placement, you know you have a reach of about 5,000 people in a month. You get about 10,000 a month to your site, and at least 20% of them visit your free report page. Don’t you want to know for sure what’s happening to them?

Stay tuned for Thursday, where we’ll wrap up the measuring metrics and KPIs series by walking you through the analytics set up for tracking a campaign through the business funnel. We’ll be including screen shots, setting up event alerts, goals and traffic segmentation, all this KPI goodness in an eBook, and lots of information for you to chew. We hope to see you there!

What You May Have Missed

Part 1: Measuring Awareness with Careful KPIs: An Info-Morsel on Metrics

Part 2: Acquisition and the KPIs to Track It: Metric Measuring Part Deux

Part 3: Measuring Engagement and KPIs | Performance-Driven Marketing
(You Are Here) Part 4: Measuring Conversion KPIs: Are Your Campaigns Succeeding?

And let’s not forget the post at Search News Central that started it all off: Measuring Metrics for Success

About Level 343

This account is where everyone involved with Level343 content marketing efforts show up. You can say there is no "I" in this team. Sometimes we will chat about a certain topic with a variation of ideas, suggestions, even opinions. Then one of us will start writing the post, hand it over to someone else who will continue the diatribe. Eventually it ends up on our editors desk who either chops the hell out of it, or you're reading it right now.

Comments

  1. I’m torn between what I enjoyed more whilst reading this post – the Campaign A/B Chart full of excellent information or the cute ‘Happy Thoughts’ cow picture :P

  2. Good post thanks. We see companies using a ROI calculated KPI as a true gauge of successful conversion channels. Mixing resources / budget for each channel and then a cost per conversion figure.

Trackbacks

  1. Measuring Conversion KPIs | Are Your Campaigns Succeeding? http://t.co/U5q5N8LQ

  2. Measuring Conversion KPIs | Are Your Campaigns Succeeding? #benchmarks #KPIs #measuring metrics http://t.co/SUzGDE7e

  3. Measuring Conversion KPIs | Are Your Campaigns Succeeding? http://t.co/BIkLqsTc

  4. Alex Hall says:

    Measuring Conversion KPIs: Are Your Campaigns Succeeding? – http://t.co/zogY8ef9

  5. Measuring Conversion KPIs: Are Your Campaigns Succeeding? #benchmarks #KPIs #measuring metrics http://t.co/SUzGDE7e

  6. Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/ttUCt5yV

  7. Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/i2GoRm10 via @SEOcopy

  8. Carla Young says:

    Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/84tJ63TA via @SEOcopy

  9. C1 Partners says:

    Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/OKo6gDNF

  10. Tao says:

    Measuring Conversion KPIs: Are Your Campaigns Succeeding? – http://t.co/AVmm1Tmv

  11. Alex Hall says:

    Measuring Conversion KPIs: Are Your Campaigns Succeeding? – http://t.co/AVmm1Tmv

  12. Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/crZhKioW via @SEOcopy

  13. Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/j8xL5PEz via @SEOcopy

  14. Kelly Benish says:

    Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/FbAtI6do via @SEOcopy

  15. SEO Tweetz says:

    measuring #conversion KPIs: are your campaigns succeeding? http://t.co/USkRPZTs via @level343 #SEO

  16. measuring #conversion KPIs: are your campaigns succeeding? http://t.co/USkRPZTs via @level343 #SEO

  17. Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/8EJYGfbx via @SEOcopy @PegFitzpatrick

  18. Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/FbAtI6do via @SEOcopy

  19. Lisa Malcom says:

    Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/gxJl88V2 via @shellykramer

  20. Jo VonBargen says:

    Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/hGClgQ6u via @SEOcopy

  21. RT @priteshpatel9 Measuring Conversion KPIs: Are Your Campaigns Succeeding? >> http://t.co/AM40Kzdn this is a great set of posts | Thank you

  22. Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/DPbwrn8d | Our latest fresh squeezed post…

  23. Tonya Hall says:

    RT @jkcallas: Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/UmYiX2se via @SEOcopy

  24. Jure KLEPIC says:

    Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/f0iWk57t via @SEOcopy

  25. Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/gaQalw7k via @SEOcopy & @ShellyKramer

  26. Megan Leap says:

    Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/mzNweujr via @SEOcopy

  27. lovisa says:

    Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/U58OwuA3 via @SEOcopy

  28. Lisa Malcom says:

    Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/U58OwuA3 via @SEOcopy

  29. Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/U58OwuA3 via @SEOcopy

  30. Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/Vbs5Px4q via @SEOcopy

  31. Ruhani Rabin says:

    Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/Vbs5Px4q via @SEOcopy

  32. Level 343 – Measuring Conversion KPIs – Are Your Campaigns Succeeding http://t.co/x4HXuEK8

  33. Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/LePj602T via @SEOcopy

  34. Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/68W4xS5k via @SEOcopy

  35. Marck V. says:

    Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/JxjpNcGO via @SEOcopy

  36. Measuring Conversion KPIs http://t.co/nCE8Elv6 via @level343 | Loved the chart with examples on conversions from social media. #socialmedia

  37. Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/XD2QlxlF via @level343

  38. Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/Q1FkALLd | Seriously take a look at this…

  39. Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/MSWmL5MM via @SEOcopy

  40. Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/bH5AVPM4

  41. Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/a3ou3F0L via @SEOcopy

  42. RT @wayneb77: Measuring Conversion KPIs: Are Your Campaigns Succeeding? >> http://t.co/dadPO51Z this is a great set of posts by @level343

  43. Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/6GeCl8gv via @SEOcopy

  44. Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/ZgRhrdyQ | Have you hugged your KPI's today?

  45. Sean Charles says:

    Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/eCiSMAJM via @SEOcopy

  46. Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/p8FSGdU0 via @SEOcopy

  47. sofasurfer says:

    Measuring Conversion KPIs: are your campaigns succeeding? http://t.co/8sghd4Hj #measure via @level343

  48. Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/ZgRhrdyQ | Have you hugged your KPI's today?

  49. Measuring Conversion KPIs: Are Your Campaigns Succeeding? – Categories:Online MarketingSEOSocial MediaTags: benchmar… http://t.co/z6dZLBJl

  50. Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/okCuvDGA via @level343

  51. Laura Crest says:

    5 Stars: RT @level343: Measuring #Conversion KPIs: Are Your Campaigns Succeeding? #benchmarks #KPIs #measuring metrics http://t.co/8O1VkEr5

  52. GenuineSEO says:

    Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/SWqnIAZk via @SEOcopy

  53. Jeff Jacobs says:

    Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/w4hgVbkX via @SEOcopy

  54. Dina C. Tate says:

    RT @level343: Measuring Conversion KPIs: Are Your Campaigns Succeeding? #benchmarks #KPIs #measuring metrics http://t.co/mBRGnA70

  55. Wayne Barker says:

    Measuring Conversion KPIs: Are Your Campaigns Succeeding? >> http://t.co/2PjbiZGI this is a great set of posts by @level343

  56. Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/MehSg3tu via @SEOcopy

  57. Amit Verma says:

    Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/Ec5qAKdY via @SEOcopy

  58. Brad Miller says:

    Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/9G4RX1rN

  59. Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/zp4XLU7H

  60. Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/zp4XLU7H

  61. RT @SEOCopy Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/tA3nwO7z | Great post ;)

  62. SEOTweets.me says:

    Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/fKEuuGtp (via @jrpittman)

  63. Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/XEd1jmTz | We share what others can't… our latest post :)

  64. Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/VeDkcUL6 Last part in very good series by @Level343 #cro

  65. Selfio GmbH says:

    Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/mngHpclk

  66. William Toll says:

    Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/HRaXOrlR

  67. Jo VonBargen says:

    Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/hGClgQ6u via @SEOcopy

  68. Ana Hoffman says:

    Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/ikPK2IzH via @SEOCopy

  69. Ana Hoffman says:

    Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/M6bEFk1n via @SEOCopy

  70. RT @SEOcopy Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/tNwb5QJc

  71. David Harry says:

    RT @SEOcopy Measuring Conversion KPIs: Are Your Campaigns Succeeding? http://t.co/Wc0Z13oG

  72. Measuring Conversion KPIs: Are Your Campaigns Succeeding?: Yes, It’s a Red FlagWouldn’t it be nice… http://t.co/HOURv5OF via @level343

Speak Your Mind

*