It is known that a marketer productivity is high if the tasks are specific and, moreover, rewarded in the case of perfect execution. Key performance indicators (KPI) shows how effective an employee is in a particular area of activity, namely, whether they fulfill all tasks on time, do their job duties and works well.
A KPI scorecard is needed to assign specific measures to increase personal efficiency. In turn, it manages every action taken in a specific period and benefits the company receives as a result of the work of each of its employees.
Marketers work effectively if they do not have problems with the solution of the following tasks:
- growth of customer list;
- increase the trust level in company;
- service optimization;
- increase of brand recognition in the market.
For a particular task, one key performance indicator is chosen to reflect the success of its implementation.
About KPI System
When introducing KPI into a company, the following criteria should be taken into account:
- features of company’s work;
- goals and tasks setting for various departments/workshops / warehouses;
- business process dynamics.
The introduction of KPI implies a change in the system of calculating of job compensation. For this reason, the manager needs to explain to the staff that income depends on the productivity of their work, and the better their results are, the higher the profit is, respectively.
In order to activate this system, you should first decide on the global goal of the company. Then, formulate and set specific goals for marketer. Next, you need to establish key performance indicators for assessing marketer’s activities and develop a strategy with the optimal value of the productivity parameters.
What to Monitor
In marketing, there are countless numbers of indicators, it is recommended to monitor only 7 of them. They are:
- Number of customers: you should calculate them correctly, both new and old. Attracting customers is one of the main principles of marketing activity, and accuracy is important here.
- Growth of the number of customers: this is achieved by measuring the number of new customers in the past month and a similar number in the following month. Divide them and get the coefficient. Depending on the assigned tasks, an assessment of performance indicators is made.
- Consumer cost is calculated by dividing the budget spent on advertising by the number of new customers. This criterion largely depends on the performance level of the sales department.
- Bid cost: to determine it, you must know the cost of a single application at the site. This indicator depends on the marketer.
- Building of repurchase base can be achieved if you know how many goods one customer buys in a year, month or week. When raising this ratio by 5%, it is possible to increase profits by more than 10%.
- Increasing the number of positive reviews: the huge potential for business development lies in the success of studying customer satisfaction. A marketer should prioritize this indicator.
- Bounce rate helps to identify problem areas at the company's website and to understand at what stage the company loses customers. Monitoring the bounce rate allows you to attract the target audience and subsequently convert them into leads.
In the future, it is recommended to analyze and monitor other performance indicators. This will provide an opportunity to choose the best online marketing strategy.
What Will Help You In Monitoring
For monitoring the key performance indicators, you should use a special automation system, which is Yaware.TimeTracker. Its advantages include:
- Automated work without outside interference.
- Working hours tracking and analysis of employees activities.
- Works with all operating systems.
- No need for regular maintenance.
- Possibility of delegating monitoring to junior executives.
The program has extensive functionality that allows you to monitor marketer KPI with maximum efficiency.