What is a Key Performance Indicator?

Key Performance Indicator (KPI) definition:  A business metric used to evaluate factors to determine the success of the key objectives of a marketing plan, event, or campaign.

Analytics - Metrics

For KPI’s to be useful, they need to be monitored, reported on and analyzed on a regular basis.

Best Practices:
1. Aligned with the business goals of your entire organization.
2. Well defined and quantifiable
3. Insights from the KPi’s should be actionable.
4. The measurements you choose should be easy to obtain.

What should you be tracking?
Sales Revenue from Inbound Marketing Campaign
Customer Acquisition Cost (Cost per lead)
Web Traffic Conversion Rate
Campaign Landing Page Conversion Rate
Social Media Conversion

SMALL BUSINESS:
I often get the question though, “What KPIs can we put in place if we are attending an event, and our main objective is brand awareness?”.  No matter how small the campaign or business, there is always a KPI that can be put in place to judge whether it was the most effective use of your time and money. You have to have goals in place BEFORE the event. Just looking at the stats afterwards is meaningless, as you won’t know if you reached the performance you needed to make it worthwhile.

Here are some examples:
# of overall attendees at event
# of attendees to come into your booth
# of participants in your activation (ie/ photobooth / contest)
# of email signups
# of app downloads
# of uses of your event hashtag
# of promo codes used
% Increase of traffic to your website and even more specifically Increase in UNIQUE visitors to your site
% Increase in followers of your social profiles during and immediately after the event
$s generated at event or immediately following the event
Cost per lead

Resources:
Marketing Action Plan Worksheets – Download Toolkit