Key Performance Indicators or KPIs are a value used to measure the effectiveness and efficiency of a specific business goal.
4 main groups of KPIs:
- Results: show the result of a specific task.
For example: return on investment.
- Costs: Shows the cost to achieve the task.
For example: cost per lead.
- Productivity: the ratio of monetary, temporary, and the result obtained.
For example: customer lifetime value.
- Efficiency: ratio of results.
For example: the ratio of SEO costs to the number of leads from the site.
Long-term experience of Advertex in the Internet marketing market in the promotion and development of projects of international brands allows you to choose the most effective channels and targeting for communication with a potential buyer. A team of specialists is ready to provide clients with superiority over their competitors by applying the best international and local practices in digital marketing and online advertising.
Who is the marketing team?
Typically, the marketing team consists of the following specialists:
- Marketer/project manager – coordinates the work of all specialists depending on the tasks of the project, is responsible for the overall strategy, and monitors the results.
- A content manager is a specialist who creates text (articles, newsletters, posts, product descriptions), and sometimes visual content (photos, videos) for a brand.
- SMM manager – maintains pages on the brand’s social media on Facebook, Instagram, Telegram, Pinterest, and others.
- Traffic manager/targetologist – knows how to correctly place ads and attract the right audience to the site or through social media.
- Designer – create the design of websites, ads for advertising, and other resources.
- Developer – typesets websites according to design, ensuring their functionality.
- SEO specialist – responsible for promoting the site in organic issuance.
Pros and cons of KPIs
There are a number of benefits to KPIs such as:
- The ability to build an adequate remuneration system: KPI helps to determine who fulfills and exceeds the plan, and who pulls the team to the bottom.
- The ability to see your own and others’ mistakes: If the KPI is well-built and cannot be achieved, this indicates that the problem is in a particular person, department, or organization. If errors are identified in time, analyzed, and eliminated, the chance to achieve the set goals will increase many times over.
- Monitoring the effectiveness of employees and self-control of specialists: Provides an understanding of the goals and progress achieved.
- Discipline and motivation: Helps personal and professional growth.
Key Disadvantages of KPIs:
- The implementation of KPIs entails reporting and monitoring: It is impossible to immediately and permanently implement a system of key performance indicators – an adjustment will be needed. We recommend implementing KPIs gradually.
- Employees may not like the implementation of KPIs: It is necessary to explain to employees that KPIs is not introduced for management, but for people to have growth professionally and financially. Also, it will help employees rationally distribute their forces.
- It is necessary to monitor the correct calculation of KPIs: This is necessary in order not to go astray in case of an error. Requires time and effort.
- Initially incorrect setting of KPIs: If the goals are not adequately assessed, this can lead to races for a ghostly reward, professional burnout, and conflicts.
Do not take KPI as a magic pill. Without high-quality analytics and adjustments by Advertex specialists, it is more likely to do worse than better.