In this, our second digital KPI instalment, brand development market leaders ask, ‘Is my website successful?’ Again, those market leaders know the answer because they have defined what success means for their brand and have a brand strategy in place (or in development) for responding to the results of those KPIs – whether those results are disappointing, satisfactory, or simply brilliant.
How? They have defined success, with their corporate brand’s unique goals in mind, and as a result, know how far they are from achieving each one. Each goal is equipped with its own set of criteria (measurable through KPIs, or key performance indicators).
Brand Development Success: it’s in the Numbers
Let’s return to the jam website example from the first KPI instalment. You were charged with answering the question, ‘Why does the website exist?’ Now it’s time to decide how much revenue you’ll need to launch a new ad campaign for the jelly, preserve, and butter mother lode; or to hire a branding expert to devise a brand strategy for the newest flavour; or to trademark your growing brand. By melding your revenue goal with the reason your website exists, you can now analyse your visitor and sales KPIs to determine if you’re reaching your target audience and if they’re purchasing enough for you to achieve your objectives for brand development.
With the goal of widespread jam, you’ll naturally want to see lots of unique (new) visitors to the site. With a referral goal, you’ll want to see plenty of visitors that have clicked on a link from other sites. With the target of getting customers to take the step up to the mother lode, you’ll look for clicks from the jam site. If your target audience isn’t the ‘clickiest’ of all your visitor categories, then it’s time to reorganize like market leaders do and to try new approaches to reaching your brand development goals. Record information about what administrative actions and online marketing efforts result in improvements to your “success numbers,” as well as those activities that have no effect (or negative effects) on your brand development goals.
Google Analytics is not only a good place to start with reading your website’ KPIs, it’s a good place to stay and use into the future, as your brand grows. It will provide statistics about your website’s traffic, including traffic sources (like social media, referring websites, and search engines), outbound traffic, click-throughs, conversions, and sales. The results are your KPIs and looking at them will not only help you to determine if your online brand development efforts are effective, but will show you where action is necessary for building your brand.
Stay tuned for the next digital KPI instalment on the How to Build a Brand blog, where you’ll learn how market leaders use KPIs to determine their next moves.
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