In the rapidly evolving marketing landscape, the pursuit of success can often feel like navigating through a dense fog without a compass. Amidst the ever-changing trends, technologies, and buyer behaviors, it’s easy to lose sight of the path forward. However, as a marketing leader, you possess a powerful tool that can illuminate the way: Key Performance Indicators (KPIs). But here’s the catch: not all KPIs are created equal. While it may be tempting to chase after the latest buzzworthy metrics or the metric your executive sent you as a screenshot from LinkedIn (we have all been there 😊), selecting the right KPIs that are aligned with not just your marketing objective but the overall business objectives, values, and long-term vision is what sets apart the exceptional marketing leaders from the rest.
In this digital age where data reigns supreme, mastering the art of selecting the right, not just trendy, KPIs isn’t just about tracking numbers—it’s about empowering yourself to make informed decisions, drive meaningful change, and ultimately, become a better marketing leader. Join us as we delve into three keys our GANI Marketing Strategy team use every day as they partner with businesses from all different industries to key their team focused on what will drive short and long-term success.
Measuring Progress: Your Guiding Light
Think of KPIs and metrics as your guiding light in the fog of the daily marketing grind. At GANI Consulting, we believe in using SMART (Specific, Measurable, Achievable, Relevant, and Time-Bound) when selecting KPIs with leaders. By using this time-proven method, you ensure you are working toward goals that both are clear but are not so far-fetched that you give up after two weeks.
Often when using this method, the most significant area of confusion is the Achievable criteria. As marketers, we want to always push ourselves, but we must ensure we are setting fair expectations given our results are fully dependent on buyer behavior staying the same during our defined period. Additionally, no one wants to be seen as a “sand-bagger,” setting goals so easy that you don’t have to try. If you haven’t done it before, we encourage you to test if your KPIs are achievable by doing the backward math (the practice of starting with the goal and using performance or industry standards) to ensure you are capable of that goal you or your executive are setting for yourself. The value of this exercise will also pay dividends when you sit down with your executive and walk them through the goals for the year, showing how they align with previous performance and the upcoming company goals.
Strategic Decision-Making: Steering with Confidence
Let’s call it like it is. Today, everyone thinks they are in marketing, which has led to countless “Hey, it really is easy I saw this video on ….” requests and a significant increase in the pace of our everyday lives. However, just because the requests are coming in faster and more “interesting” doesn’t mean we make decisions without data from our historic KPIs or project management tool. By framing projects around how they will impact agreed-upon KPIs, you can provide proactive solutions to your executive that either keep the KPIs at the forefront of your team’s activities or change the priority but only with your leader’s sign-off. It’s about shifting the focus from simply completing tasks to understanding the broader implications of each project on the organization’s strategic objectives.
For example, if a new request comes in for a major website overhaul, marketing leaders can evaluate how this initiative will impact KPIs such as website traffic, conversion rates, and overall brand visibility. But if those KPIs were part of the planned focus for the year, it now become harder to juggle multiple projects while staying on target with the planned KPIs. When our team is coaching young leaders, we remind them not to say ”no” but rather align leadership to the strategic value of the different paths that can be taken and how those choices impact KPIs. A great practice we see from top leaders is to give three options (and always be prepared with a recommendation):
- Option 1 – Stay the course and add the request to the backlog with a ETA on when it will get started
- Option 2 – Shift the focus to the new project but clearly outline the KPIs that will be impacted, with projections of how these changes will affect other KPIs (pipeline, brand growth, etc.)
- Option 3 – Yes on all fronts, but outline how you have identified an expert website development team (our Agency team would be happy to help with that and so much more) who can jump in for a range of spend. This makes the request valued in dollars and keeps your team focused on its KPIs.
By integrating programmatic project management practices with KPIs, you can elevate yourself as a strategic decision-maker who is also not losing sight of the organization’s long-term goals.
Continuous Optimization: Adapting to Market Dynamics
In the dynamic landscape of marketing, continuous optimization is not just important; it’s indispensable. At GANI, we firmly believe in the saying “Always Be Testing” (ABT) to stay ahead in this ever-evolving environment. This means continually experimenting, refining, and adapting strategies based on real-time data and market feedback. But remember, just as we discussed before, before you test, do the math. Even when we are testing, we should be benchmarking the performance of our test against either ourselves, a hypothesis, or the industry. If we are defining success before we start the test, it will be hard to leverage the insights gained to drive improvement.
By embracing a culture of experimentation and ABT, marketing teams can stay agile and responsive to changing market dynamics. Whether it’s testing different ad creatives, refining targeting parameters, or optimizing website layout for better conversion rates, every iteration brings valuable insights that inform future strategies. This iterative process isn’t just about keeping up with trends; it’s about staying one step ahead of the competition. By constantly refining and optimizing marketing strategies, businesses can maintain a competitive edge and ensure relevance in the eyes of consumers.
So Now What???
We realize this is a lot to taken so don’t be afraid to ask for help. Our team of experts (with an average of 15+ years of marketing experience) talk to countless companies every year who either haven’t brought in their first marketing leader or who just had one left with lots of questions about how numbers are calculated, what really matters, and more. Regarding marketing, success isn’t just about hitting your goals; it’s about continuously improving and staying ahead of the curve. That’s where auditing and optimizing your KPIs come in. At GANI, we’re here to help you fine-tune your metrics, assess your campaign effectiveness, build a culture of accountability, and ensure your strategies evolve with the ever-changing market dynamics.
So, now that we’ve covered the importance of KPIs and metrics in marketing, what’s next? It’s time to take action. If you aren’t sure where to start, our team is here to help.