Identifying Key Performance Indicators (KPIs) That Matter

Media is often measured in target rating points (TRPs), impressions, view-ability, as well as other metrics. These are important data to collect in order to determine if your campaign or marketing efforts are strong enough to make an impact on your target audience. Business today needs to gain a better understanding of the in-depth measurements that gauge success and impact a company’s bottom line. As metrics continue to become more sophisticated, there is much more comprehensive and interwoven information to explore, and Key Performance Indicators (KPIs) are a significant part of any advertising strategy in tracking and understanding performance. 

 What Are Media KPIs?

Key Performance Indicators (KPIs) are crucial to your campaign or marketing strategy because they give you an overview of how they are performing at any given time. Because KPIs produce more targeted insights, they will inform advertisers which areas of a campaign to prioritize.

Rhycom’s Most Trusted KPIs

At Rhycom, we work with our clients to develop campaign goals by deciding which KPIs make sense to track and how they will be measured based on the client’s objectives. 

Below are some examples of media KPIs that we track for our clients: 

  • Customer Lifetime Value:  Total predictable revenue your business can make from one customer during their lifetime as a paying customer
  • Conversions:  Number of customers who responded to your message by purchasing, downloading, calling or requesting information about your service/product
  • Attribution:  What media channel is driving the most leads and/or creating the most efficiencies in the campaign. Tracking attribution can help determine your return on your advertising spend (ROAS)
  • Reach:  How many people are seeing your message
  • Frequency:  How many times people are seeing your message
  • Brand Lift:  Pre/post brand awareness
  • Website Visits:  How many people are driven to the website pre/post campaign

 

Since there are a wide variety of Key Performance Indicators (KPIs) that can be used, evaluating which ones will provide the best measure of a successful campaign are essential.

 

  • Hint 1:  Choose which KPIs to use. Keep it simple and don’t overanalyze or make the metrics too complicated. Look at the two or three most important objectives for the campaign and decide which KPIs would provide the best benchmarks. 
  • Hint 2: KPIs should express the strategic objectives of your campaign or marketing efforts, so make sure they are relevant and measure a clearly defined goal. 
  • Hint 3: Determine if your KPI targets are short-term or long-term. Defining KPIs to measure short-term goals will assist in strategizing the success of the long-term goals, so know that both time frames are important.

 

KPIs exist to inform you what is and is not working so you can adjust your campaign or marketing efforts accordingly. Business today means understanding what impact and attribution your media dollars are contributing to your company’s objectives. If you’d like to understand which KPIs make sense for your business, we’d be happy to help. 

Pam Williams

June 22, 2022

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