How to Create Business Critical Benchmarks and

Reporting to Track Progress

Digital Media Strategy

• Digital Media has a variety of purposes and can be used to enable all varieties of companies achieve their goals• It’s important to have a digital strategy, which

aligns with the overall business strategy and objectives-Narrows down digital options to those best

tailored to your specific goals- Informs KPI measurement strategy

Questions on Strategy

• What are your company’s goals?• How have you aligned your marketing goals

to meet business objectives?• How can social media help meet any

marketing goals?

Building Your Digital Objectives

Business Objectives

Marketing Goals

Digital Goals

Building Your Digital Objectives

• Let’s put this concept into practice.

• Maybe one of your company’s objectives is to increase market share by 5%

• Marketing has identified that while most of the market is saturated, the 18-34 year old audience is relatively untapped. This could be a key growth area for the company and has aligned a specific marketing budget to this audience.

• Now let’s look at how to set digital goals and benchmarks for this marketing objective

Measurement & KPIs

Creating Meaning out of Metrics

• Digital Marketing is full of metrics and measurements for almost anything you can think of

• While measurement is a key strength of the media, interpreting the metrics in a strategic way is what creates value

• Interpretations are always changeable and are hinged on small experiments to create incremental change:- Hypothesis Testing- A/B Testing

Creating Meaning out of Metrics

• The question of what to measure is of both strategic and practical importance

• What you measure is what you pay attention to and will affect priorities- Measurement must, therefore, be linked to strategy

- It must be linked to creating business and customer value

• What KPIs you choose, guides what “levers” need to be pulled in the background. Measurement guides:- Your understanding on how other measurements impact your KPIs

- Your understanding of how to optimize campaigns

- Testing priorities based on your understanding of measurement relationships and your overall objectives

Back to Our Example

• So, we want to increase market share in a specific age category, how can we measure progress online?• Some example metrics can include:- Increasing visibility for this age group- Increasing engagement with the group- Increasing online conversions from the group

The Basic Digital Sales Funnel

Aware

Engaged

Converted

Picking Your Metrics

• Now it’s time to pick the metrics you want to measure for each part of the sales funnel

• I recommend taking a look at what measurements are available by downloading data from each platform you use

• Once you are familiar with the metrics relevant to your KPIs, pick which measurement is right for you

• For instance:• Visibility can be the number of ppl reached between the ages of 18-34

or the percent month-to-month increase in visibility• Engagement can be the total number engaged in this age group, your

percent increase or increasing engagement rates in this group• Conversions (through social tracking on analytics) can be the increase

in conversions from targeted posts or the percentage increase each month

• The list goes on…

Creating Simple Reports

Highlight KPI and Lever Metrics

• Each KPI should have a dashboard showing the progress of the metric compared to your goals and past performance• After the dashboard, any metrics or learnings

which influenced the outcome for your performance should be discussed• Future recommendations and actions should

be given and planned based on learnings• Following is an example of how you can set-

up your dashboard page

KPI Goal Achievement:Reaching 18-34 year olds

This Month’s KPI Goal Achieved

1% 1.5%Month-on-Month Growth Month-on-Month Growth

3,533 Reached

1.3% Grow Last Month

Key Takeaways

1. Align Digital Goals with your marketing and business objectives

2. Choose KPIs that allow you to benchmark your progress on these objectives. Remember, what you measure is what you pay attention to.

3. Create simple reporting to illustrate the performance of digital in reaching your objectives