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For any campaign to be effective, you must establish well-defined goals. Without knowing what your goal is, you (or your agency) will not be able to effectively measure the success of the campaign. For a proper measure to occur, you must first establish your KPIs. KPI stands for Key Performance Indicator and is used to measure a campaign’s performance. There are different types of KPI tactics that can vary depending on the type of tactic.
Video tactics, for example, are typically used to create mass awareness and reach, so they are measured by VCR (video completion rate) which tells you how many people watched your full video. The amount of people who were engaged and willing to watch the entire video is a good indicator that the video resonated with the audience. For a prospecting display campaign, your goal is usually to get people to click on the website which can be measured by click-through rate (CTR). The click-through rate measures how many people clicked on the website, the number of impressions served, and the percentage of the audience that clicked on the ad. The higher the click-through rate, the better.
Once you establish your KPIs, you need to have benchmarks to measure against them. The primary types of benchmarks are Industry, Tactic, and Historical. Industry benchmarks are relevant to the industry your company is in. Tactic benchmarks are relevant to the tactic itself.
Finally, historical benchmarks are based on previous campaigns you’ve run for the same type of tactics. Although many of these benchmarks can be used, not all tactics or platforms give benchmarks. Facebook, for example, does not give benchmarks because there are so many types of campaigns that it would be skewed and subjective.
Once your goals and KPIs have been well established, you can begin to measure the success of the campaign. Looking at your campaign performance often will allow you to make optimizations to your campaigns and increase your KPIs for an overall successful performance.
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