In today’s media landscape, if success is not measurable, it is difficult to call it true success. One of the most useful measurement tools is the Key Performance Indicator (KPI), but it is vital that you choose the proper KPIs if you want to get the best results. Before determining KPIs, make sure you answer these three questions:
Is it aligned to your goal?
It is important that we first understand the goal or desired outcome of our campaign and strategy, and that we establish a KPI that is in alignment with that goal. For example, if your goal is awareness, then your KPI most likely should not be sales. It is imperative that our KPI aligns to the overall campaign goal, so we can ensure when we look in the mirror (or at the dashboard) we can say we were successful.
Does it measure success?
Often, we mistake metrics for KPIs. A metric is a standard of measurement that we use to evaluate the health of our campaigns. They do not necessarily tell us if our campaigns are successful or not. KPIs, on the other hand, are linked to business outcomes and will allow us to answer that key question, “were we successful?” Say our goal is to increase awareness for a brand, then our KPI may be unaided brand awareness measured through an attitudinal lift study. By measuring awareness through a study, we can truly measure whether we were successful in increasing awareness.
Is it measurable?
It is relatively straightforward to define a KPI to measure success. However, the challenging part can be finding the data to effectively measure and report on that KPI. One question we need to ask ourselves is, “Do we have data to actually measure that KPI?” For example, your internal market research teams may do awareness studies, but they may not be attributable to media exposure. Through our data discovery and framework processes, we ensure that we have the data to measure our KPIs, and if we find we do not, we work with third-party measurement partners to establish mechanisms for that measurement.
A sound measurement strategy starts with KPIs that make the most sense for your campaign and business objectives. If your KPIs are aligned to your goals, are also real measures of success, and are actually quantifiable, then you are well on your way to analytics mastery.