Common Key Performance Indicators (KPIs) for Small Business Websites KPI is the acronym for Key Performance Indicators. Also known as KSI, Key Success Indicators, KPIs are nothing less than the metrics that you choose as essential to evaluate a process under your management. These are the data-driven digital marketing indicators that you, as an entrepreneur, will define to monitor the evolution of operations, avoiding getting lost amid an absurd amount of reports and data that do not lead anywhere. It is through KPIs that you will stay focused to pursue your goals and achieve desired outcomes. Furthermore, KPI is a management technique that facilitates the transmission of a company’s vision and mission to employees who are not in senior positions. After all, by establishing and sharing those that will measure the success of a process, you make it clear to the entire team what really matters in management. The Importance of KPIs for Startups and Small Businesses Digital marketing KPIs are used by small businesses to evaluate their performance and assist the decision-making process. The point is that the key performance indicators are even more important for micro and small companies. Key performance indicators are specific and quantifiable means for measuring the performance of an activity. They provide essential business analysis and highlight opportunities to increase business success. Without these key performance indicators, small businesses fall into the classic trap of dealing with the symptoms of a problem without understanding the root cause. The same goes for evaluating successes. Small businesses tend to react punctually, trying to repeat positive results and avoid negative ones, without having a clear view of the key factors behind their results. Do you want a better tool to overcome these challenges? From planning to evaluating results, the key performance indicators are a card in the sleeve for those who want to know the course the business is taking. And the best thing, besides being a great management tool, KPIs can also be advantageous to make clear the company’s values and objectives, define responsibilities for employees and identify needs in the company’s processes, for example. Some Key Performance Indicators for Your Business In digital marketing and ecommerce, key performance indicators are the finest and most precise. Here are some digital marketing KPIs to keep track of the success of your business: Time Spent / Duration on Website: for companies with a website, even without e-commerce activity, this KPI reflects the interest of prospects, candidates and the general public. Other specific digital indicators should be explored – bounce rate, number of unique visits, number of page views, etc. Bounce Rate: percentage of visitors who see a single page of the site and leave it right away. The lower the bounce rate, the better. Lead Generation Rate: this is the percentage of visitors who have carried out an action (purchase, registration, request for a quote, etc.). The Number of Regular Visitors: one of the great challenges of marketing is to create a lasting relationship with your website visitors. Therefore, as part of your digital marketing strategy, the number of regular visitors is an important key indicator. Website Traffic Sources: this indicator gives you have the chance to analyze the origin of your website traffic sources. Most of them will probably come from search engines. But they can also come from social networks or referral sites. Website Traffic Volume: improving the SEO of your website is a crucial way to attract more qualified visitors and convert them into leads. To validate that the actions you take to improve your SEO are paying off, you can regularly monitor the number of visitors you generate from search engines. A successful digital strategy is based on the key performance indicators of your website. We have presented you some of these data-driven digital marketing KPIs which are essential for the success of your small business in today’s rapidly expanding and evolving digital landscape. These key indicators will allow you to measure, adjust and optimize your actions and campaigns. Understanding and mastering performance indicators should be a priority for your business. For more tips and tricks to increase brand equity of your small business, stay tuned to our blog! If there is anything we can help you with, contact us. We also love hearing ideas for future content!
“By establishing and sharing [KPIs] that will measure the success of a process, you make it clear to the entire team what really matters in management.”
Harrison Magoutas, Founder at Voltihost
