What Are KPI Indicators

Its acronym comes from the English Key Performance Indicator, which in Spanish we could translate as Key Performance Indicator. It is a series of metrics used to analyze information related to the efficiency and productivity of all the business’s actions.

So we can empower the ones who work and change those who don’t. They are also known as quality or business key indicators and can be applied in any area or sector. Still, without a doubt, their most excellent effectiveness is demonstrated in everything related to online marketing.

What Are The Benefits Of KPI Indicators

Given that the main objective of KPI indicators is to help us make better decisions regarding our business, what advantages can they offer us?

• We can obtain precious information about the operation of our marketing campaigns.
• Measure the variables and the results based on that information.
• Analyze the effects of your strategies.
• Compare the information so that we identify effective strategies and enhance them.

What Are The KPI Indicators You Need In Your Business

Various KPI indicators can be used in a business, regardless of its size. However, although as you go, you can get to know the ones that best suit you, there are some generals that you need to have.

Income Statement

This KPI allows you to analyze your income and expenses to ensure that the benefits are in line with them. It is recommended to do it every month and carry out quarterly reviews to always be up to date and make the appropriate modifications.

Traffic Data

Web traffic is necessary for a business with an online presence to function, and if you do not have visits (traffic), it is useless to be present on the Internet. As the objective is to increase traffic, the KPI indicators that control the existing one allow you to know if your strategies are working and what to do to improve them.

Conversion Ratio

Without a doubt, this is one of the essential KPI indicators since it allows you to know the income of your business by dividing between the monthly visits and the sales made. Then multiply the result by 100, and you will learn how much you have won. In this way, you can make the necessary changes to continue increasing sales.

Churn Rate

Some businesses receive many visits but few sales. Why do people leave your site without buying? Knowing how high this rate is can lead you to analyze details of your site and improve bugs. Maybe it’s things like loading speed, usability, or other easy-to-change details.

Also Read: Becoming a Better Business Manager: 3 Top Tips

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What Is The Marketing Mix

To understand the marketing mix ​​and develop a good marketing plan, you have to know some aspects of the field. Marketing, in general, is aimed at increasing the sales of an organization, anticipating the wishes of customers, and satisfying them through the offer of a product. All these strategies will go hand in hand with an excellent systemic leader in charge of a project to maximize benefits.

In this sense, the marketing mix refers to the blend of elements that companies use to get specific responses in the market. Authors Kotler and Armstrong defined this tool as the set of controllable marketing tactics that entities combine to produce a desired response in the target market. Throughout history, many authors have tried to list the different tasks of the marketing department.

The Main Elements Of The Marketing Mix

Both digital and traditional marketing have to define the objectives to follow to rely on the marketing mix tool. On the other hand, these elements are also known as the 4Ps of marketing: product, price, promotion, and distribution (placement).

4P Of Marketing The Product

The product in the marketing mix is ​​the first element and has a single function to satisfy customers’ needs. If it does not satisfy any need, the product will not be accepted in the market fulfilled, entrepreneurs make the mistake of ‘falling in love with their products and focusing on improving their characteristics, as well as highlighting the qualities, but if a prior market study is not done to know the consumer and their needs, it will be useless.

On the other hand, this product can be tangible or intangible, possibly referring to objects, goods, services, people, places, or organizations. It can also be divided into three levels:

• Essential or Basic: It refers to what the customer buys, that is, the primary benefit or service of the product.
• Real: Meanwhile may have different characteristics such as quality, price, brand, packaging, and labeling.
• Increased: It is much more than the primary benefit and the characteristics of the products, and it refers to aspects such as warranty, after-sales service, credit, delivery, or installation. 

4P Of Marketing The Price

The price in the marketing mix is the amount of money that consumers are willing to pay for a product. Before setting this amount, it will be essential to study various aspects such as, for example, the target, the market in which the activity will be carried out, the costs of production or acquisition, and the competition. To work with the second 4P of marketing, companies should take into account the following strategies:

• Set a profit margin, that is, set the price based on the different costs incurred in producing the product.
• A marketing mix strategy focused on setting the price based on the products of the competition.
• Strategy is based on setting the price based on the value perceived by customers. It is usually used when the product has prestige and fame in the market.

4P Of Marketing Promotion

Promotion is another essential element that is part of the 4Ps of marketing. It is understood as to how the seller transmits the necessary information to the target audience. Its objective is to stimulate demand for the achievement of organizational goals. In addition, there are numerous communication tools that companies can use, such as sales promotion, advertising, public relations, and direct marketing. Social networks are a great ally of the organizations through which they launch countless promotions in recent times.

Marketing 4P Distribution or Placement

The last variable of the 4Ps of marketing is the distribution or also known as placement. In this sense, it is to consider how the company wants to get the products to consumers, that is, consider the activities necessary to transfer the product to the points of sale. The product must be at the right time and place to choose it before that of the competition. On the other hand, this section considers aspects such as storage, inventory management, transportation, or order processing within the marketing mix.

Ultimately, the marketing mix is acquiring new approaches and adaptations of trends that must be seen from the perspective of the company and the consumer. For this reason, professionals such as the Senior Technician in Marketing and Distance Advertising must have in- depth knowledge of this tool, as well as its application according to the characteristics of the organization or the needs of the clients, to achieve the goal of acquiring a better position in the market concerning the competition.

Also Read: The Trends And Strategies Of Digital Marketing In 2021

The post The Importance Of The Marketing Mix For A Business appeared first on Web Updates Daily.

Return on investment (ROI) is among the foremost essential metrics to live a marketing strategy’s effectiveness. It serves to understand the benefit of investment in marketing and sales and indicates where to continue promoting investments to be profitable in the future. Its calculation is extremely valuable to marketers, as they will make decisions faster by tailoring investments to the foremost efficient campaigns or channels for the business.

When evaluating the ROI in marketing and sales actions, two aspects have to be considered: digital media (lead generation) and human resources (planning and execution of selling stories and getting to results in close sales). To enhance ROI on both components, the key’s technology.

Technology To Optimize Lead Generation

Companies are starting to understand that buyers are omnichannel and buy through the most convenient channel for them. Today’s web channel is the main point of contact with customers and may be essential to distribute traffic to other media. But call centers still play a vital role in sales. Therefore the challenge for several companies is knowing the way to combine contact centers and digital platforms.

In this sense, creating dynamic and personalized pages, placing multiple conversion channels within the landing, or giving immediate attention to hot leads within the contact center, has been shown to extend the Conversion Rate in landing pages. Consistent with a report published in Harvard Business Review, if you are trying to contact the lead 5 minutes after they need to be left their details, there’s ten times less chance of reaching them and, therefore, closing the sale.

Greater Efficiency By Automating Tasks

The goal is to lose as few opportunities as possible and optimize human resource management, automating immediate responses to steer inquiries through omnichannel bots (thus having the ability to attend to a better volume and taking advantage of each opportunity), automating repetitive tasks or employing workflows to streamline the sales funnel. Using display remarketing segmentation strategies on leads that have expressed interest and were contacted but declined the deal within the first instance, it’s possible to recover (effectively close the sale) to twenty of them.

Test Before Investing

Using the A/B Testing tool during the launch of a campaign contributes to improving ROI since it allows you to continue investing only in what has been proven to figure (what call to action to use, what email subject, etc.). If the results of the tests are crossed with the segmentation of audiences, it’s possible to deliver appropriate content for every profile, increasing the chances of a sale.

Most Importantly Employ Comprehensive Sales And Marketing Technology

Using separate tools to execute digital marketing actions and sales makes it impossible to automatically get indicators from the integrated marketing-sales funnel and in real-time. Monitoring both areas separately is time-consuming and reduces efficiency, additionally to the frequent errors which will be introduced when performing manual integration processes.

Having a worldwide technology that integrates the digital marketing and sales operations from end to finish allows us to extract the essential indicators of selling and sales within the same solution and even match the associated operating expenses to get precise metrics of the return on investment. During this way, you’ll obtain KPIs in real-time for every one of the funnel stages from click to sale and make minute-by-minute adjustments in both investments in digital media.

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