Digital Analytics- KPIs . You are a Digital Marketing Analyst at a large retailer, and your team team has been tasked to generate $600 million in digital revenue in the 4th quarter, a 20% increase compared to the 4th quarter last year. Your team has received an approval of $60 million in digital marketing budget for the quarter to help meet this goal.
Your team has put together a digital marketing plan that included creative strategies, pricing strategies, messaging strategies, and media buy tactics to acquire new customers and generate revenue. The plan listed paid search, display ads, emails, promoted posts on social media, and affiliates as the acquisition sources.
You are now working on KPIs to measure for the marketing campaign. You’ll need to (1) track on a daily basis to optimize their marketing campaign, and (2) report to the CMO and other marketing leaders for their executive updates.
Answer the following questions:
1. What KPIs and supporting metrics should you measure and monitor based on the marketing plan and your business objectives? (use the “so what?” method!)
2. How would those KPIs and supporting metrics help you achieve your goal? Are they the same for all channels?
3. What are some of the top challenges that you could face in gathering the KPIs and presenting them to the executives? What can you do to avoid or overcome those challenges?