A startup is like a baby. It has only just been launched to become a company and take the first step towards growth.
If it is not possible to evaluate the performance of children and adults using the same rating scale, then you cannot apply the same KPIs to companies that have achieved a certain position for years and startups. Before we decide on the KPIs, let’s understand what they mean.
KPI means that Key Performance Indicator, a kind of evaluation scale. Without evaluating scales, it’s hard to understand that a business is doing well and seeing sustainability is crucial. In addition, the founder needs to see specific reports in order to decide whether to continue to support the startup or not.
Nowadays, it is easier to measure startup marketing metrics in digital marketing than in traditional marketing. There are so many free and in-app buying tools out there that you can use to monitor marketing KPIs for small business.
On the one hand, it is of great importance which type of KPIs fit into your field. Which KPI you use changes by line of business and some metrics are useful for all startups. However, some won’t work for your startup. You need to choose the best analytics tools to get you started.
However, different marketing metrics are required for each phase of your startup. The bigger the startup, the more different tools are needed. However, to start with, you can use key KPIs that are listed below.
KPIs are not only the responsibility of the founders of startups, but also affect the marketing staff of startups or agency employees who work for startups.
It enables employees to rate their own performance. If you are looking for the best analytics tools for you and your employees, check out the best marketing analytics tools on the Digital Agency Network.
What KPIs and metrics need to be tracked for startup marketing?
Now we are going to cover key startup marketing KPIs and startup marketing metrics.
Social media movements
In this digital age, the professional use of social media platforms is almost the most important tool to have a broad audience for startups.
An application that tracks the number of followers and user visits can be used to measure startups’ social media activity and prospect tracking.
These questions can be asked. Is the number of active followers in the trend increasing or decreasing? When the number of active followers on the trend is decreasing, ask what is not working and why.
This can depend on your posts, stories, or tweets. Every week, you can use free apps to generate reports from social media analytics tools and analyze follower reactions.
Comments and messages
You can measure messages and comments on social media. How many comments does your startup receive per day and how many of them contain positive feedback?
This report can also be generated for messages. You can create sheets to show the exact number of positive and negative returns.
To get to another point, when you receive negative news it is crucial what type of problems you are experiencing and how long you take to resolve them. How many users or followers are you gaining or losing because of these issues?
Many startups are usually forgotten by customers unless they don’t communicate with customers on a regular basis.
By sending emails, notifications or reminders about discounts, upgrades, innovations, etc., customers are reminded of startups and sent back to buy products or use the services.
Measure these returns every time you send emails, notifications, or reminders. Then if they don’t buy or use your services, there may be a problem with your communication.
Is your communication personalized for potential customers? Do you communicate with your customers so often that they are overwhelmed? Or do you rarely communicate with your customers so that they forget your products?
Track your Income level
Startups do not have a solid infrastructure, and their work regulations are not fully defined. Therefore, if they cannot make an income, they cannot move on. The only thing that can keep a startup going is income. Every investor does not finance a startup that is not winning.
First you analyze the income level and then decide where to spend it. When deciding where to spend your profits, it should be considered how much of that income will be invested in non-working areas, which are viewed using different metrics, or you can cut the budget for non-working areas.
When doing an income statement, it is better to see wasted money so that you can see the risks that are waiting for you.
How many subscriptions do you get each month? Is the number increasing? And how many prospects unsubscribe from the email list, newsletter, or a service that needs to be subscribed to? As the number of potential customers unsubscribing increases, it should be asked why.
What kind of emails work and which don’t work with your subscribers?
Take a look at the keywords in your emails that caused the unsubscribe and the keywords that are getting users interested. Prepare a list to be careful when sending emails.
How many news, articles and such mass media are talking or writing about your startup? How many mentions do you get? What kind of advertisements are useful that you advertise?
Which brings more people; sponsored Instagram profile or promoting your brand on websites?
These questions determine which potential customer interests will affect your media visibility choices. You try everything first, but then, after using KPIs and metrics, determine which media will produce the highest return.
One of the things that drive sales in digital marketing is content. Potential customers visit many startups’ websites to find the right product they are looking for.
They want detailed information to help them choose the best product they are looking for.
The search engine searches for potential customers and then clicks the pages that come up first.
Most of the time they read about searching for keywords with Ctrl + F on the page they open. So if you don’t have these keywords on your side, you will lose the customer anyway.
However, meaningless sentences written only to fill the page distract readers and make them walk away from the page.
The prospective customers not only want to receive advertising, but also technical information about the product.
You can analyze how often your website link or content is shared or what kind of content is in that part. The number of shares gives you an idea of whether your content is working or not.
You’ve read key KPIs and metrics to keep track of startup marketing. However, if you are too busy with your startup’s duties, then you can choose the best possible agency from the startup marketing agencies to do the job for you.