A startup is like a baby. It is just established, trying to become a business, taking the first step towards growth.
If it is not possible to evaluate the performance of children and adults with the same rating scale, you cannot apply the same KPIs to companies that have reached a certain position for years and startups. Before deciding on the KPIs, we understand the meaning of it.
KPI means that key performance indicator, a kind of rating scale. Without evaluating scales, it is hard to understand any business is going well and it is crucial to see sustainability. And also the founder needs to see tangible reports to decide whether to continue to support the startup or not.
Nowadays, it becomes easier to measure startup marketing metrics in digital marketing than traditional marketing. There are so many free and in-app purchase tools to observe marketing KPIs for small businesses.
On one hand, what kind of KPIs are fit on your field is of great importance. Which KPI you use changes according to your business area, and some of metrics are useful for all startups, on the other hand, some of them do not work for your startup. You need to choose the best analytical tools for your startup.
However, every stage in your startup requires different marketing metrics. The more grow the startup the more different tools are needed, but at the beginning you can use essential KPIs that are in the following.
KPIs are not just the responsibility of startup founders, they also concern the marketing staff of startups or agency staff working for startups.
It allows employees to evaluate their own performance. If you are seeking the best analytical tools for you and your staff, you can look at the best marketing analytics tools on Digital Agency Network.
Which KPIs and Metrics to Track for Startup Marketing?
Now, we will tell about essential startup marketing KPIs and startup marketing metrics.
Social Media Movements
In this digital age, using social media platforms professionally is the almost most significant tool to have a wide audience for startups.
An application that tracks the number of followers and user visits can be used to measure the startups’ activity on social media and the follow-up of prospects.
Those questions can be asked. Is the number of active followers in an increasing trend or is it decreasing? If the number of active followers is decreasing trend, so ask what is not working and why.
It may depend on your posts, stories, or tweets. Every week you can use free apps to take reports from social media analytics tools to analyze followers’ reactions.
Comments and Messages
You can measure messages and comments in social medias. How many comments your startup gets per day and how many of them include positive feedbacks?
This report also can be created for messages. You can make sheets to see the exact number of how many positive and negative returns.
To get to another point, if you receive negative messages, it is crucial that what kind of problems occur and in how much time you solve them. How many users or followers do you gain or lose because of these problems?
Many startups are usually forgotten by customers unless they do not communicate with customers regularly.
Sending emails, notifications or reminders about discounts, upgrades, innovations and so on make customers remember and return startups to buy products or use the services.
Measure these returns every time you send emails, notifications or reminders. Then if they do not buy something or use your services, there might be a problem in your communication.
Is your communication personalized for prospects? Do you communicate so often with your customers that they make them overwhelmed? Or do you rarely communicate with your customers so that they forget your products?
Track your Income Levels
Startups do not have a solid infrastructure, their regulation of work is not fully established. Therefore, if they cannot generate income, they cannot continue. The only thing that can keep a startup going is income. Any investor does not fund any startup that gains nothing.
Firstly you analyze income levels then decide where to spend it. While deciding where to spend your profit, it should be taken into account that how much from this income will be invested to non-working sections observed with various metrics or you may cut the budget of non-working sections.
Making an income statement would be better to see wasted money and so you can see the risks that are waiting for you.
How many subscriptions do you get monthly? Is the number increasing? And how many prospects unsubscribe from emailing list, newsletter or any service that is needed to be subscribed? If the number of prospects who unsubscribe is increasing, it should be asked why.
What kind of emails are working on your subscribers and what kind of are not working?
Look at the keywords in your emails you sent that caused the unsubscribe and keywords that make people interest. Prepare a list of them to take care while sending emails.
How many news, articles and such kind of mass media are talking or writing about your startup? How many mentions do you receive? What kind of advertisements are useful that you announce?
Which one brings more people; sponsored Instagram profile or advertising your brand on web pages?
These questions determine prospective customers interests affect how your media visibility choices. At first, you try everything, but then after using KPIs & metrics, you determine which media has the most yield.
One of the things that drive the sale in digital marketing is content. Prospective customers visit many startups’ websites to find the right product they are looking for.
They want to get detailed information in order to choose the best product that they are looking for.
The search engine carries out prospective customers’ searches and then they click the pages that appear first.
Most of the time, they read via searching for keywords with ctrl + F key on the page that they open, so if you do not have those keywords on your page, you will lose the customer anyway.
However, meaningless sentences to have written only to fill the page distract the readers and make them get away from the page.
The prospects want to reach not only advertising but also technical information about the product.
You can analyze how many times your webpage link or the piece of content is shared or what kind of content is in this piece. The number of sharing gives you an idea of whether your content is working or not.
You have read essential KPIs and metrics to track for startup marketing. But if you are too busy with the duties of your startup, you can choose the most possible agency from Startup marketing agencies to do this work for you.