How to Select the Right Marketing KPIs for your Construction Business

How to Select the Right Marketing KPIs for your Construction Business?

Choosing the right KPIs or key performance indicators is crucial to your Construction Marketing. It ensures that your business can achieve the strategic goals and an incredible amount of improvement. However, with a large amount of data you can easily access, it can be overwhelming to pick the best KPIs with the most value.

So, to make the right choice, you must think about your construction business and what you want and need to measure. This blog will guide you in choosing the right marketing metrics for your business.

What is Marketing KPIs anyway?

 

The single individual units of measurements or data points that will provide mathematical input about the performance of your business relative to a specified goal are called KPIs or key performance indicators. These KPIs are one of the most important metrics in construction marketing since they can make you fully understand and assess how your business is currently performing.

So, it is crucial to choose the right KPIs. In fact, it is one of the most crucial decisions you should make for your construction business to succeed further. A great set of KPIs to track can allow you to measure the growth and health of your construction business, helping you also to make any strategic decisions more efficiently.

Important Elements of a Good KPI

 

When choosing some key performance indicators without considering your marketing goals and business, you may end up with a rather trivial and superficial set. And since KPIs are critical to the success of your construction business, choosing them randomly isn’t a good practice at all, and it requires some thought before deciding.

A good KPI is expected to possess the following attributes:

  • Align with growth stage: It should reflect the present stage of your construction business while considering its growth.
  • Relevant to your goals: A valuable KPI should be directly related to your overall business goals and objectives.
  • Substance: A KPI should be specific and solely focused on detailed and important metrics.
  • Actionable: A good KPI must clarify where to take certain actions to improve the performance of your business and achieve eventual success.
  • Measurable and Quantifiable: It should be able to precisely measure now and then to track the progress of your business regularly with confidence.

Tips in Choosing the Right Marketing KPIs

 

1. KPI should be associated with your business goals

KPIs are quantifiable data points used to gauge the performance of your business associated with your target goals. Therefore, the right KPIs re the ones that are related to your goal of whether improving the ROI of your marketing efforts, increasing your leads and sales, or improving your customer service.

Ask yourself, what are your company goals? Have you already identified any major areas for optimization and improvement? What are your biggest priorities for your marketing campaigns? Answering these cited questions can bring you closer to determining the right KPIs for your brand.

2. Focus on a few key metrics than a slew of data

As you determine KPIs for your construction business, less is worth more. So, rather than picking dozens of digital marketing metrics for your business to assess and report, you must focus on a few more important ones. If you track a lot of KPIs at once, you may become overwhelmed with the data and possibly lose focus.

As you try to imagine, every industry, company, and business model is different, and your company is different too. So make sure to have a fair number of KPIs that have the most impact and are significant to your target marketing goals. Enough to get a great sense of where you stand but not to a lot where there is no priority.

3. Consider your construction company’s stage of growth

Depending on the stage of your construction company, well-established vs. start-up, certain marketing metrics will be more crucial than others. In fact, early-stage companies usually focus on data related to their business model validation, while well-established companies focus more on metrics like cost per acquisition and customer lifetime value.

4. Determine both leading and lagging performance indicators

The main difference between leading and lagging indicators is knowing how you did versus how you are doing. Leading indicators are not essentially better than lagging indicators, or vice versa. So, you must be aware of the major differences between the two.

  • Lagging indicators assess and analyze the output of something that has already happened. The number of new prospects and total sales last month are some basic examples of lagging indicators. This type of metric is only good for solely measuring results and outputs.
  • Leading indicators, on the other hand, measure the likelihood of accomplishing a goal in the future. These indicators serve as predictors of what is to come. Some of the few examples of leading indicators that you should know are conversion rates, sales opportunities, and more.

Examples of Marketing KPIs You Should Know

 

There is a lot of different KPIs a contractor like you can tack. And if you do not know any, here is a list. We make sorting a lot easier and break it down into different categories for you to understand it better. Consider this as a useful guide, a bookmarkable cross-reference resource.

General marketing metrics

 

  • Customer Lifetime Value: How much revenue your business can generate per customer over the customer’s lifetime.
  • Brand awareness: Measures the level of familiarity and understanding your target audience has around your construction brand, services, or product.
  • Return on Investment or ROI: How much revenue is being generated per dollar spent on your construction marketing?
  • Customer Acquisition Cost: This is the expense of activities required to earn one client
  • Incremental Sales: The sales growth over time
  • Conversion rate: This refers to the percentage of visits that result in the desired action, like making a purchase or completing a form.
  • Leads generated: Refers to the raw number of sales leads that are brought in by your marketing efforts.
  • Market Share: The percentage of clients in the market that purchase from you versus your competition.
  • Lead score: A metric for determining how most likely a possible client will purchase from you.
  • Net promoter score: A tool being used to measure client loyalty and sentiment towards your brand

Website and Blogging Metrics

 

Here are several websites and blogging metrics that can help you in measuring website traffic and tracking how successful your website is:

  • ·Organic traffic: Unpaid web traffic driven via search engines
  • Referral traffic: Traffic referred to your website via another source (email, search engine, social media, etc.)
  • Churn/Customer Attrition: The rate of client loss over time.
  • Total visits: This refers to the aggregate number of hits over a specific time period
  • First visit: The moment a new prospective client lands on your website for the very first time.
  • Returning visits: This refers to all hits from visitors who have been to your website previously.
  • Traffic sources: These are the places that refer traffic to your blog or website.
  • Click-through rate: The percentage of search engine queries that result in a click to your website.
  • Bounce rate: Track web visitors who only view one page from your website before exiting.
  • Unique visitors: The number of single users on your website.
  • Pageviews: The overall number of pages that are being viewed on your site.
  • Pageviews per session: This refers to the number of pages an average web visitor views on your website before leaving.
  • Top pages: These are the pages that are driving the best performances, either by conversion rate or traffic
  • Sessions by device type: The number of visits your website receives or broken down by the type of device the target audience has used to access it.

SEO Metrics

 

  • Search traffic: This refers to the referral traffic sent to a website via the search engine.
  • Keyword ranking: How high a webpage ranks in search engines for a certain keyword
  • Total backlinks: This is the number of links pointing to a webpage from other websites.
  • Page authority: Measures how commanding or authoritative search engines view your single webpage.
  • Domain authority: Measures how commanding or authoritative search engines view your entire website
  • Page load speed: Refers on how fast your website loads which might impact the search engine rankings
  • Organic click-through rate: How often users click a certain given page when it starts to appear in search engine results.

Want to Boost Your Digital Marketing KPIs?

 

When you are aware of how your marketing efforts are performing from a quantitative metrics standpoint, you can have a better data-informed decision. Assessing data gathered from your marketing performance metrics dictates any decisions you have to make when changing your future marketing efforts.

If you want to improve your marketing campaigns’ performance, you need to pay attention to your KPIs. Here at ConstructionMarketing.io, we pride ourselves on accomplishing great results through rigorous marketing research and data analysis. Our marketing experts know the nitty and gritty of all things related to marketing KPI.

So, talk to us today if you want help with your many KPI questions, measuring metrics, and figuring out what to do to boost your metrics. We are happy to help.