Last updated on July 11th, 2022 at 05:48 am
Key performance indicators or KPIs assist in quantifying the performance of a business and provide essential insights. While they help track financial goals and prepare the company for future opportunities, KPIs also help evaluate marketing solutions and improve customer service.
It would help if you used KPIs to understand what strategy will benefit a company in the digital marketing industry. You can opt for a digital marketing course to learn about the practical use of KPIs. You can choose Imarticus Learning's Digital Marketing program to land a lucrative job in the field.
Top 5 KPIs That Will Drive Business with Digital Marketing
KPIs are not the same for every business that uses digital marketing. They change depending upon the type of business and the goals set. If you learn digital marketing, you will identify the KPIs that will ensure growth for a specific business. Following are a few of the most important KPIs that can drive your business.
- Revenue or Sales Growth
You need to calculate revenue or sales growth to understand how well your business is performing. Usually, sales growth is in percentage, and positive growth means the company is thriving. However, you need to change strategies and introduce radical modifications to boost sales and revenue generation if you see negative growth.
- Revenue Streams
It is essential to analyze the revenue streams or income sources. It can help to understand which customers are driving the profit. An accurate analysis of revenue streams can also help with decision-making. If you have the correct information, you can implement the right digital marketing strategies and grow the business.
- Revenue Concentration
In an ideal business, the revenue is not concentrated on one aspect. It comes from multiple clients and is diverse. If you see that the revenue comes from a single client, you need to change the portfolio. If that client stops doing business with you, you might end up losing the entire venture. You can rely on digital marketing to diversify your portfolio and improve revenue concentration.
- Working Capital
Businesses need to figure out a strategy that will help them take on more opportunities and stay afloat. So you need to understand your working capital. It will help you decide where to invest and how to maximise business growth. To calculate working capital, you need to subtract the current liabilities from current assets. You also need to check your current working capital ratio to understand where the business stands.
- Business Performance
Business performance means prioritizing profitability over time. Over time, financial resources will get drained. However, if you analyze all reports, you will understand what is triggering the losses and how you can increase the profits. You can do this by using digital marketing to enhance business performance.
The best digital marketing course will teach you to recognize the importance of having KPIs to boost business growth.
Launch a Successful Digital Marketing Career
For a successful career in digital marketing, you will need to choose a course that has an industry-oriented curriculum. You can learn digital marketing from Imarticus Learning and get industry certification.
The institute offers a PG Program in Digital Marketing. You will get to work on four Capstone projects which are based on real business issues.
There are many case studies available for students that prepare them for the industry. The digital marketing course from Imarticus includes multiple interactive sessions and lectures where students can discuss important topics related to the digital marketing industry.
Imarticus Learning offers the best digital marketing course and guarantees placements. Students can build industry contacts and learn essential job-related skills to launch a rewarding career.
