By 2020, the digital advertising spend for travel marketers in the US alone will reach nearly $8.28 billion. But how do you know how much of your efforts—and dollars—are actually resonating among your audiences? Based on your Key Performance Indicators (KPIs), you can evaluate primary areas of campaign performance. Here, we look at when to build KPIs into your marketing strategy, and give you a couple examples of how they might work.
When to Define Your KPI
Measuring multiple metrics and goals within one campaign will give you a plethora of post campaign analytics, but they will most likely all be so-so results since there is not a single effort to focus on. It is imperative that prior to your campaign launch, you have one clearly defined marketing objective. Are you trying to drive clicks to your site? Are you looking to increase direct bookings? Is raising brand awareness your primary concern? Doing this first makes evaluating the overall impact easier and can help with future campaign planning.
Three KPIs Compared
Let’s look at brand awareness, for example. The primary purpose of brand awareness is a heightened attention to your brand. KPIs include reach, engagement, and frequency. Brand awareness can be a vague, and therefore tough, campaign metric to assess, because you can’t directly tie it back to ROI. But, the payoff can be huge when you’re top of mind along the path to purchase within a crowded online environment.
Click-through rate (CTR), on the other hand, is a little more straightforward. The goal is to drive increased traffic to your site. The primary metrics are impressions and clicks, so it’s a lot easier to gauge whether a campaign is meeting its goal or missing the mark. By driving traffic to your site and using tracking URLs, you can evaluate where people are coming from – which then leads to well thought out targeting in future campaigns.
For hoteliers, you’re probably looking to increase direct bookings. Similar to CTR-focused campaigns, this metric is also a more direct measurement for success. Looking at past performance to determine a future booking goal is the easiest way to begin. What’s more, defining which attribution model would be most effective for your brand and campaign is an essential piece for a conversion-based campaign like direct bookings. From there, you can evaluate your impact by looking at your overall return on ad spend in comparison to prior campaigns.
Are you looking to increase campaign performance and better measure success? Contact Sojern today.