The analytical part of any digital marketing strategy is essential. That’s why knowing how to distinguish between objectives, metrics, and KPIs is crucial, as these are very relevant variables in analysis. Setting them properly means carrying out a correct analysis—or not.
It’s important to understand that every action in marketing is done to achieve certain objectives. But to determine to what extent these objectives have been achieved thanks to the actions taken, it’s necessary to establish KPIs. And in turn, to do this, you have to choose the metrics that should be monitored.
What is a metric in digital marketing?
A metric is a quantifiable measure that is obtained directly from a marketing action. In other words, metrics are obtained through the actions users take with a campaign, for example.
In the field of social media, metrics are the parameters that inform about the results of activity on social networks. For example: the number of “likes,” the number of comments, the number of “shares,” or the number of followers, among others.
Most social networks have “statistics” sections where you can check the metrics obtained over different periods of time.
What is a KPI in digital marketing?
KPI stands for Key Performance Indicators, and they can be defined as performance indicators that help analyze how marketing actions are working.
These indicators are also quantifiable and must be aligned with the strategy’s objectives. That is, they must be appropriate for the strategy to correctly measure the progress of actions. Both the objectives of a strategy and the KPIs must be “SMART”: Specific, Measurable, Achievable, Relevant, and Time-bound.
In short, KPIs are metrics to determine if a marketing strategy is working. In this sense, you could say that all KPIs are metrics, but not all metrics are KPIs.
Also, it’s important to know that you can set KPIs for many aspects within the strategy: email marketing KPIs, website KPIs, SEO KPIs, advertising KPIs, or social media KPIs.
In social media, KPIs are used to determine the impact of actions carried out on certain networks and make the necessary adjustments or changes to improve results.
Main differences between metrics and KPIs
The main difference between the two lies in how they are used. A metric measures a value, while a KPI is tied to a specific objective and serves to analyze whether the strategies to reach it are working.
The relationship between both concepts is that KPIs are based on metrics. That’s why it’s said that all KPIs are metrics, but not all metrics are KPIs. This is because metrics measure certain values, as they are numerical values, but analyzing all of them does not necessarily provide data on the efficiency of a strategy.
An example to better understand:
A metric can be the number of followers; a KPI, the number of followers gained on a social network in a specific period of time. And a strategy objective, to achieve 20% more followers in the next 3 months.
