Determine Your Location-based Marketing Key Performance Indicators (KPIs)
Having well-defined goals for your location-based marketing campaign is key to achieving measurable success. You can derive your location-based KPIs from your existing business goals.
Here are some things you can measure to incorporate into your campaign’s KPIs; track the number of each of the following elements:
Check-ins cross-posted to Twitter
Check-ins cross-posted to Facebook
Comments and tips
Deals redeemed from specials nearby
Promoters (people that would recommend your business)
Detractors (people that would not promote your business)
Frequency of check-ins
These data points offer a wealth of information. For instance, if click-through rates of specials nearby are near 40 percent with a check-in rate of over 7 percent, that translates into a new feet in the door metric.
Keep in mind that the number of unique check-ins helps determine the number of customers checking in because some customers will check in multiple times over the course of a day or week.
Also be sure to track the following:
Mayor/leader turnover: High turnover is actually a good thing because it means that people are vying to be the top checker-inner at your venue.
Demographic breakdown: This should match with your target customer profile.
Not all of these KPIs will be applicable to your campaign. For instance, if you’re running a marketing campaign for a software company, the number of photos posted might not be of significance. If you’re running a marketing campaign for a restaurant, however, you’ll probably place a premium on the number of people taking pictures of your food and sharing them.
If you think of the overarching KPI that your business can focus on, you can start to align the right location-based KPI with your campaign. Here are the four different types of KPI:
Net increase in month-over-month sales: Increasing check-ins can increase sales.
Customer satisfaction, as measured by Net Promoter Score (NPS): This is a widely used methodology where you subtract your net detractors from your net promoters. This is based on the question of whether a customer would recommend your company’s products and/or services to friends and family.
Spending per customer per visit: Your goal is to encourage existing customers to give you a greater share of their wallet on each visit.
Customer loyalty: This is based on how many customers are repeat customers.