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What is Grow with GRV?
Grow with GRV is a series that I felt compelled to release, keeping in mind the current market situation that has badly hit businesses and jobs across the globe. One way to adapt to the rapidly changing market is by going digital. If you offer a product or service that was majorly dependent on offline sales, follow this series to learn how to infuse digital DNA in your business strategy. By doing so, you shall be able to neutralise a notable amount of damage caused by plummeting offline sales.
Creating digital content and campaigns without setting measurable KPIs (key performance indicators) is like throwing stones down the river hoping the fishes will jump out because of it. If you instead wish to find the right bait for the fishes you want to catch, you need to make note of the effectiveness of each bait.
The best fishermen often know very well the bait that works best when trying to catch salmon. Similarly, someone who wants to attract tuna or sea bass would use specific baits for the fish they are trying to catch. If you know how effective your baits are for the fishes you are trying to catch, you are likely to score more catches in less time when compared to someone new who has no knowledge about the same.
In our case, your content is the bait and your target market is the type of fish you are trying to attract. When taking your business online it is of prime importance to measure the effectiveness of the content you create. The only legit way to do that is by setting the right KPIs for the same.
The 3 KPI’s I found the most appropriate for measuring the effectiveness of digital content are as follows:
Traction, interaction and conversions
Traction: Put in the most simple words I can think of, traction is the number of eyeballs your content is able to garner for itself. This is the foundation stone for measuring the potency of digital content.
Interaction: Once your content is gaining traction, the next best thing to measure its effectiveness is the interaction level that your content invokes in your audience. The more they react, comment and share it… the better the performance! So track what kind of content performs well and try to find what element(s) in it make for its secret ingredient. Was it an exclusive insight you researched for, or a call for action? Whatever it is that makes your content more engaging, make a list of it all. Then use it in variations by incorporating the element that best suits the content piece you are producing next.
Conversions: When your content is so impactful that it successfully does what it was created for, only then will it qualify for successful conversion. For example, your content was created to convert a guest reader to a returning subscriber, a video viewer to a buyer, a podcast listener to a contest participant, the list can go on.