Marketing Metrics and KPIs

docx

School

Maryville University *

*We aren’t endorsed by this school

Course

360

Subject

Business

Date

Jun 10, 2024

Type

docx

Pages

Uploaded by MissRedDevil

Marketing Metrics and KPIs 1 Marketing Metrics and KPIs Miranda Loukota Department of Business, Maryville University MKT 360: Principles of Marketing Professor Valerie Maule 21 April 2024

Marketing Metrics and KPIs 2 Marketing Metrics and KPIs Though Starbucks continues to be a leader in the global coffee industry, it is still important that new products, services, and ideas are properly marketed to garner the attention, curiosity, and customer traffic that keeps the organization at the top. And this includes the add-in bar as well. But how exactly can we say whether a specific campaign is a success or failure? That is where marketing metrics and key performance indicators (KPIs) come in to play. This is a Level 2 Heading if Needed Add-In Bar When looking at if the Add-In bar is successful, there are a few metrics and KPIs that could be considered. Of course, one such KPI is the return on investment (ROI), which would be a direst measure of how much the company earns from the add-in bar, compared to the cost of the investment (Editorial Team, 2023). Being that the Add-In Bar is meant to be a free addition to the Reserve Roastery, this might be heard to actually measure, but Starbucks could do it based on an increase in traffic to the Reserve Roasteries after the Add-in Bar campaign has started, but they could also make the add-in bar a like $3 option to add to the drink order, which would allow them to analyze this metric. It is important to consider that this may not be the most important metric to consider. Another great metric that can be used to consider the success of the overall progress of the campaign for the add-in bar would be conversion rate (AltexSoft, 2024). The point of the add-in bar would be to attract both regular Starbucks customers, as well as coffee connoisseurs that do not like regular Starbucks because it doesn’t feel upscale enough. It also tries to draw in those who like to try new things, or be more creative with their drinks, so conversion is a very good option here.

Marketing Metrics and KPIs 3 Social Media Campaign: “Craft Your Own Experience” Having discussed a couple of options for the overall campaign’s success, it is also important to focus on the success or failure of the different parts of the campaign. Looking at the social media campaign that has the interactive filters, captivating videos, and images of the add- in bar itself, of the barista’s preparing the items for the bar, of customers reactions and reviews of the bar, one of the biggest indicators for this aspect (Ali, 2023). Click-through rate would allow Starbucks to see if the advertisements and videos are generating traffic to the Starbucks Reserve Websites, which would then let Starbucks look at the bounce rate (Vaičiūnaitė, 2022) once viewers get to the site, as well a monitor how much, or how long the interact with the website, and the different pages of the website, including where locations, maps, and events for the Starbucks Roasteries. Exclusive Launch Events “Add your Touch” and Influencer Collaborations When it comes to the exclusive launch events, there are a few KPI’s and metrics that could be used. To start there is total registrations (Blog Staff, 2022). Of the attendees that were invited, how many registered for the event itself? Then Starbucks could look at check-ins, of those registered, how many checked-in for the launch events. And lastly, how many mentions did the event have? How many articles and reviews were made from the event? How many social media videos on TikTok, Facebook, and Instagram were generated, the reactions, likes, comments, and shares of those videos that were generated (Ali, 2023), and what the overall reach of this was (reach to unique viewers, not new ones). I added the Influencer Collaborations here because several of the metrics and KPIs used for the launch event, particularly the content generated from the launch event, are the same metrics and KPIs that would be used for influencer collaborations as well.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

Marketing Metrics and KPIs 4 Email and In-App Marketing Campaign For this one, Starbucks would again look at both click through rate, and clicks by link (Baker, 2023) to start. This would give the insight of how many of the email and app notifications were clicked on, and of those that were clicked on, which link was clicked on, which allows the clicks of the unsubscribe link to be considered, or removed from both metrics to get a more accurate idea of what the genuine interactions look like. This also opens the door for web traffic and conversion APIs to be considered as well. In-Store Digital Engagement For this, KPIs would be harder to track. Overall use of the app itself and how many drinks are created with it, which of the tips, tricks, or recipe ideas for the add-in bar are clicked on (click-through rate), Starbucks could also add a survey at the end of drink creation, or at the end of articles to get feedback on users felt about the in-store digital experience, and how they felt about the new add-in bar. The in-app experience also makes it easier to give a place for customers to give their topping or add-in recommendations for the add-in bar, letting them be part of the bars development itself.

Marketing Metrics and KPIs 5 References Ali, A. (2023, August 18). 18 social media Kpis (and how to track them). Semrush Blog. https://www.semrush.com/blog/tracking-social-media-kpis/ AltexSoft. (2024, January 25). 20 key product management metrics and Kpis. https://www.altexsoft.com/blog/15-key-product-management-metrics-and-kpis/ #h.1ag6bco7cul Baker, D. (2023, January 2). Are your marketing emails effective? these 10 kpis will tell you. Salesforce. https://www.salesforce.com/blog/top-kpis-for-email-marketers/ Blog Staff, B. (2022, June 3). 23 important Kpis for measuring event success. https://www.bizzabo.com/blog/kpis-to-measure-event-success Editorial Team, I. (2023, February 3). 20 marketing metrics and Kpis | indeed.com. https://www.indeed.com/career-advice/career-development/marketing-metrics-and-kpis Vaičiūnaitė, D. (2022, August 2). Top 10 website Kpis to measure your website performance. Whatagraph. https://whatagraph.com/blog/articles/website-kpis

Marketing Metrics and KPIs

Related Documents