Brands spent an average of $7,296 last year to track their KPIs. But only 41% of marketers were very confident they accurately calculated them, according to “Do You Know Your KPIS,” a recent study by analytics platform Unsupervised.
Part of the problem may be lack of training: 68% taught themselves how to track their KPIs.
And maybe they should look at them more often: 38% track them weekly, 38% monthly and 23% quarterly or less.
Here’s what they are tracking when they get around to it:
Marketers have a different set of benefits:
Business owners, who are perhaps more interested in strategy, track a different set of KPIs:
These are serious concerns, given that 25% of business owners expect their expenses to worsen over the next six months.
Business owners’ schedules are also slightly different from those of marketers: 31% track their KPIs weekly, while 49% do so monthly and 20% do this quarterly or less frequently. As for time spent, 35% spend six or more hours per month on this, while 34% devote from one to three hours, and 16% less than one hour on it.
How do they track them? They use:
But here are the benefits enjoyed by companies that accurately track their KPIs:
Unsupervised surveyed 226 marketers and 567 business leaders in the U.S.
The full report can be accessed here.