May 8th, 2019
Just like Peter Drucker once said – you cannot manage what you cannot measure.
Key Performance Indicators (KPIs) are a great metric to use in order to measure how well a particular Pay Per Click (PPC) recruitment campaign is doing. The indicators that are set correctly are the ones that allow you to have a clear idea of where you are going and help you to correct yourself if the actions taken do not deliver the desired results.
There are various indicators you can monitor through your campaign in order to get a good handle on how to optimize your digital recruitment strategy. Identifying the right metrics can be overwhelming, even for the best talent acquisition professionals. Based on our experience, in this article we gathered some of the key indicators you could take into consideration.
*For each of them we include examples from our PPC campaigns.
Clicks are how every PPC ad begins. This metric will provide you with number of job seekers that actually clicked on your ad. This is a great way to determine whether or not your ad should be modified or boosted in order to perform better. Remember, in PPC campaign costs are based on the number of clicks so take this into consideration when planning your budget.
CTR – Click Through Rate
This metric helps to estimate candidate engagement with your job post. CTRs are calculated by taking the total number of impressions (or opportunities where the ad was viewed) and divided it by the number of people who actually clicked on the ad. Low CTRs communicate a lack of relevance for your ad viewers, who don’t interact with your job post.
It is important not to compare your CTR to other industries, as they vary significantly. To find out how good is your CTR, use tool mentioned in this article
Depending on the source they are different advertising costs. By tracking this metric you will be able to identify which sources deliver higher quality and more cost-effective applicants. It allows to refocus your budget decisions and prevent drowning money in ineffective sources.
CPC – Cost Per Click
Once your campaign is out there, it’s important to measure the efficiency and relevancy of your ads to make sure they’re effective – this is where CPC comes along. CPC measures the overall cost per click of your PPC ads. For example, if you paid 100 EUR for your ad and it receives 100 clicks, you’re spending 1 EYR per click on the ad. As you begin to score more clicks than what you initially paid for, your CPC will drop, which is a clear indicator of a successful ad campaign.
Tracking applicants by the source they are coming from allows to identify the most effective ones. You can even go a step further and dig up where the highest quality candidates are coming from and there focus your efforts, while dropping the lowest quality sources at the same time.
CVR – Conversion Rate
Conversion rate is a key indicator of overall campaign success. The way this is measured is through Google AdWords. It occurs when the job seeker submits the application to your job post. By looking closely at your CVR you can also measure the number of quality candidates coming from each source and how effective they are for you.
Cost Per Hire
This KPI will give you clear information about how much does it cost you to make a new hire. By knowing the exact numbers, you can set efficient targets for open positions and forecast what recruitment budgets will be needed.
Those are the basic indicators that you should measure during your next PPC campaign, but there are many more you might want to take into consideration. For a company, it is important to identify the metrics that are most relevant to their recruitment objectives, as they vary from company to company.
When it comes to estimating a good average rate for each of those metrics the situation is similar. It’s hard to name a number as it depends on individual factors like industry your company operates, traffic, budget, type of campaign etc. Monitoring and optimizing your KPIs is a key to successful PPC campaign.
As you see there is many effective ways to optimize the rates for each PPC platform. Therefore, if your company is aiming for great results not just average ones, we advise teaming up with experienced specialists.
We look forward to help you optimize your recruitment and improve your PPC rates!
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