Whether you’re introducing a product that’s been upgraded or a new product to a new market, there are five key...
Not sure how to track your marketing campaigns? Here are the top 5 KPIs for Marketers
In a world where the majority of business has shifted into a digital space, tracking your marketing performance is more important than ever. This is a perfect time to evaluate your current tracking process or develop one to implement for your organization. It takes a little bit of time and research to get your baselines, depending on what platform you use for distribution and tracking, but once you have the data, you’ll be ready to track change over time!
We live by a mantra here at LEVY: make your marketing count. Any marketing activity should directly connect to the overall sales goal of your company; but how are you driving the growth from the campaign activities you’re distributing? Below are my Top 5 you should keep an eye on.
- Sales Revenue
- Cost Per Lead
- Conversion Rates
- MQLs : SQLs
- Organic Search
Reporting on marketing campaigns as it relates to sales revenue is an essential piece of every marketing department. However, reporting the data is only the first step; you also want to showcase that the sales have exceeded the operating overhead it takes to run the marketing campaign. Focus on creating a proactive, results-oriented team, learn the language of the executive team and report on the metrics that are most important for them to review.
Cost Per Lead
Calculating your cost per lead identifies how successful the marketing campaign is in generating attention and interest. Since this removes the sales process, it doesn’t assess the quality of the leads. As an example, if three sales were generated from 12 leads and your campaign budget was $1,200, that would total $100 per lead.
Landing Page Conversion Rates
Landing pages that don’t generate leads are useless tools. You have to monitor these conversion rates closely and know when to pivot or A/B test content to ensure a constant flow of engagement. There are individual components of your page to assess and test if you still aren’t seeing leads coming through:
- CTA appearance– does it need a different placement on the page or a different color to grab someone’s attention?
- CTA content – change the message to be more enticing
- Content – could it be more persuasive?
- Form – shorten the number of required fields
Marketing Qualified Leads:Sales Qualified Leads
If you don’t know your final sales goal, it’s hard to build the marketing campaign with realistic metrics and expectations. Whether you’re using outbound or inbound marketing, or a mix of both, you need to be aware of all channels for leads and a tracking system for each.
Once you have marketing data, I’d recommend sitting with the head of your sales department to find out sales data; call:appointment, appointment:proposals, closed:lost, etc. Once you have the sales data, you can figure out how many impressions, forms, events, website traffic, etc. to make your goal. We have a great marketing tool, the calculator, that can help expedite that data as well.
SEO can be intimidating and an ever-chasing part of your digital campaign. I’m going to break it down into a few key areas to keep track of overall, and feel free to keep acquiring data as you see fit.
Overall, you want to know which leads have come through organic search, and what percentage of those leads came from which branded key words or using other terms. Also, how many of those leads turned to customers that you can track back to organic search?
Once you have this trackable data, you can put an ROI on your website as well. This metric is becoming more and more important because, historically, websites were in the ‘overhead’ category of a marketing budget. If you can set-up your ‘digital storefront’ to be a lead generator, you now have an ROI of your own to showcase in your next marketing meeting.
I hope this gets you organized and focused on building out your department metrics that you can monitor with your team and share with the executives and sales teams and bridging all of your efforts together.
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