You obviously know what is important if you have been spending time researching marketing strategies and plans for your business. For your business to succeed, you need a blog, website, social media, and excellent content. However, marketers tend to forget the essential part of marketing, which is measuring results.
Important Marketing KPIs You Should be Tracking
If you don’t know anything about tracking KPIs, don’t panic. Be prepared to learn how to set objectives to measure and establish the success of your marketing campaigns. There are various lead-generating metrics that you can use to prove the success of your campaign.
Sales KPIs will always be discussed after some months, especially if you are on the sales and marketing team. It is a constant topic in the KPI world, regardless of whether you are starting to dive into the next season’s KPIs or in a rush to achieve those final goals. The sales revenue enables you to measure the progress of your business.
You will have to review data every month to determine the growth trends and estimations of your business. This will be helpful since it allows you to track your business’s overall success and on a more personal level.
Online marketing Return on Investment (ROI)
This will need a lot of reporting and analytics. Online success is dependent on your ability to report and analyze website activity and the sources of traffic.
Also, you will need the right tools to help you measure and analyze this data. Once you have the tools, you can then improve traffic sources to create more lead traffic. You will eventually increase conversions on your website.
More leads are equal to more sales opportunities. And having more sales opportunities means you have better chances of growing your sales. Leads are significant in the sales and marketing departments. However, it is essential to keep in mind that not all leads are similar. Make sure that you are familiar with the various types.
Marketing qualified leads (MQL)
A marketing-qualified lead is a lead that is not ready to be transferred to the sales department for follow-up. However, this lead is more likely to become a customer when compared to other leads.
Sales qualified leads (SQL)
These are the leads that have been accepted as loyal customers and are worth an unswerving sale follow-up. SQLs are more ready to make a decision.
Tracking leads will allow you to know the number of leads tossed back to the marketing funnel and the ones accepted by the sales team. You will then be able to address any disconnect once you have that data.
Cost per Lead
This metric allows you to measure your marketing campaigns’ success when it comes to producing new lead sales. The CPL metric entitles a particular amount of money to every lead your campaign generates. This is especially beneficial for evaluating the effectiveness of online marketing options like Social ads and AdWords.
Customer lifetime value (LTV)
This metric looks at the amount of revenue a company can expect over the typical customer’s lifetime. In marketing, the best way to measure customer value is by reaching out to them and inquiring about what they value most. This will help you to know the areas that need improvement. Having this information will also help reduce the customer churn rate, keep them satisfied, and extend their lifetime value.
The world that we live in is increasingly becoming mobile. It is, therefore, essential to know the exact number of traffic coming from mobile devices. You will need to have the tools that will give you the ability to report on mobile conversions.
Customer retention measures the effectiveness of your business in retaining customers in the long term. Pay more attention to this metric to help improve the reputation of your business. Remember, engaging new customers is more costly than engaging the current clients.
The correct customer retention metrics will allow you to know who is abandoning your products or services, what time they are churning, and most importantly, why.
There is a reason that marketing metrics exist; they give you the ability to track your growth and measure your success. Knowing and measuring the right KPIs will help you achieve results even faster. KPIs give you valuable data on the things your team is doing so that you make smart decisions, optimize your process, close more deals and go viral quickly. Choose KPIs that are practical and mirror the priorities and goals of your company.