Key Performance Indicators (KPIs) help you measure how effective your company is in attaining its goals. You should define and measure your business objectives, and then measure how well you achieve them. Low-level KPIs measure how well each department is performing, while high-level KPIs measure how each department is contributing to the business as a whole.
In order to sustain a business, marketing efforts need to be measurable so that it can be easier to track effectiveness and allocate an adequate budget.
Below, you can read about 10 marketing metrics that are important to track for every company:
1. Marketing Return On Investment (ROI)
Return on investment is a measure of business performance. Tracking ROI enables business owners to plan strategies and budgets for upcoming periods.
Consequently, therefore, your ROI can indicate whether or not you should continue with a particular marketing strategy, or, you should stop using a particular marketing strategy if you’re not seeing enough sales.
2. Respond Time By Sales Team
It’s so important to have a sales team that responds quickly to prospects. By monitoring how fast your sales team responds to leads, you’ll be able to measure the quality of your customer service and sales process.
3. Website Traffic
This KPI measures the number of people visiting your website and how they engage with it. Visitors are potential leads that can be turned into customers.
Monitoring your website traffic helps you gather relevant information about your website visitors so you can create marketing campaigns that target prospects specifically.
4. Social Media Engagement and Reach
The main thing to track with a social media campaign is how many people you reach. Social media sites collect this information for you automatically. If you’re looking to improve your social media marketing skills, it’s important to track the results of your posts and social media campaigns.
5. Email Marketing Strategies
Once you have a strategy for email marketing, it’s important to track how well it performs and whether the results are improving over time. You should measure email campaign’s effectiveness by looking at its open rate, deliverability and other factors.
6. Website Landing Page Conversions
Build your landing pages so that they very clearly offer the information people are looking for. This will lead to a greater number of conversions. If your landing pages don’t have a clear CTA (call to action) or if they’re cluttered with additional text or graphics, you will lose sales.
To improve your conversion rate, you should make use of appropriate search engine optimization and conversion rate optimization.
7. Blog Post Engagement and Reach
You can use this formula to track customer engagement with your blog posts. Although the amount of traffic that your blog posts generate is important, it’s even more important to focus on the quality and length of your blog posts.
Using SEO tools to track and analyze organic traffic and backlinks to your blog posts can be helpful to improve your blog.
If you’re trying to improve lead generation, it’s important to know how many leads your sales team is converting into customers. More leads mean more sales opportunities and a better chance of sales growth.
Make sure to measure the productivity of your marketing activities from both the top-of-funnel (sales qualified leads) and the bottom-of-funnel (sales accepted leads) perspectives.
9. Growth Level of Sales
The simplest, most effective way to measure your marketing strategy’s effectiveness is by measuring the growth in sales revenue. These KPIs shows how much of your total sales, or revenue was influenced by your marketing efforts. In addition, it is a great way to motivate your sales team.
10. Customers Lifespan Value
This KPI tracks the revenue a business can expect from the average customer over a period of time. This is helpful for measuring your company’s ROI and strategizing your business.
To get digital marketing results, it’s important to measure your performance. This will tell you whether or not your strategies are working.
Look at the data you’re getting from your marketing and optimize it. This will keep you from making common strategy mistakes that are easy to avoid.