Essential Marketing KPIs You Should Never Forget to Measure
Contributed by: Lyfe Marketing
Marketing KPIs (Key Performance Indicators) are essential for every business. These are measurable values that demonstrate if a marketing campaign is successful
You must understand that in this data-driven business environment, you should set aside time to measure the results of your campaigns using tools like https://keyword.com/, for example.This is one of the surest ways you will monitor your progress, and devise strategies that will help you stay ahead of the competition.
While there is a myriad of KPIs that affect your marketing initiatives, here are the top KPIs you should never forget to measure to enhance your marketing strategy.
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One of the best ways to know if you are achieving marketing success is by looking at your sales charts.
If there is a growth in revenue sales, you must be doing something right. If the numbers are not where you want them to be, you need to re-think the marketing strategies to weed out the ones that are not driving sales.
Your employees, most importantly the marketing team needs to know how the sales front is performing. This way, they get to know where the business stands. It also gives them a sense of ownership, so that they can always remember the goals they need to meet.
Traffic-Lead Customer Statistics
With digital marketing, it is sad not to consider site traffic as a KPI. Traffic alone, however, does very little to showcase success.
Instead, it is better to look at traffic to the site alongside the client and lead statistics. If the site is scoring well in regards to increasing in traffic but this does not correlate directly to conversions and leads, it may be an indication that customer-experience on the site is failing at one point of the process.
This goes to show why both on-site user experience and on-site marketing is vital. As you analyze this particular KPI, you want to see that marketing efforts are not only increase traffic, but they are also leading to more clients.
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Return on Investment
In your business books, digital marketing should be an investment and not an expense. To ensure that you are implementing this properly, you must measure whether you are getting any returns on the investment.
The formula to use when calculating ROI is:
(Profits - Costs) ÷ Costs
For instance, if you have in $400 for the campaign and you get $1, 000, the ROI will be
(1000-400) ÷400 =1.5
The results show that for each dollar you invest, you end up with $1.5 back.
Your ROI should always be positive. If it is negative, it shows that you are either not targeting the right crowd or the campaign does not resonate with the market you are targeting.
Sales Personnel Response Time
Generally, B2B leads usually receive slow responses from the sales teams. This is a huge problem because the quality of leads usually degrades over time. Research reveals that the odds of making a successful contact most of the time happens within less than 30 minutes after lead submission.
Measuring the speed at which the sales team responds to leads and the amount of time it takes the competition’s sale time to respond to leads can point you to the right direction on how to enhance this.
Email- Delivery Rate
Email marketing, when done in the right way, can easily give you the results you need. One of the most important email marketing KPIs to measure is the delivery rate of the emails you send out.
Do not aim for 100% delivery rate because having a huge email list does not imply that all your emails will be delivered. Note that emails change or get dumped often. Achieving a delivery rate that is more than 70 is ideal because it means that only 30% or less will not reach your potential clients. You must also have a great sender reputation to have higher chances of hitting your recipient’s inbox.
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Measuring KPIs will give you an idea of what your clients need so that you can serve them better. It also ensures that marketing becomes transparent allowing you to pinpoint any mistakes to fix them on time. Tracking the KPIs validates all the steps you take as a marketing expert regardless of whether you are in the B2B or B2C world.
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