KPI Case Study
1. Frequently Overlooked KPIs Marketers Should Track
2. The KPIs Many Marketers Aren 't Tracking — But Should
No one initiates a marketing activity expecting that it will cost more than the company will earn from it. However, if you do not have the right KPIs in place, you may not have accurate information on which of your efforts are providing the best return for the time and money spent. You are probably already tracking the usual KPIs, including leads generated, sales revenue and your cost per acquisition, but there are several other metrics that you could track that would make your endeavors more successful.
Sales Response Time
Many marketers assume that this KPI belongs to sales rather than marketing. However, both …show more content…
For example, you can determine the number of lifetime customers a marketing campaign needs to produce before you realize a positive ROI. Your CLV can also help you determine the proper amount to allocate for customer retention efforts.
You are probably tracking leads. For example, you know how many leads are generated by LinkedIn and how many your website generates. However, do you track how many of these leads become marketing qualified leads? How many of your MQLs become sales qualified leads? Of the SQLs, how many make it to the proposal or quote stage? How many quotes become sales?
Knowing the details of your leads can tell you a great deal about the level of cooperation between marketing and sales as well as whether the sales department is giving your leads the proper attention. In companies with good interdepartmental communication, the ratio of MQLs to SQLs should be high. If the sales team is not working the leads properly, the ration will be low. This is information that you need to know. Otherwise, you might make the wrong marketing decisions and end up wasting money.
Detailed Website …show more content…
You can also break the costs down by campaigns, strategies or tactics to assess the success and profitability of each.
If you embrace inbound marketing, you want most of your traffic to come from search engines. If your organic traffic is high, this means that your customers are finding your site on their own, saving you the cost and effort of driving them there. As you probably know, there is a direct correlation between organic traffic and your SEO strategy. However, many marketers do not measure organic traffic, which means that they are at a disadvantage when they try to refine their keywords or SEO traffic.
Tracking the right KPIs can help you validate what you do, giving you more balanced perspective and providing you with valuable insights. In addition, the right metrics can help you identify your failures, and as the saying goes, you cannot fix what you do not know.
Summary: Most marketing professionals are aware of the traditional KPIs that help them make informed decisions and monitor their success. However, it is easy to overlook some KPIs that are actually quite valuable if you want to create successful