With all the data out there, it can be confusing to know what to measure in marketing. Your marketing KPIs should always map to your overarching strategy, and that strategy will arise from your company’s goals.
We find that one easy way to identify what you should measure is to break down your marketing KPIs into the four phases of the customer journey. This will help you measure the success of your funnel at its different points, and identify spots where your customers are dropping off or failing to complete the intended action.
You can then use industry benchmark data to analyze your data points, and over time build up your own historical data to compare against as well.
Stage: Attract
- Website or app users
- Pageviews
- Social media followers
- Social media engagement (likes, etc.) — and on which types of posts
- Ad spend
- Impressions
- Click-through rate
- Cost-per-click
- Marketing Qualified Leads (MQLs)
Stage: Convert
- Bounce rate
- Conversion rate
- Sales Qualified Leads (SQLs)
Stage: Close
- Revenue
- Close-ratio
- Cart abandonment
- Checkout abandonment
- Sales cycle (average time-to-close)
- Average deal/order size
Stage: Delight
- Customer retention rate
- CSAT (Customer Satisfaction), such as Net Promoter Score
- Revenue growth, or attrition
- Customer lifetime value
Are you doing Account-based Marketing (ABM)? ABM metrics are all about account engagement, so consider measuring:
- Target accounts
- Engaged target accounts (marketing qualified accounts)
- Opportunity target accounts
- Closed target accounts
We know, that’s a lot of stuff to track. Not all KPIs are created equal, so choose the measurements most relevant to your organization’s goals, and come back to them, over and over. If you find some of the things you are measuring aren’t actionable, don’t be afraid to review this list.
When you have a strategic list of metrics, you get a clearer picture of how your funnel is working and where you have room for improvement. You get to use the data you need, disregard what’s unnecessary, and move forward with confidence.
Sound overwhelming, or too time-consuming for your crazy days? No worries. Consider outsourcing your marketing so you’ll get that information without having to worry about the nitty-gritty of tracking it yourself.
Intrigued? Give us a shout.
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