What Metrics Should Your Marketing Team Be Measuring?
How do you know your marketing efforts are actually paying off? Marketing metrics! Don’t have any? We’ll fix that by the end of this post. If you’re not tracking KPIs, you can’t celebrate wins when you hit a peak or diagnose issues when you’re not getting the response you hoped for.
You can’t make data-driven decisions without data.
You also don’t want to drown in reports that feel like they’re about as useful as TPS reports, or spend so much time gathering data that you slack on creating campaigns. You want that sweet spot of key marketing metrics that will give you the most value but not take too long to report.
So let’s look at the marketing reporting metrics that will give you the most bang for your buck. Speaking of bucks, cost will be of key interest to the higher-ups, as CEOs tend to put more confidence in the money people rather than the marketers. (Rude, we know.) You want to be able to speak the language of value when you give your reports, and these metrics will do the talking for you.
Total site visits
This one’s low-hanging fruit. But you need this number to show you the pairs of eyes you’re starting with on your marketing copy, whether on your home page or a landing page. You can see how your audience grows over time, and when there might be a dip, so you can dig into why.
Landing page conversion rates
How effective is your copy on your landing page? If you’re not measuring the conversion rate of each page, you’ll never know. This number will show you the winner in A/B testing. (You are A/B testing, right?) It will also help you identify the best language you can use over and over.
Customer acquisition cost (CAC)
How much does it take to lure in a customer, on average? To get this number, you have to know how much you’re spending — ads, salaries, plus any other overhead during a certain time frame. Then divide that by the number of new customers over the same time frame. Voila, this is your customer acquisition cost.
How much revenue is each channel actually making you? It doesn’t matter if you have a million page views if those views don’t convert. Being able to track revenue means that you have to be set up to track a customer from their first click to when they sign on the dotted line and everything they do in between. It may take some setup, but it will be worth it when you need to request more budget and you have the stats to show your efforts are working.
Marketing-originated customer percentage
How many new customers were your efforts specifically related to? Getting this means you have some back up to the statement, “You’d be nothing without us!” This number tells you what percentage of customers you’re responsible for attracting. The thing is, while you can do this manually, it will be much easier with a closed-loop marketing analytics system. (This might just be the impetus to setting one up!) The way you find this number is by looking at all your new customers during a certain period and dividing it by the number of those customers who came from a marketing-driven lead.
There are many tools out there to help you measure marketing key performance indicators automatically and prepare reports for you. Look into a repeatable system for getting to know these numbers and review them with your staff. It will help you put the science behind the art of your marketing campaign.