3 Marketing KPI’s Your Business Should be Tracking

Setting Key Performance Indicators (KPIs) is an important part of business. It’s a great way to track company growth and will help you meet marketing objectives strategically. In fact, unmeasured marketing strategies can be counterproductive as you need to know what’s working and what’s not in order to preserve time and budget. But what marketing KPIs are actually worth tracking? Let’s delve deeper.

  1. Sales Metrics

Want to take your business from strength to strength? Then keeping an eye on sales metrics is a must. Firstly, you could look at revenue growth rate as a KPI. For example, the month-over-month percentage increase in revenue. Another good KPI is checking out pipeline volume versus goal. In other words, how many leads do you currently have in your sales pipeline compared to your target number of leads?

The right financial metrics to monitor will depend on your industry and business model but you can also look at customer acquisition costs. This is how much it costs in sales and marketing to acquire a new customer. You can then compare this to the customer lifetime value to see if your pricing needs adjusting. The customer lifetime value is a metric that estimates how much money a particular customer will spend on your business.

  1. Quantity and Quality of Leads

In a competitive business arena, there’s no room to simply ‘wing it.’ In order to thrive, you must pay close attention to vital metrics that are relative to your goals including lead-generation metrics. These provide a view into the customer journey with quality tracking enabling you to understand the quantity as well as the quality of leads you’re getting.

The type of lead KPIs you set will depend entirely on what kind of business you run and whether you’re B2B or B2C. For example, while a B2C blogger offering online courses may want to boost lead quantity through cost-effective social media tactics, a B2B company may prefer to boost the quality of their leads through a targeted, if not more expensive, PPC ad campaign. Whatever your area of focus, make sure you have targets and goals in place.

  1. Click-Through Rate and Conversion

To help you identify if your lead generation efforts are paying off, you can monitor:

  • Click-Through Rate (CTR) – this will measure the percentage of people that actually click on a Call to Action (CTA) on any given ad, link, email or landing page. If you were hoping for a PPC ad CTR of 35% but actually only got 20%, you can adjust your campaign accordingly.
  • Conversion Rate (CR) – this is the percentage of your leads that perform a specific action such as signing up to a newsletter. You could set a KPI of acquiring 50 new leads from your PPC campaign. Again, this will give you something to work towards and will offer a clearer picture of how a campaign is performing.

Conversion rates to keep an eye on if your focus is lead generation include:

  • Visitors-to-lead. This monitors how many visitors become leads.
  • Leads-to-opportunity. This keeps track of the leads that head to your sales team.
  • Opportunity-to-win. This looks at opportunities that convert to paying customers.

Contact Whitefish Marketing today for all of your digital marketing and strategy needs.

Avatar for Chris Surridge
About Chris Surridge

Chris is our marketing director. He comes from a split background in automotive and accountancy marketing, having worked with such brands in the past as Lookers PLC, Mercedes Benz and Vauxhall, as well as working with governing bodies such as ACCA and CIMA in the accounting world.