Key Performance Indicators Any Marketing Strategy Should Have
A marketing strategy is crucial for the health and strength of your business, but you need certain elements in place to track how effectively it’s working for you. Key performance indicators (KPI) measure exactly what’s working and what’s not working in your marketing efforts. There are numerous key performance indicators to consider when building a marketing strategy, and you will need to decide what works best for you. Below, we have four KPIs you should consider when building your marketing strategy.
- Sales growth
The only way to judge the success of your marketing is by measuring the growth in sales revenue. This may not be easy at first, as you will need to sift through your marketing efforts to find what does drive your sales. But measuring sales growth is the only way to ensure your company’s health long-term. In the long run, it will help your strategic planning as well as identify specific growth trends to look out for.
- Lead Generation
The more leads you get the more sales opportunities you have, and from there you have a better chance of sales growth. Leads are incredibly important because they drive a marketing and sales department to generate sales, which will then generate growth. Understanding the difference between a marketing qualified lead and a sales qualified lead is important will help you better engage with and track these leads.
A marketing qualified lead is engaged, sales-ready contacts who are not quite fully-fledged opportunities. Typically, they have interacted with some sort of marketing effort (like an eBook, newsletter or online form) that shows interest in the product or service you offer.
A sales qualified lead is further along in the lead lifecycle, and now they are worthy of a follow-up from the sales team. At this point, this kind of lead is intending to make a purchase.
- Website traffic
With website traffic, we are primarily looking at engagement. The people visiting your site are the potential leads that can turn into potential customers. Understanding who is using your website and how they are using it will let you know what they are looking for. This can help you anticipate the needs of your potential customers as well as the customers you already have!
- Social media reach and engagement
Your social media allows you to share your content and engage with your current and potential customers. You can track this KPI by looking at your growth on social media, as in likes on Facebook or followers on Twitter. Each of these social channels has analysis and track built-in, allowing you to see what your followers have engaged with and what they haven’t. From this data, you can determine what socials posts work and divert your energy to those.