10 Marketing KPIs your business should be tracking
A KPI, or key performance indicator, is as important as it sounds, as it gives you the ability to monitor your company’s growth and development. With KPIs, you can see what’s working and what isn’t. As a result, knowing your KPIs inside and out can do wonders for your organization as a whole, and can help you access new possibilities. But this can only happen when you’re keeping track of the right KPIs! It’s almost instinctual to monitor many of the most basic KPIs, but there are a few that often slip through the cracks. These are the ones to watch out for—they can do more for your business than you might expect.
Landing page conversions
You might have a website with great graphics, a catchy headline, and all the necessary links, but if your conversion rates aren’t good, you’re missing out on your potential. Remember, this isn’t just about traffic; it’s about conversions. Track your landing page conversion numbers, and you’ll soon be able to tell whether your homepage needs an upgrade. There are a few easy changes you can make now that might boost those conversion numbers, like the following:
- A simpler call to action
- A more visually appealing call to action; try changing the font, color, or size.
- Add social proof, like testimonials and social media posts, or improve the proof you have.
- Make your written content shorter and more reader-friendly.
New contact and conversion rates
When new contact and conversion rates are one of your KPIs, you’ll get a much better understanding of where your traffic is coming from. Whether that traffic is direct, organic, or channeled through social media or referrals can make a big difference in your marketing efforts. You can gain a much deeper understanding of who is getting to your website and what attracted them there, and you’ll be able to expand your reach as a result. If there are weak points in your marketing efforts, you’ll have the information you need to strengthen them.
Social media traffic
Like your overall conversion rates, tracking your social media traffic can help you figure out who you’re attracting and why. Is your Facebook page more effective, or your Twitter account? What’s the difference between those two audiences? Social media is a critical part of every organization’s marketing efforts, and the more you know about how your social media efforts are being received, the better you can manage this important tool. Additionally, social media platforms often provide built-in metrics, making your job one step easier.
When you’re designing your website, it’s easy to forget that formatting changes between PC and mobile. If your site isn’t mobile-friendly, you’ll lose out on valuable clients and general traffic. Make sure your site is mobile-friendly, and then you can begin to track the metrics that come with it.
Elements like the number of mobile lead conversions, bounce rates from mobile devices, and which mobile devices your visitors like to use can all help you incorporate mobile traffic into your list of useful KPIs. Traffic of all kinds is important to help your business grow, and mobile traffic is only going to increase over time. Make sure you can tap into the market!
When your organic traffic numbers are high, it means people are finding your homepage on their own, without guidance from social media or other reference points. If you’ve got a healthy amount of organic traffic, congratulations! It means your SEO, or search engine optimization is on track. People are finding your site because you’re using the right keywords to draw them in.
As you can imagine, using organic traffic as a KPI is one of the most helpful ways to make sure your SEO is working the way it should. If your numbers are low or have started dipping recently, it’s time to start tinkering. Changing those SEOs can boost traffic and improve your business.
The ratio of leads to customers
This element can be broken down into two: sales qualified leads and sales accepted leads. Sales qualified leads are not money-in-hand sales, but meet certain qualifications. A customer might have filled out a sales form or performed some other action that suggests a sale is imminent. Sales accepted leads are opportunities for your sales team, whether they’ve already contacted this potential customer or are planning to in the future.
Monitoring these numbers will help you keep your finger on how successful your salespeople are. How many of these leads are translating into customers? If the number is low, there are changes that need to be made in the process, and using this ratio as a KPI is a fantastic way to make sure you’re keeping that ratio healthy.
While you’re considering your leads, don’t forget to analyze the cost. Both inbound and outbound marketing leads are important to understanding the direction your leads are taking, and whether the current amount of effort going into those leads is worth it. Successfully interpreting these costs—including manpower, advertising, technology and software, general overhead, and others—and including them as KPIs will help you accurately interpret which efforts are most successful, and which would benefit from some work. Once you’ve patched this potential hole, you’ll have more room for successful growth.
Inbound marketing ROI
It’s a given that every company wants to see a good return on all their investments. Your sales revenue is a critical element of this positive ROI, so tracking it with a KPI is always a good move. Tracking your sales revenues and inbound marketing efforts make it easy to see where your sales are headed and can help you know what changes you need to take to course correct (or to continue following a positive trend!). If a marketing effort is costing you money without positive returns, you’ll be able to cut your losses quickly rather than wasting any more time or resources.
Reaching out to your customers is a great way to show them that you care, and also allows you to gauge the level of satisfaction they have with your service or product. This effort can increase the likelihood of your customers forming a lasting relationship with you, and you’ll then be able to determine what that relationship will mean for your company.
It might sound callous to calculate the benefit of each customer relationship, but in reality, it’s a useful, practical way to determine how solid your relationship with your customers is. If those relationships are weak, or generally unproductive, you know that it’s time to change the way you and your customers interact. Everyone will benefit as a result.
Without a solid understanding of your sales revenue, it’s very difficult to be certain how successful your inbound marketing campaign is. This knowledge is what can make all the difference in your marketing efforts. If you learn that one of your approaches isn’t working, you can shift it. Reallocate those resources to something that works, and you’ll see those numbers change for the better. Sales revenue makes for a very important KPI and one that will give you the confidence to shift your marketing to a more useful method and constantly improve your overall efforts.
Remember your KPIs!
As you develop your marketing efforts and your business as a whole, keep these KPIs in mind. They might not be the ones you’re currently observing, but that unconventional element can make a huge difference. You’ll have an insight into the workings of your business that other organizations don’t have. That slight edge on the competition can put you ahead of the game, and help you connect with your customers in a genuine way.