How successful are your marketing campaigns? How many leads do they generate? What is your lead-to-customer conversion rate? Setting and measuring relevant KPIs allows marketers to stay up to date with all the data, and to make well-informed decisions to improve the results of their actions.
Which KPIs should marketers be tracking?
Here are examples of the most important ones.
- Number of leads
One of the main goals of marketing is to attract leads or prospective customers.
Depending on the needs and expectations of an organisation, the definition of a lead may vary from one business to another. For some companies a lead may be understood, for example, as a person who provided their data through a contact form, or signed up for a trial version of a product.
In any case, keeping track of the number of your leads will allow you to find out how well your lead generation efforts are working.
- Cost per lead
Does it pay off to invest money in specific channels and types of marketing campaigns? Are they effective in achieving the desired results?
Knowing how many leads you have is important, but what is also worth knowing is the cost of acquiring them through marketing campaigns.
How can you calculate that?
Let’s say that your company spent $2000 dollars on an email marketing campaign, and 50 recipients converted to leads. This means that the cost of generating 1 lead through that campaign amounted to $40.
- Landing Page converting rates
A beautifully designed landing page may generate a lot of traffic, but it won’t necessary translate into the number of generated leads. That’s why, aside from establishing KPIs that will enable you to analyze the traffic and its sources (organic, referral, social, paid, etc.), it is crucial to set up a visitor-to-lead ratio.
This will allow you to keep an eye on the number of visitors who performed the desired action, whether it be filling out a form, downloading an offer, or buying a product.
- Newsletter subscriptions
Sending newsletters to potential and current customers is one of the best ways of building lasting relationships.
In order to see how your newsletter is performing, you can use several metrics, such as the number of subscriptions, opened emails, and users who unsubscribed.
Analyzing the engagement of the newsletter will allow you to keep improving it.
- Engagement in social media
The exact KPIs you can measure in relation to social media vary depending on a given platform. Some of the most common indicators include: likes, shares, clicks, and comments.
Setting up such KPIs will let you to better understand your fans, increase the reach of your content, and generate new traffic to your website.