10 Essential Marketing KPIs You Should Be Tracking
6 min read
To have a successful marketing and SEO campaign, you first need to decide on a selection of clear and trackable marketing KPIs. KPIs, or Key Performance Indicators, are measurable values that you can use to measure and monitor the success of your campaigns as well as your overall business. It’s best practice for businesses to use multiple KPIs at varying levels to evaluate their success at reaching targets, as well as to highlight the performance in other areas of the business.
What Makes KPIs Effective?
Before we delve into the 10 essential marketing KPIs you should be tracking, it’s first important to know what makes these values so effective to your business and marketing campaigns.
Often, businesses will unknowingly take on the wrong KPIs. This leads to confusion when their KPIs do not reflect their business or fail to reflect on any positive changes. This means it’s important to choose the correct marketing KPIs to apply to your campaign.
With the correct KPIs, you can gain valuable insight into your business. You get a better understanding of the tactics that are working well and are able to identify ones that may be holding you back in your campaign.
The KPIs You Should be Tracking
With years of experience in the marketing sector, we like to think that we’re pretty clued up on some of the most essential marketing KPIs you should be tracking in your campaign! We’ve compiled a list of the top 10 marketing KPIs that we think are crucial to your marketing campaign.
10. Revenue Driven by Marketing Leads
This refers to the percentage of revenue that originates from digital marketing efforts. By measuring this marketing KPI in our campaign, you can get quality insight into your campaigns impact and prove the ROI of your digital marketing.
The proof is in the pudding. If you’re getting great revenue, chances are you’ve got a great marketing campaign driving your business forward. On the other hand, if your revenue is falling short of desired business goals, it might be time to reevaluate your marketing campaign.
9. Lead Quality
Assessing the genuine quality of your leads can show you if you are successfully targeting the right audience in your campaign. Many marketing professionals say that only 50% of their leads are of good quality and are ready to be converted or nurtured.
Quality leads mean your digital marketing efforts will be paying off. However, if you’re receiving lots of leads but none of them are converting, it’s possible you are targeting the wrong audience therefore wasting money and resources.
By measuring your leads, you can ensure you are only targeting quality leads who will eventually convert on your site and filter out any lower quality leads. To measure these leads, you’ll need to download some kind of tracking on your website, such as Google Analytics.
8. Lead Volume
The number of leads you generate directly reflects on the reach you are attaining in your marketing campaign. Lead volume is an essential marketing KPI and especially important for B2B businesses.
Why is this marketing KPI so important? Well, a higher volume of leads means a potential for a greater number of sales. It can show if your marketing campaign is driving enough results to your businesses whilst also highlighting any pitfalls in your campaign.
7. Customer Lifetime Value
Whilst generating fresh new leads is important for business, it’s just as important to have a loyal customer base that provides your business with returned custom and continued value. By adding Customer Lifetime Value (CLV) to your list of trackable marketing KPIs, you can see a projected value of your customers loyalty to your company.
CLV essentially refers to the total worth of a customer to a business over the entirety of their relationship. Measuring this is simple. We recommend using a simple formula of customer revenue minus the cost to acquire and serve the customer.
This is important as it is often more profitable for businesses to sell to existing customers than to try and find, nurture and convert new ones. The average probability of converting a new customer ranges from 5-20%, however, selling to an existing customer is 60-70% more likely.
6. Landing Page Conversion Rates
The value of a marketing campaign is directly determined by its ability to generate leads. At the backbone of your marketing campaign is your website, accompanied by specific landing pages that work towards converting your leads.
By tracking how many people are landing on pages of your website, as well as tracking what links they follow or actions they take, you can gauge their effectiveness and improve any pages that are lacking whilst further amplifying successful pages.
Content marketing and creation is crucial to build solid landing pages. SEO friendly content needs to be at least 1000 words, but it also needs to be user friendly and informative. Landing Page Conversion Rates as part of your marketing KPIs can help you to identify pages that need this extra level of TLC.
Forms of conversions for landing pages can be the average time spent on the page, if someone carries out an action such as filling in a contact form, or the total number of visits to that particular page.
5. Website Traffic
The total number of visitors to your website suggests an estimated number of potential leads and people to convert. You should compare the total volume of visitors against certain web metrics, such as:
- Bounce rate
- Page views
- Pages per session
- Average session duration
By reviewing website traffic in your marketing KPIs, you can figure out what your visitors want from your site.
4. Website Traffic to Website Lead Ratio
Measuring the quality of your website traffic is an absolute must when it comes to marketing KPIs. Its simple to measure; all you need to do is calculate how much of your overall website traffic converts into leads.
Lower conversions can point to problems with your landing pages, or even the UX design element of your website.
3. Customer Acquisition Cost
This refers to the cost that is needed to convert a prospect into a customer. This is crucial to measure alongside other marketing KPIs as it directly involves your marketing budget.
You need to be aware of how much you’re investing in new leads and the impact this is having on your overall budget. With CAC effectively measured, you can set goals for CAC and budget accordingly.
2. Blog Post Visits
The humble blog, while often overlooked, is just as an important marketing strategy as your SEO. Genuine, interesting and informative blogs can help build a better customer-business relationship and can assist with lead conversion.
By adding blog post visits to your set of measurable marketing KPIs, you can get an insight into what interests your audience. Blogs with higher visit rates should be utilised further in your marketing strategy and the topic used, as well as the tone of voice in that specific blog, should be repeated throughout your website for successful consistency.
With a stronger understanding of your audience interests, you can continue to generate high quality content that can be used to create brand equity and drive engagement with your users.
1. Email Marketing Campaign
Finally, it’s time to look at your email campaigns as a marketing KPI. As you may or may not be aware, email marketing is crucial to your digital marketing success. It’s an effective way to drive engagement and convert users, getting you that all important revenue.
To get a better understanding of how your email marketing campaigns are impacting our business, you’ll need to look at elements such as:
- Open rates
- Click through rates
- Conversion rates
- Unsubscribe rates
- Forwards and shares
Make sure you pay close attention to your email newsletters. From the headline to the copy, it can be a useful tool to convert your future prospects.
Time to Get Tracking!
Now you know the top 10 essential marketing KPIs you should be tracking, why not start implementing them into your marketing campaign and business structure? This way, you can explore all elements of your business to see what is performing well and what needs some extra work.
Need any help optimising certain areas of your business? Feel free to get in touch with us here at Digital Ethos. With experience in SEO, PPC and website design, we can help you to see fresh new results for your business and get you one step further to achieving your business goals.