Are you looking for the best marketing KPI’s to track in the coming year?
As with most businesses, tracking your marketing strategy will enable you to see first-hand the effectiveness of your campaign and areas that needed improvement.
Every marketer and business owner want to see maximum return on their investment (ROI). You aim to make profits and to accomplish that, you have to know how and where your allocated budget is spending.
A primary part of your marketing strategy is to track your business performance, that is where key performance indicators (KPI’s) come in.
But you might be wondering…
What is a Key Performance Indicator (KPI)?
A Key Performance Indicator (KPI) gauges or evaluates the performance of your business’ marketing campaigns to identify it’s progress.
Your operational and strategic goal determines your success, that is why KPIs are vital for tracking your business operations. However, to streamline the process, you have to choose the best marketing KPIs to track.
Accordingly, there is a mass of marketing KPIs to track, but we have put together 11 of the most helpful marketing Key Performance Indicators (KPIs) that you should follow in 2019 and beyond.
1. Customer Acquisition Cost (CAC)
Customer Acquisition Cost refers to the average cost of every new customer you acquire. But many marketers overlook this metric.
If you begin tracking it as well, this marketing KPI will give you a comprehensive understanding of your marketing return on investment (ROI).
Although evaluating the general success and usefulness of Customer Acquisition Cost (CAC) is beneficial for your business, you have to estimate the CAC of all campaigns and every marketing method.
The resulting data will show you the success of your marketing endeavors, in this way, you can pinpoint and invest your money on marketing techniques with the lowest CAC.
Here’s how to measure it:
Campaign cost + Number of customers acquired from campaign = CAC.
2. Conversion Rate
The goal of every online business owner and marketer is to convert website visitors to leads and then convert leads to customers.
Thus, if you can pinpoint the percentage of site visitors who took the desired action, that is a vital marketing KPI to track. But your conversion doesn’t only occur on your blog or website.
There are many channels where conversion rate takes place, such as
1. Social media conversion rate
2. Landing page conversion rate
3. Keyword conversion rate
4. Device conversion rate
We’ll discuss more about the aforementioned conversion rate channels further in the article. However, whatever your marketing campaign, KPIs will help you track and evaluate your performance results.
3. Sales Revenue Growth
Your sales revenue after each day, week, or months of business tells you how it is progressing. And you cannot determine success without evaluating your sales revenue growth.
Once you start measuring your sales growth, you’ll be able to sift out unwanted marketing practices that hinder with it.
This marketing KPI is essential to your business because it will not only serve as a remarkable indicator of strategic business planning, but it will also help you identify your business’ current growth movements.
4. Quantify inbound link building
Inbound link building is great for SEO, but often they’re neglected–in terms of tracking and measurement.
But you should weigh your Inbound links because they show how your marketing tactics are performing. It tells you who are sending visitors to your site or product page and the number of referral traffic to your website.
This means that if you’re consistently publishing useful link-worthy blog content, your inbound links will grow incredibly with time.
But over time if your inbound links don’t increase, then something is probably wrong. So it’s important that you track your inbound links to figure out what your buyer persona is doing.
5. Blog content performance
As a website owner, it’s obvious you have a personal blog, even though you do not have a blog on your site.
With that said, if you can understand the conduct of your blog content–how visitors are interacting with your blog posts, you will be able to calculate the content types they love to engage with, and those that put them off.
This report will enable you to create more informative content that will improve the traffic and the bounce rate.
Many website owners who have personal blogs are not able to maintain them because they generally don’t have much time to write a blog. So, when in this situation, you have the option to hire freelance writers to create new content to publish on your blog consistently (when you are not able to).
What’s important is that your blog frequently and provide your audience with valuable, quality content. That way, you’ll soon win your audience’s trust. You should also measure your blog’s performance regularly to find what is working.
Are you tracking your leads? If you’re not, you should because quality leads help increase sales. That is why you always hear or read articles about lead generation tactics and so on.
But you must know that not all leads are quality leads–meaning that not all who submit their email addresses are willing and ready to buy from you.
That is why we have what is called “Sales Qualified Lead (SQL) and Marketing Qualified Lead (MQL).” These are the same leads but of different lifecycle stages.
Let’s break them down a little.
– Sales Qualified Lead (SQL) – These are the leads that your sales team obtained and acknowledged as vital for a direct sales follow-up marketing. The Sales Qualified Leads (SQL) have been examined further and revealed that such leads are ready to make a buying decision.
– Marketing Qualified Lead (MQL) – This lead is calculated to become a qualified buyer or customer compared to other lead counterparts. Those who fall in this group are people who have shown that they’re sales-ready contacts. But they have not fully qualified as buying customers.
7. Landing Page Conversion
You already have a landing page, and I know that. But is your landing page converting visitors to leads?
Interestingly, the primary objective of a landing page is to convert visitors to leads, but if your page isn’t converting, that means you’re leaving money behind.
Consequently, you need to track your landing page’s conversion rate to figure out why it’s not converting and how to fix the problem.
For example, your landing page might be driving tons of traffic to your website, but the traffic is not converting. This shows that there is a problem somewhere.
Therefore, conduct A/B testing to find what is working and what is not. Consider adjusting the following areas:
– Craft irresistible headlines
– Create a compelling content copy
– Optimize your call-to-action (CTA) copy
8. Mobile traffic and conversion rates
Google has long indicated its love for mobile users. And recently when Google rolled out its Mobile-first Indexing strategy, it became clear that mobile is the way to go.
So the question is…
Is your blog or website optimized for mobile?
If your site is not mobile optimized, you need to do that now, because a recent study has proven that mobile users have already surpassed desktop users.
The study points that 51% of users worldwide are accessing the internet via mobile devices, and 49% from desktop.
In fact, not only has mobile users surpassed desktop, users spend more time on mobile devices than on desktop. So it makes sense for mobile optimization to be an important strategy for your campaign.
Hence, you must understand how visitors are using mobile to access your site.
Try to calculate the metrics in the following areas:
- Number of mobile traffic to your site
- Conversions from mobile
- Type of mobile devices people are using to access your site
- Amount of lead generation via mobile devices
Your profound knowledge of your buyer’s mobile usage will enable you to optimize accordingly and boost your digital marketing efforts.
9. Email marketing conduct
Your email marketing performance is a marketing KPI you must track because it tells you about the successes and failures of your email strategy.
You want your emails opened and read, so if you don’t track the conduct and performance of your email subject lines, you wouldn’t know how successful your email marketing efforts are. In other words, your email open rates indicate the effectiveness of your email subject lines.
It’s more like a content headline. If your article’s headline is compelling, people will click to read. Similarly, if your email subject lines are irresistible, recipients will open your emails and read it’s content.
So, obviously, your email marketing strategy is vital to your digital marketing success. Therefore, calculate each email campaign to make sure your efforts are fruitful.
Evaluate your email marketing strategy’s success using these metrics:
- Open rates
- Email delivery rates
- Conversion rates
Tracking the following email KPIs will help you to determine how your email recipients are interacting with your emails.
10. Social media traffic
Social media marketing is a formidable force in your digital marketing exercise that you must not overlook. It plays a crucial part in your marketing success story –making it a measure–worthy KPI.
These digital marketing metrics will help you determine how vital social media is to your digital marketing campaign and the effectiveness of your tactics.
Primarily focus on these:
- Leads generated via social media
- Conversions generated from social media
- Customers acquired through social media
- Social media referral traffic
The information gathered from tracking and analyzing your social media KPI will enable you to have a remarkable social media experience.
11. Organic traffic
We cannot possibly round up this article without including the tracking of organic search traffic. You already know that to drive organic traffic, your content and web pages must be well optimized for the search engine.
Or you might say that an effective SEO campaign will increase organic search traffic to your site.
Although this marketing strategy is free, you need to measure it to determine the benefits. It will further prove that your inbound marketing strategy is actually working.
A high volume of organic traffic to your site shows that people are finding your blog or website based on the keyword you are using.
So make sure to monitor and calculate:
- Site users
- Average session duration
- Page views
- Bounce rate
Measure these numbers together with your keywords to help improve your SEO strategy and ultimately, Google search rankings.
Here we have the best marketing KPIs to track in your marketing efforts to help you determine how to strategize for more success. Hence, be sure to visit your marketing strategy regularly to figure out where you need to make adjustments. And these steps will help you skyrocket your marketing success.