When you’re putting together your marketing strategy, you aren’t just doing that for the fun of it. You’re looking for results! The question is, how can you measure those results to evaluate your marketing performance? Your key performance metrics play a major role in how effectively you can measure the effectiveness of your strategy, and it’s critical that you incorporate performance evaluation into your routine. This article will explore how benchmarks can help your marketing tactics thrive, even as the business world evolves around you.
What Are Marketing Metrics?
Marketing metrics are factors that quantify your strategy’s performance.
These metrics are tracked by keeping a count of the different actions potential customers and clients can take as they interact with your brand and move down the sales funnel. A few of these marketing metric types include:
- Unique website visitors- The number of different people visiting your site.
- Marketing qualified leads- Potential customers that engage with your company as a result of your marketing.
- Sales qualified leads- Prospective customers who have been qualified by the sales team as ready to close a sale.
- Customer retention- The percentage of customers that you are able to continuously serve or sell to.
- Closing rate- The number of clients you close in comparison to the number of potential leads you work with.
How to Handle Marketing Performance Management
To maximize your marketing performance, you’ll need to track your metrics. Otherwise, you won’t know how well things were working! Marketing performance management means working with your key performance indicators to make sure you’re doing more of what is working best and adjusting what isn’t.
The first thing you want to do after your marketing strategy is finalized is to decide what your benchmarks will look like. These marketing benchmarks are goals that you have for each segment of your marketing plan that will help you track how well things are working in every aspect of your strategy and evaluate your performance.
How to Track Marketing Metrics
Once you’ve decided on your marketing benchmarks, you’ll need a way to track them! That’s where these strategies come in.
- Website Analytics- This is the most basic way to track how your company is doing online. When you see an uptick in online traffic, you’re looking at additional exposure and people engaged with your brand. When you implement a new marketing tactic, you should tie it to a specific page on your site so you can track the efficacy of that specific message compared to others.
- Phone Tracking- When you’re fielding phone calls from potential clients, they’ve typically found you either via your website or by referral. They’re actively seeking out your company and they’re engaged with your product or services. By tracking these calls and finding out where these potential clients are coming from, you can adjust your approach to target the areas where the most engaged clients are coming from more aggressively.
- CRM Tracking- Customer relationship management tracking allows marketers to manage their relationships with actual and potential customers. This means that you’ll be able to see how the customers become engaged with your company, how they secure your services, what pain points they tend to have, and more. This information is invaluable to marketers, as it tells you more about what your clients are looking for and by extension, how to reach them effectively.
- KPI Dashboard Tracking- A Key Performance Indicator dashboard is a comprehensive visualization tool that shows you all of your KPI’s in one place so you can get a full picture of how things are going any time and track your progress over time.
Marketing Benchmarks to Watch Post-COVID
As COVID-19 continues to change the landscape of the business world, there are a few marketing benchmarks that are playing a more important role than ever before. These are the main marketing metrics to keep an eye on both during and after the pandemic.
Organic traffic– As always site traffic is a major indication of how many people are engaging with your brand. But particularly when that is the only way they have to engage with you, it’s even more vital that you keep track of which pages people are visiting and what kind of services they are looking for.
Conversion rates– Of those who are visiting your site, how many are actually moving further down the sales funnel by starting a free trial? How many are making virtual appointments or purchasing your services? This information gives you insight into what kinds of services are the most in-demand in this changing business environment.
Meetings set– Beyond conversion, meetings are major indicators of a potential sale. By keeping track of how many people are willing to set up meetings with you to discuss their situations, you can see how many potential qualified leads are coming to you for which service.
Pipeline Sourced or Influenced by Marketing– This metric tells you which marketing initiative influenced the lead to make contact and become a potential client. This tells you which of your efforts are most successful at converting people into qualified leads and moving them down the sales pipeline.
Closed Won Revenue Sourced or Influenced by Marketing– Closed won revenue that’s sourced or influenced by your marketing efforts will tell you how often deals are closed as a result of a particular initiative, so you can see how well your strategy turns potential leads into sales.
Your performance can only be measured by your marketing metrics. By keeping a handle on your benchmarks and key performance indicators, you’ll be able to adjust your strategy effectively to reach your ideal audience and see the benefits of your marketing efforts.
Meet Andrea Lechner-Becker
Andrea Lechner-Becker’s bio reads like someone who filled out a what-should-I-be-when-I-grow-up quiz and decided to try every option. Fueled by endless curiosity, Andrea has never met a problem she didn’t want to solve. This led her to managing sales and marketing at an art gallery, then loyalty and email marketing strategy for an NBA team and arena, then the delivery team at LeadMD, followed by a stint as a novelist and culminating with her current role as CMO of LeadMD. With a decade of experience in dynamic marketing roles, Andrea has had the opportunity to work with the most brilliant marketing minds at the best companies in the world. #hugemarketingdork