Marketing is the mission-critical aspect of any business, yet marketers treat it as its secondary plan. It is vital to give equal importance to marketing rather than just focusing on investment and business operations. It provides authority and builds credibility to your business in the competitive market. Regardless of the business type and size, marketing is a prime factor in ensuring its success in the future.
Moreover, it is not as simple to promote the business through advertisement and increase brand awareness. Today marketing has become a whole new landscape for business owners and demands special considerations to make things right.
Devising a perfect marketing strategy is crucial in today’s digital world. As the in-person trade came to a complete halt, businesses were on the brink of collapse in the name of pandemic restrictions. It also led to wide-scale financial disruptions across all enterprises worldwide. However, companies took the pill for digital transformation to survive the pandemic and generate quality leads.
It adds new challenges for businesses to devise new strategies for marketing while tracking progress. It is essential to track the marketing campaigns you invest heavily in to get positive returns. Every marketing strategy has measurable metrics that detail whether your marketing campaigns are performing to their potential or not. Monitoring these metrics or KPIs will help you identify the underperforming channels to revamp them to achieve success.
Top 6 Marketing KPI’s
Let’s discuss six marketing KPIs your company should be tracking.
- Website Traffic
One of the top marketing KPIs that every business should track in 2021 is website traffic. Since every company must maintain an online presence, having a live website is not enough to boost marketing. Your website should be active with the latest content that generates consumers’ demands and needs from your business. For that instance, marketers must track the website traffic to identify the value and visitor activity on the website. Avoiding tracking these metrics will not give you insights into what the visitors are looking for and how you can improve to draw them towards the sales funnel.
You can employ analytics tools from the search engine to monitor the website traffic performance of your website. Ranking your website in higher results is a difficult task. But it is the only way to achieve more traffic and generate more leads. The higher traffic indicates the marketing performance of your business. Track the performance daily, weekly, or monthly.
Moreover, marketers must also monitor the website performance after executing marketing strategies like social media campaigns, promotional content, or guest posts. Your marketing KPIs should include organic, direct, social media, paid, and referral traffic metrics. This way, you can welcome new strategies to bring more traffic and convert the visitors to prospective leads.
- Traffic-To-Lead Ratio
Secondly, your business should track the traffic-to-lead ratio. Ensuring steady growth of the website’s traffic is the key to maintain a robust online presence. On the other side, if your traffic-to-lead ratio decreases, there is something wrong with your website’s online performance. But what is a traffic-to-lead ratio? It is the percentage of visitors that convert into leads during their visit to the website. Offering the right content to convert these visitors into leads is crucial to increase the traffic-to-lead ratio.
To track your website’s traffic-to-lead ratio, you will need to identify which pages have the highest bounce rate. Employ the analytics tools to identify these underperforming pages and optimize their content for higher rankings. You can also use the latest analytic tools to identify visitor engagement with the advanced heat maps. This way, you can quickly identify the factors that are causing the low lead generation on your website.
- Leads-To-Customer Ratio
Just like traffic-to-lead, marketers also track the leads-to-customer percentage of their business website. These are the percentage of leads that convert to actual sales. It takes a considerable amount of effort to convert the leads into a paying customer. However, backing up these efforts with numbers is the best approach to ensure they pay the dividends for the long run. It is essential to monitor and track these numbers to determine what is missing and how you can improve.
- Customer Acquisition Cost
When discussing the top metric for your company, the customer acquisition cost is not an exception. This metric has grown with the rising importance of online presence and trends for online purchases. In today’s high demand for customer-business engagement, customer acquisition is long-lasting and details your business’s health.
Simply striving to acquire maximum customers is not enough in the competitive market. You will also have to consider the cost involved to bring them to your business. Marketers can calculate this metric by dividing the total sales and marketing cost by the number of new customers.
- Social Media Reach And Engagement
If your company is not leveraging social media for marketing campaigns, you miss out significantly. Gone are the days when social media was just a platform to connect with friends and family. Today it has become an entirely new marketplace for businesses to engage with their audience and generate leads.
Moreover, linking social media with your marketing strategies can boost business performance even further. However, you should also track the performance on all social media to maximize the potential of social engagement. Every social media platform offers tracking and analysis tools to help marketers track the KPIs and alter their strategies where required. The advanced tools can help you drill down the details for the engagement practices that generate web traffic and sales for your business.
- Blog Posts Visits
The blog is the only part of your website where visitors will spend most of their time. These blog posts add credibility and a sense of trust among the visitors to convert them to paying customers. It is essential to measure the blog post’s performance by measuring the time spent and visitors’ interests in the specific blogs. Gauging these metrics cannot only increase the web traffic but also assist with generating quality leads.
Tracking the marketing KPIs will demonstrate your marketing performance and critical areas where it needs improvement. All businesses have limited marketing resources, especially during this pandemic. For that instance, knowing each marketing aspect’s performance will help you gauge what the customers expect most from your business.