10 Important Marketing Key Performance Indicators You Need to Track Now
Key Performance Indicators (KPIs) are measurable indicators or data points that are used to analyze how successfully an organization is meeting a set of goals. A KPI could be linked to the goal of boosting your businesses sales, enhancing marketing initiatives' return on investment or improving customer service. The KPIs you select for measuring your performance must depend on the nature of your business and other relevant factors.
Here are 10 Important Marketing Key Performance Indicators that you can use for the evaluation of your business:
Customer Acquisition Cost (CAC)
Customer Acquisition Cost is the total sales and marketing expense needed to attract a new client. All programme and marketing costs, payroll, commissions and any other overhead costs associated with a lead turning into a client are included. It answers the following question: What is the cost your business is ready to bear to acquire a customer via digital marketing versus outbound marketing?
Customer Lifetime Value (LTV)
Customer Lifetime Value (CLV) is a projection of a company's profitability throughout the course of a customer's relationship. Increase your Customer Lifetime Value by staying in touch with your customers, reducing disengagement, and boosting customer satisfaction.
Return on Investment (ROI)
The return on investment (ROI), one of the important key performance indicators, is measured by weighing the income generated to the cost of running the campaign. The central question relating to this is “Are we able to obtain the desired return on the time and money spent for framing and executing our marketing efforts?”
The first step in getting to know your website visitors is to learn who they are, where they come from, and what they do after they arrive at your site. These details can help you figure out this key piece of information: What do they want from you? Knowing this allows you to predict the needs of future clients, which is what marketing is all about.
Marketing Qualified Leads (MQL)
An Marketing Qualified Leads (MQL) is a leader who has expressed interest in your company and who, if supported, has the potential to grow into a more valuable prospect. This is a great KPI to track because it shows how many leads your marketing team generates.
Sales Qualified Leads (SQL)
If a Marketing Qualified Lead is pursued, it can convert into a sales-qualified lead. In simple words, an SQL is a potential client who wants to interact with a sales representative of your organization. This Key Performance Indicator is very advantageous as it lets your marketing team learn how many leads communicated with your sales staff.
Open Rate (Email)
The open rate of an email is the percentage of people that opened an email campaign you carried out. This key performance indicator allows you to examine the relevancy of the email subject lines and the participation in your mailing list. To calculate the email open rate in percentage, divide the number of emails opened by the aggregate number of emails sent and then multiply by 100.
Click-through Rate (Email)
Click through Rate is the percentage of people who clicked on the link sent by your business. This is one of the most important Key Performance Indicators for you to comprehend your email campaign’s effectiveness. To calculate this metric, divide the number of links clicked by the number of emails sent and multiply by 100.
Sales Revenue and Growth
This straightforward KPI lets you monitor your organization’s success in yielding sales revenue. You can measure your organization’s growth and estimates by accessing a bunch of data factors. As a business owner, you can observe it macroscopically keeping in mind the company objectives.
This Key Performance Indicator reveals how impactfully a sales team closes accounts. This metric takes into account how discussions convert into money in your business. The closer the ratio of opportunity-to-win, the more productive your sales team are at the next stage.
Ameex was recently approached by a client offering premium high-absorbency products. By analyzing the KPIs and other essential parameters we helped them reach their goal. Contact us if you need any such assistance for your business.