Many sellers and business owners focus on the most popular marketing KPIs, such as cost per lead, conversion rate, and traffic. These are all important metrics that need to be tracked, but to have a more successful marketing strategy, you need to monitor much more than that. KPIs are used to evaluate the success of organizations in achieving their objectives. Low-level KPIs focus on departmental processes such as marketing, sales, human resources, etc.
For B2B representatives and sales teams who want to turn completely strangers into paying customers, the cost of customer acquisition (CAC) measures the amount of money needed to convert a potential customer into a customer. To increase your fan base, you can consider running sponsored campaigns. A brand gained 36 times its usual number of followers each day during the 4 days it published a set of sponsored posts on Instagram, which increased its number of followers by 18.15%. Key marketing performance indicators, or KPIs, are the metrics that determine whether or not a marketing strategy helps you achieve your business objectives. The engagement rate is simply the level of interaction you have with your audience that arises from your marketing campaign or content creation.
In marketing, keep in mind that it can be difficult to directly attribute sales growth to a marketing campaign. In addition, this metric helps you to better understand your customers, so that you can better target them. Now that you know the definition of marketing KPIs, it's important to remember that, depending on your industry and your objectives, there are many different metrics you can focus on. I remember that when I started doing this, I often wondered how defining what success was different from establishing the desired outcome. Calculating the average lifetime value of customers can help your company create better marketing budgets, as well as develop a reasonable cost per potential customer. However, there are other tools and platforms that can also help you monitor your social profiles and track the profiles of your competitors.
You might find that SEO, for example, outperforms social media, which can influence your future marketing budgets. Traffic can come from organic searches, links from other sites, and a variety of other sources, and knowing where you're most successful can help you decide where to focus your strategy. It's an important marketing KPI because it calculates the average length of the session and the average number of pages per session and measures if the viewer found what they were looking for on your site or not. You can measure as many times as you want, but this will likely depend on the size of your marketing team. It measures which marketing channels and campaigns are effective and successful, and it also allows you to optimize your websites. The cost of acquiring customers is generally calculated by dividing the total investment in marketing by the number of customers acquired. That's why, in this blog post, we've compiled for you a list of essential KPIs that you should monitor when evaluating the success of your marketing management plan.