How do you spend your evenings measuring progress without a marketing campaign tracker? Is it coffee at the new spot, some Bogle Chardonnay with friends, or beer with a few colleagues?
Well, only if wishes were horses.
Probably, these evenings go out closing multitudes of workflow templates as you weep. Taking this phone call here, closing that CRM sheet there, and reading a few analytics in between.
Eventually, your hands get full and things start slipping through.
That Zoom Call you forgot is right on time to get you heading into the shower. In 4K.
And you end up on the news.
The headline “Marketing Woman/Man Forgets Zoom Call and Heads into the Shower.”
Well, it doesn’t always have to be this way.
To Make Tracking Progress Easier, Don’t Be An Integration Junkie
Only three words can describe tracking siloed marketing systems. It is inefficient, tiring, and ineffective. Only three because we leave out the swearing (in English).
If so, you are among the 55% of marketers drowning in the depths of siloed data, parallel solutions, and the empty promises of so-called “multiple integrations.” Congratulations.
You started with integrating a CRM but soon realized that integrations are addictive. You are now a proud owner of a parallel:
- Project management tool
- Call tracking software
- Time tracking software
- Budgeting software
- Auditing software
- Google Analytics, URL Builder, and other software
- Lead generation software
- Cat meme software
- 600 other software that have any remote relation with content marketing
Soon your digital marketing platform looks like the Play Store, making customer-centricity a distant dream and progress tracking a constant nightmare.
You turned into your worst fear: an integration junkie. That’s why measuring progress is difficult; your campaign has no beginning and no end.
It’s what the French call, a cluster f**k of epic proportions.
The First Step To Untangling This Mess: Using Key Performance Indicators
After being the first employee to ever wash up on the local news and some papers, you are now a bit popular at the workplace.
Only downside? Everybody now calls you “Marketing woman.” They never forget the headline and never will.
On Tuesday, word comes that the bosses want the “Marketing Woman.” It’s for a report on progress on the new digital marketing campaign. Here is where Key Performance Indicators come in.
Key Performance Indicators (KPIs) are metrics that help you analyze the level of progress on a certain project (Google Analytics is not enough). Investors, marketers, and sales teams across the board use KPIs to judge whether a given project is going according to plan, will meet projections, or otherwise. Just so you know, otherwise is bad.
Here are some KPIs that you will present to the bosses to prove that your marketing strategy can meet projections and expectations.
- Search Rankings
- Organic Site Traffic
- Web Traffic To Lead Ratio
- Website Lead To Marketing Qualified Lead (MQL) Ratio
- Website Lead To Sales Qualified Lead (SQL) Ratio
- Bounce Rate
- Return On Investment
- Cost Of Customer Acquisition
- Lifetime Customer Value (LCV)
- Call Tracking Is Your Friend
- Less Is More
1. Search Rankings
A Search ranking is the position of your website on a search algorithm like Google or Bing. In other words, it is how far down prospects have to scroll down the Google page (SERP) before meeting your website, blog, or blog posts.
An increase in search rankings is a solid indicator of a working online marketing campaign. It means all that work in content management, SEO, and website optimization is paying off.
2. Organic Site Traffic
Search rankings are not enough to measure how successful your SEO campaign is running. You need to go the extra mile. Namely organic search traffic.
Organic site traffic is a campaign tracking metric you can use to measure how effective your content strategy is in terms of keyword research and SEO. A significant increase means that more people are visiting your site and reading your content or blogs.
3. Web Traffic To Lead Ratio
Is it enough that your SEO efforts are paying off and prospects and leads are visiting your website? Probably not.
People visit your website or blog for lots of reasons. You may be surprised that even your competitors are some of your most frequent and loyal readers. That explains the two dislikes.
It’s the readers who convert that matter, and this metric helps you get those visitors who mean business. Use the calculation:
(Number of visitors/Number of Leads)* 100
Figuring out what’s a lead is a lot easier than it sounds. These are the people who click on your call to action, take your free trial, request a newsletter, or call your customer support.
4. Website Lead To Marketing Qualified Lead (MQL) Ratio
All leads are not created equal, and in the midst of the leads that you generated are high-quality leads and low-quality leads.
An MQL is not only a lead who visits your website but one who also generates interest in your product.
These are the leads who are willing to give up information, like their emails or phone numbers. To measure MQL, use the formula:
(Number Of Leads/ Number Of qualified Leads)*100
An increase in the MQL means that not only are you getting leads, but also high-quality leads that are easy to convert. The inverse of leads who did not convert is a metric called bounce rate.
5. Website Lead To Sales Qualified Lead (SQL) Ratio
If you are familiar with the intricacies of dating, you probably know that someone giving you their number is no guarantee that they will text back.
That’s the difference between a marketing qualified lead and a sales qualified lead. An MQL is willing to give you their information, like their emails. A SQL, on the other hand, is ready to engage.
Once a lead is willing to engage recurrently, they are ripe for the taking and your marketing team can comfortably pass them over to the sales team
To calculate SQL to website lead ratio use:
(Number of leads/Number of engaging leads)* 100
6. Bounce Rate
The bounce rate is a metric that lets you measure how many leads and prospects you are bleeding. These are those prospects that fall off somewhere down the funnel due to a variety of reasons.
A high bounce rate doesn’t necessarily mean you are underspending on your ad campaign. It can be a result of poor placement of CTAs, lack of landing pages, or poor email marketing.
To calculate your bounce rate use the formula:
(Total number of one-page visits/total number of entries)* 100
A decrease in your bounce rate represents an improvement in your inbound marketing and is a foundation for higher conversion rates.
7. Return On Investment
If all the above metrics are trending positively, then you are running a successful marketing campaign. However, a functioning marketing campaign is the bare minimum.
Not only should your campaign be functional, but it should also be feasible. This means that your return (ROI) should be more than the resources you spend on the marketing budget.
To measure ROI, use the formula:
(Sales Growth-Marketing Cost)/ Marketing Cost
This is one of the most crucial metrics, especially for an e-commerce business. A positive ROI means that your campaign is getting a lot of things right.
8. Cost Of Customer Acquisition
Another important metric for cash-strapped startups is the average amount of money you spent in the acquisition of a single customer.
Is the amount of money you spend on Google ads and social media marketing worth it? This metric will help you find out. Use the formula:
(Sales and Marketing Expenses/Number Of New Customers)
9. Lifetime Customer Value (LCV)
Now that you know how much you spend on a single prospect, it’s important to know how much your prospect will spend on you.
Are your $40 per customer marketing efforts and resources going to customers who will spend an average of $23 in their lifetime?
A lifetime customer value that is less than the cost of acquisition is one of the worst discoveries you will ever make in a small business.
To calculate LCV, use the formula:
(Customer value* Average Customer Lifespan)
10. Call Tracking Is Your Friend
There is a long way between an online marketing campaign and measuring its effectiveness, and call tracking is half that distance.
There is a temptation for marketers to dwell on social media and online marketing metrics, leaving call metrics behind.
There is a lot to track as far as Google Analytics is concerned, but phone calls also offer a wealth of data and information as you track marketing campaigns.
To track calls, you will have to look at call volumes, call durations, lead sources, and objections. You will also have to keep an eye on your response times and how long it takes for your team’s response.
11. Less Is More
When it comes to digital marketing and tracking marketing campaigns, always remember that simplicity is the greatest sophistication.
There are hundreds of KPIs, dozens of integrations, and integrations like HubSpot that also come with hundreds of integrations. You don’t need all of them.
Bring All Your Analytics Under One Dashboard With Welcome
You can put the days of moving from the URL builder tab to a HubSpot template in a sea of tabs to an end. Welcome is your one-stop-shop for everything marketing tracking. Our solution will bring all the crucial metrics that you need under one dashboard.
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