Marketing campaign effectiveness metrics are the backbone of any successful campaign. The idea is simple: good data drives good decisions. Data that informs, provides program insights, and improves the customer experience will undoubtedly result in acquiring more quality leads and ultimately increase sales.
So if you find yourself unsure of what you should be focusing on first, what metrics are the most important, or which are the most beneficial to analyze, you aren’t alone. If you are just getting started, or you know it’s time to review the data you’re capturing more closely, here is a quick and dirty list of the metrics you most definitely want to be regularly monitoring:
Daily Lead Flow
How many leads need to be entering the funnel each day in order to meet your monthly goals? Staying on top of how your campaigns are performing will allow you to realize when a change needs to be made, or when something is broken and needs to be fixed.
From the time a lead first enters the funnel, to the time they make a purchase, how long a period of time has passed? This information will allow you to set goals around the number of leads you need on a daily, weekly, and monthly and annual basis.
Monitoring close rates for each channel will show you where your clients are responding best. Additionally, this will help in deciding how to allocate budget dollars.
Leads By Marketing Offer
Maybe an e-book is your most downloaded free marketing offer. Analyze it. How does it differ from your other marketing offers? Did you include new information? Did you promote it in a new channel? Break it down to determine what made it most successful and then replicate this type of offer for future campaigns.
Click Through Rate
How often are leads clicking through on emails, web ads, sales pages. This information will show you how effective an ad or email is. If people are not clicking, it's time to start testing different items: editing copy, changing the placement of buttons or even the colors used in the ad.
Cost Per Click
Cost per click (CPC) refers to the price you pay for each click that comes to your website. The value will vary based on keywords. Make sure to see which ads are performing best.
What percentage of leads leave the site or bounce right after they come to it. Are these leads coming from mobile? If so, could the problem be that your website is not responsive, making it difficult to view content on a phone? Looking at these numbers can identify a problem, and sometimes allow you to easily find a solution.
How many calls are your sales reps making each day? Closely monitor and track calling history and look for trends or patterns. Analyzing outbound calls can help improve future calls, monitor
How many leads are coming in through your website, direct mail, and social media efforts? How well is each channel performing? This information can dictate where you invest future dollars.
After lead scoring, what percentage of these leads are labeled MQL (marketing qualified leads)? Are MQLs being sent back as nurture leads? If so, what percentage? How many of them become SAL (sales accepted leads)? And later SQO (sales qualified opportunities?) How quickly do the leads move from one buying stage to the next? Are MQLs being sent back as nurture leads instead? Monitors lead status, and how the leads are moving through the funnel will give you great insight into what is working well, and what needs to be changed.
It’s always easier to sell to existing customers. That’s why it’s so important to keep your customers happy. Define a time period, and calculate how many of your previous customers are still actively engaging with you.
What closed won ($) and (#) business did marketing create?
How many leads came in, and how many of them converted? Calculate the cost of attracting those leads vs. the money those new customers have generated for your business.
Marketing campaign and effectiveness metrics when analyzed properly and appropriated changes are implemented, will improve ROI. If your company needs help implemented automated marketing programs and analyzing their effectiveness, Measured Results Marketing can help. Email us or call us at 571-606-3106.