In their entirety…
The following is a description of popular KPIs often found on marketing dashboards.
- Conversion Metrics. This is a measure of campaign success. It’s defined typically as a ratio between the sum of reach-outs and visits to generated leads. In addition, the number of leads per channel can drive the allocation of resources to productive channels instead of ones that are not.
- Return on Investment (ROI). This campaign measure looks at success as a function of the overall investment. The formula is (Attributable Revenue – Campaign Investment) / (Campaign Investment) over a particular period of time.
- Incremental Sales. Each lead, win and failure has an impact on sales. The formula is Revenue Generated by Marketing Initiatives – Baseline Sales.
- Funnel. Marketers love this KPI because they can track the movement of prospects through different funnel stages (live, active, marketing qualified, sales accepted, sales rejected, closed sales). Other useful metrics can be tacked on to provide additional insights, e.g., time to move to the next funnel stage or percentage of leads leaving the funnel at each stage.
- Cost Per Lead. The formula is, very simply, Total Campaign Cost / Number of Leads Generated. Marketers use this to build a case for the expenditure of money and time. The overall goal is, of course, to minimize the cost per lead. If it’s too high, continuing the campaign cannot be justified.
- Engagement. This is a measure of campaign performance based on the number of unique opens, clicks and generated leads. Marketers use these metrics to optimize campaigns by adjusting content and call-to-actions (CTAs) to engender prospect responses.
- Social Media. This is the number of social media interactions over a period of time. Those interactions are defined as likes, retweets and +1s.
- Traffic Sources. This metric presents breakdowns of traffic by category and sources. A marketer is always interested in understanding the contribution from each source and the growth/decrease over a specific time period. This metric will drive marketers to probe deeply when needed and optimize as required.
- Organic Traffic. Instead of measuring organic traffic growth frequently, focus on the longer term picture, e.g., year-over-year (YOY) changes. This takes into account seasonality and provides a better overall measure of search engine optimization.
- Referral Traffic Growth. This metric should cover changes in referral traffic and referral traffic sources. A marketer should be able to use this to make decisions about optimizing inbound marketing sources, including third-party websites (other than search engines), social media platforms and partner websites.
- Cost-Per-Acquisition. This metric calculates CPA individually for each digital campaign and should reflect changes over the time period. This key metric for marketers is often used in management reporting to highlight the efficiency of marketing tactics.
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