Marketing isn’t all about writing snappy subject lines, designing eye-catching graphics and crafting compelling copy. Underlying the creative, you need to have solid foundations to measure its effectiveness.
There’s no point having a clever campaign that doesn’t deliver results. We focus our marketing efforts on demand generation. We apply a sales attitude to our marketing in order to generate results.
So for us, it’s imperative to gather and understand key data for our clients. Knowledge is power, and the right metrics can provide essential details to boost business and increase ROI. That data can arm us and our clients with powerful insights to inform business decisions.
We don’t use fluffy metrics. We won’t try to wow you with amazing charts that look good but are rather meaningless. We focus on information that is actionable. We realise how important it is to track and learn from the data that can enable your business to reach its goals.
The three key metrics that every business should focus on:
Identifying the importance of these factors and how to generate them is fundamental for business success. But how?
Our 5 recommended key marketing metrics:
1. Marketing qualified leads (MQLs)
“A marketing qualified lead (MQL) is a lead that the marketing team has deemed more likely to become a customer compared to others” according to HubSpot.
That qualified piece of data (the MQL) is really valuable to a business. The marketing team can determine how and where the person has engaged with the business’ content. Be it a particular webpage they’ve visited, email they’ve opened, social post they’ve shared, video they’ve watched, event they’ve attended or campaign they’ve clicked on.
The marketing team can work out which leads make the best quality prospects by interpreting their data. Say the business has specified that their ideal clients meet specific demographic criteria, or have particular problems or pain points to solve. Those factors can be identified by a lead’s interactions. That information is extremely valuable for sales teams to act upon and nurture.
2. Email marketing
Emails provide a great way to build relationships with customers and potential customers. Discovering how your customer has reacted to the email they’ve received is very telling. Did they open it, delete it, read it, click on a link within it or unsubscribe from the list? Delving deep into email analytics will help you to test and make calculated adjustments to engage your audience better.
3. Digital content
Publishing digital content is a two-way street. It’s not enough to just set it live. You need content that grabs people’s attention and prompts them to act. That action could be sharing your content to help others find it (yes please!), commenting on it, downloading it, watching it or reading it, for example.
Knowing what people have done with your content is incredibly useful. It can inform future content decisions and it can identify potential customers. It tells you the key areas in which to invest time and money for the best ROI.
4. Social interactions
As we mentioned earlier, we don’t do fluffy metrics. The number of likes and follows on your social channels are not the be all and end all. You want content that makes people stop scrolling when they see your post and engage with it.
A share from a follower is a form of endorsement. A comment means that your content motivated somebody to write something about it. Similarly, submitting a rating or review has taken up somebody’s time. That’s time that they’ve spent interacting with your brand. Knowing which social posts have garnered those reactions is powerful information.
5. Website analytics
Tracking website data with Google Analytics or other packages is imperative. We gain valuable insights from understanding who is visiting the site, where they’re coming from and what they’re looking at. For us, time spent on site is a key metric. If customers are spending time looking at a range of website content, we know that we’re providing relevant information that is valuable for the audience.
Bounce rates can highlight areas that need attention. If people are clicking away from a page without interacting with its content, changes need to be made.
The importance of measuring marketing ROI
Data takes the guesswork out of marketing. It shows you which aspects are delivering results. That information proves which areas of spend are providing good ROI.
Tracking and collating marketing metrics doesn’t have to be laborious. We’re a HubSpot Gold Partner, so we recommend using this powerful tool to monitor marketing metrics. There’s a variety of reports that can be set up easily to provide amazing insights. You can attribute leads, deals and revenue to social posts for example. You’ll get a clear view of all marketing activity in one place.
If you don’t use HubSpot, we advise tracking data in a spreadsheet, or using another great tool on the market. Monitor stats regularly to understand patterns of behaviour, set benchmarks and reflect on performance. That knowledge is extremely powerful for businesses and can make the difference between reaching your revenue goals or not
Want to know more about marketing metrics and setting-up performance tracking? We’re here to help Call us today on 01392 796 702.