We’ve said it once and we’ll say it again — when it comes to creating an effective marketing strategy, you’ll need lots of data. You’ll also need a way of distilling that data down into manageable, actionable pieces so it can be used to contribute to the larger picture.
While there are endless ways of collecting, organizing and analyzing marketing data, there are definitely some common metrics that all marketers should be taking into account.
Not too long ago, the funnel was seen as the end-all-be-all of marketing performance. But since the Inbound Conference of 2018, the flywheel has reigned supreme in the realm of inbound marketing strategy. While we thoroughly agree with the premise of the flywheel, we believe there is still merit to the insight and key performance indicators that the funnel relies on, more specifically how those key performance indicators relate to each other. Using those metrics, a business could gain valuable insight into how their marketing efforts were performing and adjust accordingly.
When thinking about your marketing key performance indicators, there are a couple things that should be evaluated no matter what metric you’re looking at:
The source. If you have a certain metric that’s valuable to your business, knowing where it came from will prove to be highly important to getting more of them.
The content, form, page, etc. that contributed to the creation of a valuable metric. For example, if all of your leads are converting on a single piece of content, it’s a fairly good bet to say that other content like that will be successful in the future as well.
The first marketing key performance indicator that should be taken into account are the visitors that come to your website. Put simply, the number of visitors your website is getting over a predetermined period of time is valuable to know because it’s the starting point. By knowing how many visitors you’ve gotten, you’ll then know how many of them have to move to each stage of the funnel in order for your business to close the number of customers it needs.
The next key performance indicator to look at is the leads. This may seem obvious, but it’s a very important metric to the overall health of your business. Keeping track of your leads over time will allow you to see patterns in performance and give guidance on what your visitors find the most valuable.
Unfortunately, not all of your leads will be a perfect fit for a B2B business. That’s why the next key performance indicator is qualified leads. Knowing which leads are qualified helps shed light on how effective your website and content is at bringing in leads that are a fit for your business.
Within the field of qualified leads lives our marketing qualified leads (MQLs), and sales qualified leads (SQLs). Both are essential to keep track of so that you can see where the gaps in your funnel might be.
Next comes the metric that represents your “opportunities” or the people who are interested and a fit for your business. The most important thing to know when it comes to opportunities is how many of them became customers. This (along with other less measurable things) will help to hone your sales process.
Last, but certainly not least, are the percentages of people that move from one stage to the next. Knowing the rate with which people move down the funnel will be your biggest ally in closing gaps that exist and creating a better marketing and sales process for everyone involved.
Guido is Head of Product and Growth Strategy for New Breed. He specializes in running in-depth demand generation programs internally while assisting account managers in running them for our clients.