Measuring your marketing campaigns is as necessary as strategizing and executing them well. If you don’t, you may just go on running a fruitless campaign. Campaign metric measurements also let you know if specific aspects of the campaign are firing at full strength. According to BtoB magazine survey, 42% marketers say they attribute success across their marketing funnel.
The all important metrics you need to be looking up are:
MEASURING CAMPAIGN GOALS AND PROGRESS
- Tracking leads
Chart your daily lead progress so that you know if you are on track to achieve your monthly target. If you fall behind your target on a day, you can plan and make up for it from the next day. Daily planning and measuring help you stay on track and achieve campaign lead goals in the long run. You can use an Excel sheet to do this.
- Tracking your traffic
You can track your campaign traffic the way you track your lead progress. This is important especially if you want to achieve a particular leads goal. Monitor your traffic closely. If you fall behind target, you can take emergency measures to push up the traffic. You can also create fresh content to try and draw in more traffic.
- Average rate of closing leads
Track the average rate at which you are closing leads on a monthly basis. Knowing this will help you check your leads quality. If your lead close rate is high, it means you are picking up high quality leads. If the close rate is low, you may not be picking up the right leads.
- Time taken to close leads
Monitor the time taken to close each lead. This gives you insights into your time management during lead closure.
- Revenue earned per customer
Know the amount of revenue you earn per customer. This will not only tell you how much you are earning per customer, but will also tell you about the quality of your leads.
MEASURING THE EFFECTIVENESS OF CHANNELS
- Lead goals per channel
Monitor the growth and progress of every channel you are using. Check if the per channel goal limit is being met. For example, if you have set a goal of drawing a 100 leads per month through your email marketing, check if you are actually achieving that target. Measuring leads drawn per channel shows your most effective channels and helps you offer incentives for teams handling each channel like, social media and blogs.
- Lead close rate per channel
You need to know the channels that work best for your business in acquiring new customers. Social media may be your top lead producing channel and email the lowest. However, it is also possible that email is the channel that is getting you most customers.This is because the close rate for leads generated through email is higher than close rates for leads generated through social media. This close rate may be so high that the volume of leads generated through social media cannot make up for the difference. If close rates are high on a particular channel, it is an indicator of the quality of leads coming from that channel. Focus on such channels.
- Paid leads vs. Organic leads
Post channel analysis often sees leads grouped into two larger categories – paid and organic. Paid leads are leads obtained through social advertising and other marketing activities you spend money on, other than employee time. Organic leads are obtained by investing employees’ time only.If you are using both these types of leads, keep an eye on how many leads are from each category. You can aim to reduce your paid leads’ expenses over time and step up your organic lead efforts.
- Referral Traffic
You may have great interactive social network communities but it is not that easy to make users leave their social accounts and come to your site. Measure the referral traffic coming from each social network.If you notice that number of visits from Facebook is more than visits from Pinterest, you need to focus more marketing resources on connecting with your Pinterest followers.
- Conversion rates
This metric tells you how efficient your marketing strategy has been in converting leads into customers. Measure the number of conversions on your site through various social networks on a monthly basis. This analysis can help you judiciously allocate marketing resources.
This concludes the first part of ‘Measuring Crucial Marketing Metrics’. Watch this space for the second part coming next week…
Meanwhile, do tell us in the comments section if there are any other crucial metrics marketers need to measure.