If you want to grow your business in the market, you should focus more on implementing the best marketing strategies. However, it is important to evaluate the success rates of your marketing campaigns to make informed decisions. Your marketing and sales teams should consider using some metrics to help implement changes if necessary. They should keep track of your marketing campaigns with key performance indicators to see the results. KPIs allow you to improve your marketing efforts and help grow your business in the market.
8 important key performance indicators to measure your marketing success
1. Customer retention
You should give more importance to customer retention because it allows you to grow relationships significantly. Building trust among customers enables you to prevent them from switching over to a competitor’s product. Moreover, they will become repeat buyers for your business in the long term. Engaging current customers enables you to get references from them, which will increase sales.
2. Track social media engagement
You should evaluate your social media engagement to know the success of your posts with accuracy. Track the likes, comments, tags, and other things that help you achieve the things you want. Another thing is that they provide ways to revise the strategies that work well for your social media campaigns. Social media allows you to get better prospects when you promote your brand with the best strategies.
3. Marketing ROI
You should measure your return on investments to know how much profit you earn from a certain marketing campaign. It lets you compare your revenues when you spend money on your marketing activities. You should divide the number of leads generated by your sales team by the opportunity value.
4. Sales-qualified leads
Sales-qualified leads enable you to find potential customers who show interest in your brand, which helps grow your sales. Your sales team will contact them and pitch the product to them for more attention. By knowing qualified leads, your sales team can determine whether your lead generation strategies are successful. Generating qualified leads enables you to generate high profits and revenues.
5. Cost per Customer Acquisition
Cost per customer acquisition is one of the key performance indicators you should consider for your business. It allows you to know how much you spend on marketing campaigns to gain new leads. By using this metric, your marketing and sales teams can learn about the marketing channels that bring in more leads. Also, they can determine whether money spent on a marketing campaign will earn a profit or not. In addition to this, you can identify your business’s product with this metric to ensure high growth rates.
6. Marketing Qualified Leads
A marketing-qualified lead is another metric that allows you to measure your marketing campaign. This involves reaching out to clients who have viewed your products but haven’t shown any interest in buying them. Your sales team can pitch the product after tracking marketing-qualified leads. Also, you can make them regular customers, which helps increase customer retention to a greater extent. The metric allows you to focus more on various things.
7. Opportunity-to-win ratio
This metric enables your sales team to see how successful they are in converting leads into final sales. If the ratio is low, a company can train them to focus on strategies for closing deals with customers. You can even use this metric to enhance the return on investment when closing a deal. It helps you improve the skills of your sales teams.
8. Sales revenue
You can use this metric to measure the success of your business on social media and other channels. It allows you to develop personalized goals for your business.
