Track the effectiveness of your marketing with metrics you may have overlooked
Are you using marketing metrics to track the effectiveness of yourmarketing efforts? If so, you’re part of the 97% of marketers who do.* But not all metrics are created equal. What metrics do you use? Which are most effective? Are there critical metrics you are overlooking?
If you are like most marketers, you might use response rate, lead generation rate, and if you are producing email campaigns, click-through rate. But an increasing number are graduating to more sophisticated metrics like conversion rate, dollars per sale, and ROI.
Here are some helpful metrics that you might be overlooking.
Lead close rate
What percentage of your leads are being converted to sales? If the percentage is low, this might indicate that something
is going wrong along your sales funnel (long wait times on hold, salespeople not communicating effectively, value proposition not clear). Either that or you might be attracting low quality leads to begin with. Whatever the reason, this metric lets you know when something is off.
Close rate per channel
If you are using multiple channels to communicate with customers, do you know which channels are the most effective? For example, the marketing gurus at HubSpot have pointed out that while one channel may be delivering more leads, another may be delivering higher quality leads that are more likely to convert. Knowing your close rate per channel helps you put your efforts into the channels that are delivering the most value for you.
Measuring qualified leads (MQLs)
How do you know a highly qualified lead from a less qualified one? If you are using BRCs or BREs, for example, a less qualified lead might be someone who merely requests that you mail out a brochure while a highly qualified lead might be someone who requests a demonstration. Once you have determined your MQLs, then you can look at metrics like total number of MQLs generated per month, per channel, or as a percentage of overall leads. This, again, helps you refine your lead generation tactics to maximize your investment.
Looking for more metrics you can use to gain more insight into your marketing effectiveness and increase your ROI? Give us a call!
*MarketingSherpa 2013 Marketing Analytics Benchmark Report