By: Carolyn Edgecomb
When it comes to setting and tracking your marketing KPIs, many marketers and business owners are fully aware of the usual suspects.
Sales revenue. Leads. Cost per acquisition.
But there are a number of other KPIs that you should be tracking in order to execute a more successful marketing campaign.
No one wants to support a marketing activity that’s losing their company money. By tracking the right marketing KPIs, your company will be able to make adjustments to various strategies and budgets.
Without the right ones, however, your company might be reporting and making decisions based on misleading information.
The 10 Most Important Marketing KPIs You Should Be Tracking
1. Sales Revenue
How much revenue has your inbound marketing campaign brought your company?
Understanding your sales revenue is important to knowing how effective your inbound marketing campaign is. No company wants to spend money on something that isn’t generating money.
Most likely you would move that money to other marketing activities. To determine your sales revenue from inbound marketing you must first have a thorough understand of what you mean by inbound and outbound marketing.
You can calculate your sales revenue from inbound marketing by utilizing the following calculation.
(Total sales for the year) – (Total revenue from customers acquired through inbound marketing)
2. Cost Per Lead
Not only do you want to calculate your customer acquisition costs for inbound marketing, but outbound marketing as well. How much is it costing you to acquire a customer through inbound marketing versus outbound marketing?
Calculating your customer acquisition costs requires the integration of your marketing automation and CRM platforms as well as accounting for all relevant costs associated with ERP integration.
Calculating CAC for inbound marketing, relevant costs include:
- Manpower (creative and technical)
- Technology and software
- General overhead
Calculating CAC for outbound marketing, relevant costs include:
- Marketing distribution
- Manpower (sales and marketing)
- General overhead
Once calculating the costs associated with your inbound and outbound marketing campaigns, you can directly account for new sales, as well as allocate particular budgets for each campaign.
If your company is utilizing mostly inbound marketing, you can break down that component further by campaign types then assess how successful and profitable each activity is. When you know that, you can start implementing activities to improve over time.
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