Marketing operations KPIs, or Key Performance Indicators, refer to numerical data that help you monitor your company’s progress toward certain business goals. KPIs are essential for tracking business marketing operations, or planning and monitoring specific strategies to market your business.
So, while planning for marketing gears your company for successful branding, client outreach, growth, and other benefits, KPI metrics are the numerical proof that a given campaign is actually working. Fail to keep track of these KPIs and you can find yourself investing in marketing operations with a poor – or even negative – return on investment.
5 Marketing Operations KPIs You Should be Tracking
There are 5 KPIs that every business should use to track marketing operations. Get data from these sources to evaluate your strategy, adapt, and make data-driven marketing decisions.
1. Sales Revenue
This is one of the basics, but can’t be discounted. This KPI is plain, solid proof that marketing operations are turning into cold, hard money. Sales teams should be monitoring this performance indicator to essentially grade their sales activities.
How profitable are your clients, and which sales strategies seem to be the most successful? Also, how are your marketing tactics affecting these figures? Do you see dramatic changes or growth? Which marketing campaigns have likely contributed to this boost in sales revenue?
Leads are the digital version of window shopping. Leads are relevant eyes on your website, potential sales opportunities, potential referrals, and brand awareness. Note that tracking leads to your site consists of two different, but related, KPIs.
Marketing qualified leads are people who have shown interest in your brand. These leads seem more likely than the public at large to continue down the sales funnel and become clients. Sales-qualified leads, meanwhile, have browsed your products/services and exhibited behavior worthy of a direct sales follow-up. These leads have been closely evaluated by your marketing and sales teams and are highly likely to make a deal.
Cost of customer acquisition is another essential KPI. How much money are you spending to find another business that may be interested in your products or services, then funnel them through the pipeline to close a deal? This KPI is a simple look at how much you’re spending to bring in new clientele. For example, if you spend $100,000 in marketing in a given period and secured 100 new clients in that timeframe, your cost of customer acquisition is $1,000.
How does this cost relate to your sales revenue? Remember that KPIs offer more valuable data when compared with one another.
What is the Lifetime Value of a Customer? How beneficial is it to stay in contact with an existing client and follow up with them regularly? This KPI averages out the amount of sales these existing clients will bring in during their lifetime.
In a B2B sense, “lifetime” refers more to how long your product lasts or how often clients will need to make an additional purchase vs. the average person’s lifespan. The more often a client makes additional deals with you, the higher their LTV is likely to be.
5. Website Traffic
Finally, this KPI reviews the amount of traffic to your website. This figure is much broader than “Leads” above, because it refers to every single visitor to your page, including those who aren’t necessarily qualified leads.
Nonetheless, your marketing operations depend on gauging website traffic figures, learning more about who these people are, and determining specific data about visitors. Where are these visitors from, and what could they want from your website? Website traffic KPIs offer important figures about the success of your pages, including the number of views, the length of every session, and how engaged the public seems to be with your website as a whole.
Marketing Ops at VSSL
To learn more about tracking the marketing operations KPIs of your business or to put your marketing strategy into skilled hands, get in touch with VSSL today. We can craft successful strategies to help you reach your business goals.