Key performance indicators (KPIs) serve as metrics that measure team-wide performance — and are great for digital marketing teams.
Tracking KPIs are effective for unifying goals with quantifiable analysis, as well as celebrating successes. In fact, 65% of B2B marketers use KPIs to measure their content performance.
If you’re not entirely sure what’s working and what’s not for your marketing team, add KPIs into your strategies. On varying scales, KPIs should highlight which goals are being met and which ones are falling short.
In today’s post, we’re going over how to track KPIs and which ones to choose for your marketing team.
How Do I Track Digital Marketing KPIs?
Choosing KPIs for your team starts with analyzing campaigns where KPIs can fit within the buyer’s journey.
In the earlier stages of the funnel, advertising, branding, and content are key, so choose KPIs that measure their reach. For the later stages, KPIs tracking interactions are important with customer-centric messaging and communications.
The following types of tools are used to track, measure, and share KPIs:
- Web analytics
- CRM systems
- Data dashboards
- Business management platforms
- Data visualizers
- Business intelligence software
Whichever solution you use, it should help share insights into performance success in a digestible way.
What Are Common KPIs?
Every company is different in industry, size, and goals but typically shares a similar desire of increasing revenue and brand success. KPIs should reflect company goals, segmented by campaign and time period.
Listed below are a few sales-related KPIs, but they’re just as important to measure since sales and marketing are intertwined. Here’s something to consider: B2B organizations making sales and marketing alignment a priority are better at closing deals by 67%.
Budget and Resource Use
Although the company budget affects all departments, these specific KPIs pertain to marketing teams (and therefore sales, too):
- Customer acquisition cost (CAC) or Cost per acquisition (CPA)
- Return on investment (ROI)
- Return on ad spend (ROAS)
- Cost per click (CPC) — advertisement
- Marketing spend per customer
Lead Generation & Qualification
“Number of new leads,” is a nice KPI to track, but we can go deeper than that. And you have to consider lead quantity vs. lead quality:
- Number of marketing qualified leads (MQLs)
- Number of sales qualified leads (SQLs)
- MQL to SQL ratio
- Website lead to marketing qualified lead (MQL) ratio
- Pipeline velocity
Lead Outreach & Conversion
After you gain a lead (or more, hopefully), shift focus on converting them to a buyer. KPIs in this category involve sales the most but still greatly involve marketing teams:
- SQL to Quote Ratio
- Sales Team Response Time
- Funnel Conversion Rates
- Target Accounts Converted to Customers
- Quoted to Closed Customer Ratio
- Total Conversion Rate
Supporting current customers is just as important as gaining new ones:
- Customer lifetime value (CLV)
- Customer retention — per year or quarter
- Number of support tickets submitted and resolved
- Time spent onboarding
- Churn rate
Digital Channels and Content
What’s digital marketing without digital assets? Keeping an adaptive eye out for omnichannel strategy is crucial for modern-day marketing:
- Follower growth (and loss)
- Social media reach and engagement
- Visits per channel
- Blog post visits
- Landing page conversions
- Content downloads per channel
Technically, company websites are digital channels, but web analytics deserves its own category. Search engine optimization (SEO) for websites has become an art, using different methods to bring in visitors:
- Website visitors
- Traffic to lead ratio
- Organic search traffic vs. direct or paid
- Pages per visit
- Total vs unique visits
- Bounce & exit rates
- Backlinks (AKA inbound links)
- Event attendance
- Number of email opens — from campaigns
- Email bounce rate
- Referral traffic
- Net promoter score (NPS)
- Brand awareness and reputation
Find The Right KPIs For Marketing Team Success
Like writing quotas on a whiteboard, putting up KPIs reminds marketing teams of their goals and how they’re measured. And the longer the campaign, the more granular the tracking should be.
Almost every digital marketing effort can have a KPI attached to it — you can’t forget how your successes and losses happened!