Typically, many marketing agencies and departments use so-called vanity metrics, such as followers and likes, which are usually presented as marketing indicators , but used in isolation and disconnected from strategic objectives, they lose credibility.
So, when talking about marketing metrics , we have to mention the measurements that impact not only this department, but the company in general, especially its directors.
Here we present five digital marketing indicators that will help you demonstrate the value and effectiveness of your actions and even obtain more budget to implement them.
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5 Strategic indicators of digital marketing
Whatever the marketing strategy to implement, it is essential to have well identified the key indicators to use to measure the favorable impact or failure of the actions carried out.
For marketing indicators to work efficiently to quantify the performance and results of strategies, it is necessary that they have the following characteristics, known by its acronym in English as SMART:
- Specific . Identify what, where, how and when exactly is measured.
- Measurable (measurable). It allows to quantify the measures and the benefits that are expected as results.
- Attainable . Possible according to the resources available. It does not make sense to choose indicators that are impossible to achieve with the allocated resources.
- Relevant . Depending on the established objectives, it will be better to use one metric or another.
- Limited in time (time-bound). A key performance indicator must be subject to a specific time period.
At motherlandgroups, to be certain about the success our digital efforts are having, we evaluate the following:
Measuring the number of sessions is essential to be able to have a general perspective on how effective the marketing efforts are proving, in addition to having more accurately forecast the number of potential customers.
To do this, you must take into account the number of total sessions, double-clicking on each of the channels: organic, direct traffic, paid, mail and those in which you are making efforts.
By comparing the results, you will know which channels to optimize, which efforts to replicate, and which channels are not being effective, whether you decide to pause the efforts or push them forward with better tactics.
How many contacts are you generating per month, per quarter, per year? Knowing exactly the number of leads generated by marketing sources will put all your efforts into perspective, for example, you have increased the number of organic sessions, but not the number of leads, what actions to take?
The goal of marketing is not only to generate more traffic, it is to do it in a way that contributes to business revenue. That is, without contacts there are no opportunities, and without opportunities, no income.
In this sense, a more specific indicator is the cost per lead or prospect. This indicator is commonly used in campaigns, to measure the behavior of the target audience with respect to it, either in the acquisition of leads or in the sales achieved.
A common complaint from sales teams is that marketing-generated leads are under-qualified, how do you respond to this objection? This metric will give you the necessary elements to demonstrate the value of the marketing tactics that you are implementing.
A marketing qualified lead meets all the requirements to say that they are a potential customer, whether it is because of the size of the company, position, income, interactions with the website or those criteria that are important to the business.
At motherlandgroups, one of the first actions we undertake with our clients is to define a matching matrix in which the main criteria to qualify and segment the contact base are listed.
In this way, we seek to align sales and marketing efforts , and with it, optimize tactics to capture more and better prospects with which the sales team can invest quality time towards closing profitable customers.
If we want to have a complete picture and greater visibility on how marketing efforts translate into revenue, it is important to take into account the SQL’s or sales qualified leads for its acronym in English.
Contacts classified as SQL are all those prospects that the sales team has decided to contact, whether they come from the universe of qualified marketing leads or due to cold efforts by the sales team.
It is important to measure and evaluate the opportunities that are in the final stages of the sales funnel, in order to prioritize those that are closer to closing or to take actions to leverage the business.
Studies show that 73% of senior executives do not believe that marketing departments are capable of increasing demand and revenue for the company. That is why, to take charge of the digital marketing strategy and for it to be seen as a key piece for the business, you must be able to demonstrate the ROI of the efforts you have undertaken .
In this sense, by following up on the previous indicators you will have clarity about what the marketing contribution has been and how the efforts are translated into income.
In this graph you can see that the business generated from marketing sources amounts to more than 15 million pesos. Being the organic source the one that is contributing the best deals in the face of the closing of sales.
For example, if when measuring the number of sessions you see that the organic source has a substantial increase, and also generates contacts with the potential to generate income, would it be worth increasing the budget for that tactic?
The digital marketing indicators that they track should provide useful information to make better decisions. In addition, you will have a much clearer picture of the performance of your marketing team.
And when you track the results that really matter, you’ll be in a better position to ask for a budget increase and / or launch new efforts. We leave you this ebook with metrics that may also help you measure and demonstrate marketing profitability.