Are you staggering under the weight of too many measurements and too little time? Trying to optimize each campaign to the nth degree, only to find that you are falling behind on critical tactics due to lack of time? Data-driven marketers can drive themselves into a frenzy attempting to track anything and everything that goes into their marketing plans, but there are often a few key metrics that will help spell success for your project and your organization. Why don’t you simplify by optimizing for these Top 4 KPIs?
Landing Page Conversion Rates
It’s not unusual for a business to have so many landing pages that it’s nearly impossible to determine what’s working and what isn’t. Each new campaign needs a new landing page, right? Maybe yes — but maybe no. It’s often best to work hard on defining a very few exceptional landing pages that you can then use as templates in the future. Try picking your very best product and creating an A+ landing page, testing it rigorously to ensure it’s fully optimized. Once you have everything fine-tuned and your conversion rates are where you want them to be, then you can consider rolling out your new best-practices to additional landing pages.
Lead Generation / Cost Per Lead
You’ve got leads pouring into your website, but it’s becoming increasingly difficult to track the actual cost per lead back to the platform. With all the activity, you’re spending time placing ads instead of keeping on top of exactly which messages are resonating with your audience! Cost per lead is an important factor in boosting overall lead generation because it allows you to maximize the power of each marketing dollar. When you’re spending time and effort on placing 7-10 Facebook ads each week, it’s easy to lose sight of which ads are actually generating value versus getting lost in the noise. Try scaling back your advertising for just a few weeks and see if you can hone in on the most compelling messages that cause qualified leads to click through to your website — and make a purchase.
Is revenue a marketing metric? Absolutely — and many would argue that it is the most important metric. Unfortunately, it is often the most difficult to track, too. If you have an eCommerce business, you’re able to track revenue by funneling your site visitors and prospects through direct actions on your website, all the way to when they place an item in their online shopping cart and make a purchase. Offline businesses face a bigger challenge because it can be tough to attribute an offline sale to a particular digital marketing tactic. In order to get your revenue tracking on track, your sales and marketing teams need to be tightly aligned. Creating a cohesive sales funnel that allows you to clearly delineate any slowdowns in your process or areas where customers are dropped can help keep your revenue metrics moving in the right direction.
Customer Retention Rates
You spend so much time and energy ensuring that you have the right information going to the right person at the right time to make a purchase. You’re getting solid new streams of revenue coming into your business. Even with your marketing hitting on all cylinders, you may be overlooking a key source of new revenue: your current customer base. With the right care and nurturing, these dedicated customers will become the unexpected added boost that your business needs to take your growth to the next level. If you’re not currently looking at customer retention rates and analyzing how often people are reordering, their growth over time and trying to determine what will encourage them to stay instead of cycling out of your business, you’re truly missing out! Your current customers are not only an exceptional source of sales revenue, but they are also a marketing machine that can be unleashed on their friends and family as long as you provide them with the proper incentives.
Does your digital marketing team need some assistance pulling together key metrics or launching new initiatives? Let the technical and marketing experts at Apeak Solutions help! Our team of certified professionals are familiar with the most popular marketing platforms on the market and can help with everything from campaign execution to strategy and analytics — and beyond. Contact us today at 603-658-0989 or via email to firstname.lastname@example.org to schedule your free initial consultation and to learn more about our revolutionary Marketing-as-a-Service offering.