Earlier this month, we wrote about the importance of using data to communicate marketing’s impact on ROI to colleagues and bosses outside the marketing department. Friday’s post focused on key performance indicators (KPIs) that are essential to the new marketing value chain. These are important benchmarks for your marketing efforts and your company. In this post, we’ll talk about other metrics that can help you validate your marketing efforts against your company’s overall goals and communicate your successes outside of the marketing department.
Revenue per lead is an indicator of overall marketing success. Like cost per lead metrics, this measurement looks at lead generation in relation to total client acquisition efforts. Calculating revenue per lead gives you a specific monetary value to align with marketing lead generation goals when explaining their importance to the rest of the company.
Where does your site traffic come from? Management will want to know what’s working in the marketing department. Show that you are making smart decisions about marketing spend by sharing your data on click-through rates for given campaigns and marketing programs. Then, show how you are making future marketing decisions based on this data.
Along with traffic source metrics, you need to collect data on campaign-specific lead generation. This analysis takes traffic source data one step further and is more useful to the sales team. Some digital campaigns may lead to a high rate of click-throughs to your site, without many return visitors or conversions, while others may draw less overall interest but attract more relevant leads.
Marketing and sales need to work together to track this metric. The insights are worth it. Having a good idea of the “lifecycle” of a lead, from first contact to closed sale, generates important information for your business and can help you make marketing and budgeting decisions accordingly. From a marketing perspective, leads that were well nurtured will be warmer, and can also be quicker to close, which will allow you to later demonstrate the positive impact of your efforts.
These are just a few of the metrics you can use to communicate marketing efforts to the rest of your company. Educate your colleagues about how these numbers affect them. What other marketing metrics do you use when talking to people outside the marketing department?
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