Have you set your 2014 objectives yet for marketing? Most of us have. But beyond publishing a list of campaigns and trade shows, have you identified the math behind your programs? Every meaningful business initiative can always be translated into KPIs, or Key Performance Indicators, even marketing, especially marketing. So what are your marketing KPIs?
It all depends on what’s important to moving the business forward? Some companies are in growth mode with expanding sectors, so lead generation is a driver. I spoke to someone earlier who generated 40,000 leads a year, every year, so for that company, improving lead conversion to quotes and orders was important. Mature businesses more often speak in terms of account penetration, or the ability to build relationships deeper inside the accounts they already have.
So what drives you? How have you translated your marketing ACTIVITIES into marketing PERFORMANCE? Tie your schedule of activities into measurable outcomes, and you’ll find that support from senior management – as well as budget – is much easier to achieve. Here are some typical benchmarks we’re using to drive marketing performance:
• Increase site visitors by XX% by end of December 2014
• 2% conversions of site visitors to leads
• # of new customers
• Increase purchase frequency of existing customers
• Increase purchase size of orders
• Increase brand awareness
• Reduce cost/quote
• Reduce cost/lead
• Increase # of quotes or opportunities
• Increase total leads generated
• Increase the % of quality leads (stated as either % that convert to a quote, or % with projects within 3 or 6 months)