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The 7+ Marketing KPIs You Need to Track in 2020

The 7+ Marketing KPIs You Need to Track in 2020

Want to learn about marketing KPIs to identify which ones your business needs to track?

Marketing KPIs are the easiest way to track your marketing performance to ensure that everything’s going according to plan.

And that’s not just us saying it!

Just ask Madison Avenue’s favorite ad agency and they’ll tell you the same thing.

But what are marketing KPIs and how do they help you?

And more importantly, which ones should you be tracking?

Don’t worry!

In this article, we’ll go over everything you need to know about marketing KPIs to help you identify the ones your business needs. We’ll also highlight the only tool you’ll need to keep track of all of them.

And as an added bonus, we’re going to ask the Mad Men (and women) from Madison Avenue to help us along the way!

This Article Contains:

(Click on the links below to jump to a specific section)

Let’s roll!

What Are Key Performance Indicators (KPIs)?

KPIs are quantifiable, measurable metrics that your business can use to gauge its performance in achieving different core goals.

For example, if Sterling Cooper wanted to track how happy their clients are doing, they could always track a KPI like “customer retention rate to determine this.

After all, if a customer sticks around, they are probably happy with you!

How do KPIs differ from other metrics?

Here’s the core difference between key performance indicators and other business metrics:

  • If the metric tracks your performance over a key business process, it’s a KPI
  • If the metric tracks your performance over a non-core business process, it’s a business metric

How do I know what’s a ‘key’ indicator?

That’s up to you and your business!

Remember, each business has different core goals and objectives. 

What matters to you might not be as relevant to someone else. 

Additionally, different businesses choose different KPIs to track their performance over the same goals!

For example, Sterling Cooper might use “customer retention rate” to determine client happiness while their rivals CGC, might use “customer satisfaction rate” (CSAT score) instead!

What Are Marketing KPIs?

Marketing KPIs are measurable metrics that your company can track to gauge their performance over various marketing activities.

Think of marketing KPIs as a report card for your marketing campaigns. 

You can use it to learn what’s working and what isn’t!

For example, let’s say Don Draper was heading a new marketing campaign for a soda company. In typical Don Draper fashion – it’s refreshingly creative and is sure to garner tons of interest in the product.

But how does the soda company verify the campaign’s success?

They can’t just take Don’s word for it, right?

That’s where they can turn to a marketing KPI likemarketing ROI”.

They’ll run the campaign and use that KPI to determine their return on investment (which will naturally be amazing since Don’s in charge!)

The Top 7 Marketing KPIs to Track

Some things never age. 

And in the world of marketing, the Marketing Funnel Model is almost as timeless as Roger Sterling’s charm.

 

Almost.

But since every business still follows some form of this model, we’ll use it to help you identify what KPI’s you’ll need to track at each stage of the marketing funnel

Let’s get started!

Stage #1: Awareness 

This is where you start.

In the awareness stage, marketers employ a variety of different tactics across different platforms to get the attention of their target audience

And unlike Don Draper, modern marketers have to deal with way more than just print and billboards!

Here’s a breakdown of some KPI examples across three popular modern marketing platforms:

1. Email marketing metrics

We know what you’re thinking:

Email?!

Who even uses email anymore?

While email may feel like an ancient platform, it’s still as effective as ever!

Marketers can use it to communicate detailed marketing messages and can even personalize it on a recipient-by-recipient basis for better conversions.

So what data should you use to track your email marketing campaigns?

A. Open rates 

Email open rates are probably going to be your most important email KPI.

What is it?

It’s the number of recipients who opened your email vs. the total recipients you sent that email campaign to.

Why is it important?

Open rates show you who’s actively interacting with your emails and who isn’t. This way, you can prioritize your most interactive prospects. 

For example, a marketing automation platform like Hubspot, GetResponse or ActiveCampaign can send follow up emails based on whether the first email has been opened or not.

Additionally, your open rates can help you improve your email campaigns.

How?

In case your open rates are low and your churn rate is increasing, something’s probably wrong with your subject line – which is why nobody’s opening it!

B. Click-through rate

Your click-through rate is another key email marketing metric that can help you gauge how you’re doing.

What is it?

It’s the number of people who clicked a link in your email vs. the total number of people who received your email.

Why is it important?

Your click-through rate will help you gauge how convincing your email message actually is.

Remember, these prospects have already opened your email – you’re now determining if your email was convincing enough for them to click one of the links in it!

In addition to these two KPIs, you can track the following metrics to judge the success of your email marketing campaigns:

  • Number of Subscribers: People who subscribed to your email marketing campaigns
  • Bounce rate: Percentage of emails that bounced. This happens when the email address is no longer active. 
  • Churn rate: Percentage of your audience who unsubscribed from your email list
  • Forward rates: Percentage of your audience who forwarded your email

2. Social media marketing metrics

Let’s face it, social media platforms run the world.

Even Don knows that. 

That’s why there’s no excuse for you to ignore your social presence or social media engagement anymore. Besides, platforms like Facebook and Twitter have made it easier than ever to monitor social media metrics to analyze how you’re doing in 2020! 

So what social media KPIs should you be looking at?

A. Number of followers 

This is one of the most visible social media KPIs and also the easiest to boast about! 

What is it?

It’s the number of followers your businesses’ social media accounts have.

Why is it important?

It gives you a rough idea of your business’s current social media standing and reach. You can also analyze your followers by demographics, region, etc. This allows you to post more relevant content in line with your audience’s needs.

B. Overall engagement

It’s awesome when you have a large number of followers on Facebook.

But that’s not enough.

The question is, are they engaged followers?

What is it?

Engagement on social media simply means the number of likes, shares, retweets and comments you receive on your posts. It’s how your target audience engages with your social media content.

Why is it important?

Social media engagement is a good way to see if your content is actually resonating with your audience. You can use this info to tweak your marketing campaigns and give your customers what they want.

Additionally, engagement will highlight which of your customers are most primed to be moved into your sales funnel. 

Beyond these two KPIs, continue tracking other social media engagement KPIs such as:

  • Brand mentions: How many other individuals or businesses are tagging you in their conversations
  • Referral traffic: Number of people who visit your website from your social media (or even other sites)
  • Sentiment: Engagement might be positive or negative. Sentiment analysis metrics use machine learning to gauge sentiment and present scores. 

With these social media KPIs in hand, you’ll find it far easier to determine the monetary value of your social presence. 

This way, when your boss panics about your budget for Facebook ads and influencer marketing campaign spends, your digital marketers can unfurl your reports and say:

3. SEO metrics

Don Draper was always on the lookout for the next big avenue when it came to marketing, right?

And if he lived in 2020, he’d put his efforts into building a robust SEO strategy.

Search engine optimized content marketing strategies are one of the most reliable methods of marketing today.

Here’s how it works:

You publish content on your blog about topics that your audience is searching for on Google. There are tons of things you can do to get those articles to rank high on Google search results.

When your customers search for those topics, they’ll find your post (providing it’s ranking on Google page one) and they will visit your site to hopefully convert!

Pretty simple, right? Not really! Creating a solid SEO strategy takes time!

So what are the content marketing KPIs you need to track to see how well you’re doing?

A. Organic traffic

Organic traffic is the cornerstone of any content marketing strategy. There are numerous content marketing tools to keep track of this metric and help improve it.

What is it?

It’s the number of visitors your website receives organically.

“Organically?”

Organically is just another word to signify results that weren’t as a result of paid campaigns.

Why is it important?

Generally, the more organic traffic you get, the better you must be doing on search engine rankings. 

After all, if more people are visiting your site, Google must be showing it to more people, right?

But that’s not all. 

Google Analytics will also help you identify micro indicators such as the source of the traffic, popular regions, high performing headlines, etc. 

This way, you’ll get a clearer picture of your target demographic!

B. Search Engine Results Page (SERP) Ranking

Your SERP ranking is the clearest picture of how well you’re doing SEO-wise.

What is it?

It’s your website’s ranking on Google for a particular keyword (topic).

For example, let’s say Sterling Cooper wrote a blog post on “KPIs.”

Whenever someone uses Google to search for “KPIs”, Sterling Cooper’s blog post pops up as the third result.

That means Sterling Cooper’s SERP for the keyword “KPIs” is 3.

Usually, the higher your SERP for a keyword – the higher the chances are of your site attracting a visit!

Why is it important?

With this KPI, you can track how well your article is performing for each keyword.

This way, you can see how well you’re doing for various keywords and determine where your SERPs are lagging.  

Alongside these crucial indicators, remember to watch out for these key SEO metrics too:

  • Bounce rate: People who exited your site within just a few seconds of arriving
  • Mobile usability: Speed and performance of your landing page on phones and tabs
  • Crawl errors: URLs that are inaccessible to the Googlebot when it scans your pages

Check out this article to see all the different types of content marketing metrics you could track.

Stage #2: Interest and Action

Congratulations!

Maybe it was your smooth pitch via email or that great early bird discount you offered them on social media. 

Either way, you got your customer’s attention!

Things are now picking up the pace and it’s mutual.

 

So now what?

Your strategy now pivots to building a relationship with these interested prospects and converting them! 

Here are the most important KPIs to track in this stage:

4. Traffic to MQL ratio

You’ve been watching over the combined data from your website, social media and email marketing campaigns. 

If a visitor fills a product demo form on your site, clicks a product-centric email, or downloads a product-centric ebook from a social media campaign, your marketing automation platform would automatically add them to your Marketing Qualified Leads (MQL) list. 

Isn’t that a great place to be in?

But wait.

Which of those platforms generated the most number of leads?

Was it social media?

Was it email marketing?

Was it an article found through a Google search?

Or perhaps a LinkedIn ad?

After all, you’ll want to increase your investment in the platform that’s performing best, right?

That’s where the traffic to MQL ratio comes in.

What is it?

It’s the ratio of the total traffic platform generated vs. the number of marketing qualified prospects that came from that traffic.

Why is it important?

Remember, traffic is great – but it needs to have a purpose.

And the chief goal here is conversions!

By analyzing your traffic to MQL ratio, you can better understand your best performing platforms and increase your investment there.

Similarly, if you find that one of your platforms is underperforming, you can use the data to tweak your strategy there or simply reduce your spending!

How do you calculate this:

Traffic to MQLs ratio = No. of MQLs / Total traffic (from a specific platform) 

5. MQLs to SQLs ratio

With a ready list of marketing qualified leads in hand, it’s time for your sales team to finally step in.

Generally, whenever an MQL is ready for a pitch, they’re moved to the sales qualified leads (SQL) category. Your salespeople can now approach them to try and get them to convert.

But how do you know that enough MQLs are progressing into your SQLs channel?

With the MQLs to SQLs ratio.

What is it?

It’s the ratio of MQLs to SQLs in your sales funnel

Why is it important?

Your MQL to SQL ratio is a good indicator of the quality of leads you’re bringing in. It’s also a great way to identify how well your marketers are screening leads before bringing them into the funnel.

Generally, if there’s a large difference between the ratios, then something’s holding up your MQLs from becoming pitch-ready.

And that’s not something you want.

Why?

Because there’s no point marketing to people if you’re not able to sell to them!

Just ask Don:

How do you calculate this:

MQLs to SQLs ratio = No. of SQLs / No. of MQLs 

Here are some other key KPIs you could track for this stage:

  • Overall conversion rates: percentage of your total number of leads that you converted 
  • Average order value: to average value of purchases each converted lead makes
  • Average length of sales cycle: time taken to close a sale from start to finish

Stage #3: Review

We hope you have some champagne ready because you just cracked a sale!

Great! We can now move to the next sales cycle

Sorry to dampen your spirits, but not yet. 

You need to analyze how effective your last marketing campaign was.

Just use these metrics to keep track of that:

6. Cost per lead

Lead generation is not an easy job. 

And if you want to generate a large number of leads, you need to spend

  • Time
  • Resources (salespeople)
  • Money (advertising, promotions, etc.)

Those can add up quick, making you question if all your marketing activities were worth it!

Don’t worry. 

Just calculate your cost per lead to determine that.

What is it?

Cost per lead is the total cost it took to generate one lead for your business. It takes all your expenses into consideration to give you an accurate figure of how much it cost you.

Why is it important?

Businesses need to constantly evaluate their cost per lead to determine profitability. Remember, if your cost per lead is too high, it’s going to be hard to make a profit. And let’s not forget how many e-commerce companies shut down because their cost per lead is too high.

Use your current cost per lead as a guide to what you can improve and where you can bring costs down.

How to calculate it:

Cost per lead = Total spend on lead generation/Total number of leads

7. Marketing ROI (return on investment)

It doesn’t matter if you focus on inbound or outbound marketing, you need to generate a reasonable ROI.

Otherwise, all of it’s been useless!

And how do you determine this?

With the marketing ROI metric.

What is it?

Marketing ROI will help you understand the revenue generated as a result of your marketing efforts.

Why is it important?

Calculating your marketing ROI is important as it’ll help you determine how effective and valuable your marketing activities were. In case your ROI is really low, your marketing strategy needs a rehaul as it’s not very effective!  

How to calculate this:

Marketing ROI percentage = {(Total sales revenue – Total marketing spend) / Total marketing spend} * 100

Here are some other example KPIs you could track to evaluate your marketing performance:  

  • Customer acquisition cost: average cost behind acquiring each new customer
  • Customer lifetime value: total revenue you can expect from a customer during the period that they remain a customer

The Best Way to Track Your Marketing KPIs

Okay so you now know what metrics to track.

But how do you go about tracking them?

With a pen and paper?!

This is what Don thinks about that choice:

Exactly.

When it comes to tracking KPIs in marketing, you need something way more powerful than pen and paper. When you’re dealing with KPIs that matter, you need a marketing dashboard in a tool like ClickUp!

What’s ClickUp?

ClickUp is the world’s leading project management tool that’s used by teams in businesses ranging from startups to giants like Google, Netflix and Airbnb. It’s got all the features you need to effectively track all your marketing KPIs and tackle your business goals!

We’re pretty sure that Sterling Cooper would have loved to have ClickUp back when they were handling tons of different marketing campaigns!

Here’s a closer look at why ClickUp has the perfect KPI dashboard for your marketing KPIs:

A. Goals

If you want to easily track your business goals, you have to use ClickUp’s Goals feature!

In ClickUp, Goals are high-level containers that are split into smaller Targets. These Targets are essentially your business objectives and you complete them to hit your goal. 

As you complete each Target, your overall Goal progress will update in real-time!

So how does this help you with managing marketing KPIs?

You get to customize the metrics you choose to track those objectives such as:

  • Numbers: numerical figures such as website visitors, churn rate or referral traffic 
  • Currency: for metrics like marketing budgets, sales revenue or customer acquisition cost
  • Tasks: to track performance based on marketing task completions

And since you can manage all of this from a digital dashboard, it’s the perfect option for remote teams looking to amp up their marketing activities!

B. Dashboards

ClickUp’s Dashboards are the perfect place to manage your marketing KPIs.

Each Dashboard contains tons of Custom widgets for high-level overviews of your marketing KPIs.

Here’s a list of all the widgets you can add to your KPI dashboard:

  • Line Chart
  • Bar Chart
  • Pie Chart
  • Battery Chart
  • Calculation (to calculate sums, averages and other numerical data)

https://docs.clickup.com/en/articles/3625951-custom-widgets 

This way, you can easily track all of your metrics and KPIs in the way you want to!

It doesn’t matter if they’re your net promoter score, your media KPIs, a content marketing KPI or anything else that your company’s Don Draper came up with!  

But helping you with your marketing KPIs isn’t all that ClickUp does!

ClickUp isn’t just a marketing dashboard – it’s an all-in-one project management solution for all your business needs!

You get features like:

Conclusion

Managing your marketing efforts and strategy without marketing KPIs would be like Sterling Cooper without Don Draper.

Sure, it could still function, but not at the level it should!

Marketing KPIs are core metrics that every company needs to track to measure how their marketing campaigns are going. 

But simply choosing a set of metrics and KPIs isn’t enough.

You need to track them too!

Luckily, ClickUp has the perfect KPI dashboard for your marketing campaigns and will help you stay on top of everything. So go ahead and sign up for ClickUp today to manage marketing campaigns that even Don Draper would be proud of!

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