Marketing KPIs (Key Performance Indicators) are numerical marketing metrics that indicate an organization’s progress towards their predefined marketing goal.
Detailed analysis is a must for every business to know how their institution is performing, promoting growth, taking marketing & sales efforts, capitalizing and getting financial results. And, all of this is impossible without tracking significant business metrics.
Below given are few important conversion metrics & KPIs that businesses need to keep an eye on:
- Sales Revenues
When you sum up total sales collected from client purchases, deduct cost of damaged or returned products, what remains is termed as “Sales Revenues”. Sales revenue is not similar to profit.
Calculating month-to-month sales results will let you know how your customers are liking your products/services, how effective your inbound marketing campaigns are, where you stand in the competition and so much more.
More the number of leads, higher will be your sales opportunities. Leads are extremely important, as they drive marketing and sales teams.
Find out who your MQLs (Marketing Qualified Leads) and SQLs (Sales Qualified Leads) are. These two are just different stages of your lead in the sales funnel.
With precise MQLs and SQLs analytics, you can understand your business’s Leads to Close ratio better.
- Inbound Link Building
Link building works as a backbone of your site’s SEO strategy. How? As more reputable sources link to your website, your search rankings become better. Thereby, driving more traffic for your website through SEO.
- Lifetime Value of a Customer
Lifetime Value of a Customer is calculated by considering sales they’ve initiated since the time they first engaged with you. This business KPI will provide insights to your brand’s ROI and will further help you enhance your targeting strategies.
- Cost of Customer Acquisition (COCA)
Costs invested to convince a potential customer to buy the product or service from your business, is termed as Cost of Customer Acquisition.
COCA = Total Marketing Investment/ Number of Customers Achieved
With this KPI, you can define goals to achieve specific score of new customers in a year, and accordingly assign budget to marketing campaigns.
- Response Time of Sales Team
One of the main reasons of B2B lead degradation and disengagement is the slow responses received from sales agents. How quickly do your sales team members respond to potential B2B leads?
Know this KPI to make further improvements.
- Ratio of Website Traffic to Website Lead
Calculating the ratio of Website Traffic to Website Lead will let you know how many of your website visitors have actually converted and become leads.
This is help you know quality of your site’s traffic and related conversion rates as well. Accordingly, you can take measures to improve the ratio.
- Ratio of Website Lead to MQLs
How many of the website leads moved further down the sales funnel to qualify as MQLs (Marketing Qualified Leads)?
This metric will let you know how your marketing efforts are performing and what quality of leads they are generating.
- Ratio of MQL/SQL
How many leads get promoted from their MQL status to SQL one?
The ratio indicates how well marketing and sales departments cooperate with each other. High MQL to SQL ratio indicates that the lead was precisely targeted and generated by marketing team and further sales team also handled it effectively and attentively.
This KPI is extremely important for you to know how your leads are being treated.
Above mentioned 9 business metrics are essential for every business as they offer better scope for improvements. With these insights, organizations can make potential changes to reduce costs, increase revenues, build strong customer relationships and boost growth altogether.
Not just these, several KPIs such as social media engagement, email marketing analytics, Landing page conversions, customer loyalty, employee happiness, etc. also prove to be highly beneficial.
At Bonzer Technologies, we can help you to get found and meet your expected conversion & Business KPIs. To know more, contact us. www.bonzertech.com