Key Metrics for preparing Dashboard for Clients

(P.C. – Unsplash, @campaign_creators)

Irrespective of the type of business you are into, measuring Key Performing Indicators (KPI’s) for it is essential, but with dime a dozen KPI measures available online, it not only creates chaos but also deviates you from the path of strategic thinking and decision-making.

You don’t need to measure each and every KPI, as it is not only unnecessary but also creates a burden on your resources to successfully meet the fulfillment criteria for every KPI which is short of the target, as well as not necessarily you need every metric to understand how your marketing plan is performing. Generic KPI’s aren’t helpful in making sense for your clients and as well as whether they align with the type of marketing campaigns run by your team.

By employing revenue-focused marketing KPIs, you can ably show your team’s valuable efforts while staying aligned with your broad business goals.

Some Key Marketing KPI’s to show your marketing worth

1. Rate of Conversion – Individually measuring conversion rates for every phase of your marketing funnel shall lend you a productive insight into your customer’s journey. While studying that you may across certain loopholes in some phases, which can be a cause of you losing your potential revenue. For every organization, marketing funnels shall be different, and so shall your measuring metrics. It is important to have a well designed webpage to attract your customers and have your landing pages designed into conversion points. It is imperative to test the success of your landing page, so test them and refine them periodically, this is very important to ensure higher rate of conversion.
2. Customer Lifetime Value (CLV or LTV) – It is important to calculate your customer lifetime value (CLV or LTV), to assess which customers carry value for you. To engage those customers, marketing campaigns have to be designed and adjusted; this can happen once we know which acquisition channels are giving the most profitable customers. CLV or LTV also helps in designing your retention marketing plan.
3. Quality of Leads generated; Bounce rate and MQL:SQL ratio- Lead counts, the higher the number, the better it sounds and makes you feel good, but how are they helpful, if they don’t convert into closed deals, then it just shows a misdirected marketing strategy, as well as results in loss of money, time and resources. The main goal of any lead generation activity is to generate qualified leads, those who are in all probability going to indulge in a transactional activity with your business. In this case, Bounce rate can help you determine, whether you are attracting the right audience traffic to your website, whereas, MQL:SQL ratio acts as litmus test for your sales team, wherein, whether they are successfully able to convert leads into proper customers.
4. Leads generated by Channels – Extracting the most of your given resources, plays a crucial part in determining and developing any marketing strategy. To determine your success rate and highest ROI generated, you can break the results by determining leads by channel, these can be your social media channels, e-mail based marketing, in-bound marketing, content creation, material downloads, newspaper based marketing, etc.
5. Marketing Generated Revenue- This is one crucial KPI as it enables marketing-sourced pipeline to reach the end of the funnel, thereby helping the companies to know the exact figure of the total revenue earned from successful deals that originally were just marketing leads. This metric carries great value as it shows the marketing team’s alignment to the organizational goals as well as determining the overall health of the business.
6. Marketing ROI – This is one of the most important and impactful marketing KPI, especially when one wishes to convey the most important message in a crisp manner, i.e. the impact generated with every dollar spent, which can help the higher management determine the value which marketing brings to the table. MROI also helps in determining important decisions like creating marketing budgets, marketing goals and strategies, future course of action, etc.
7. Marketing percentage of Cost to obtain a consumer (M% of CAC)- Marketing undoubtedly forms a cornerstone of any customer acquisition process, but for any organization it’s important to know what the actual breakdown of the incurred expenses includes, especially if the costs are inclusive of the entire operational costs, as a part of CAC. Though, changes in CAC can provide useful insights to the team but it has to be kept in mind, that there are various factors at play, before determining the impact of Marketing %, i.e. for instance impact of any new marketing initiative, cost incurred to generate new leads and how effective they were, etc.

 These are just some of the KPI options mentioned, you have to be the best judge, to assess which KPI’s suit your needs, because with so many KPI options available with ease, to aid you in tracking your digital marketing campaigns, it’s easy to get flustered and lose sight of your goal, but the key here is to determine which are important and which aren’t. We at Zivanta Analytics can help you in streamlined monitoring and report generation of your digital marketing campaign KPI’s, because the main aim here is to see and assess which KPI’s are truly the right fit for you, hence, meaning success for your client and the different types of campaigns run by you, to ensure that the data which you have is more streamlined; as a result helps your team in successfully hitting the bull’s eye, instead of wasting time and resources they can optimize and successfully run the campaigns.