Measuring your company’s overall marketing effectiveness is challenging if you aren’t sure which metrics to focus on. Typically, marketing effectiveness is determined by how well your company’s marketing strategies increase your revenue while simultaneously decreasing your customer acquisition costs. So, what does this mean exactly?
Basically, to determine whether or not your marketing efforts are actually working the way you’d like them to, you need to figure out how your company will define success and which metrics you’ll use to measure it. After all, if you don’t have tangible metrics to evaluate your efforts, then what’s the point?
Here are five common key performance indicators (KPIs) that tech marketers (like you!) can use to measure your marketing effectiveness:
Leads
This metric is simple. The more leads you gain, the more sales opportunities you can have. When you have a surplus of sales opportunities, you will have a better chance of sales growth. Keep in mind that your leads are more than just a form submission. Leads need education and nurturing to get them to actually convert. Our 2021 Marketing Trends in the Software & Tech Industry report speaks to the importance of crafting the right messaging for leads at each stage of the sales funnel.
Website Traffic to Website Lead Ratio
This metric is also pretty straightforward. To analyze this one, you can simply look at your website visitors as a whole. The question you’ll want to answer is - out of all your website visitors, how many of them convert and become leads? This KPI can help you determine the quality of your website’s traffic and the conversion rate of your website.
Website Traffic
This metric focuses on the people visiting your site, so it’s pretty important. Analyzing your website traffic means finding out more about the people that are viewing your site. There are many different elements to consider when looking at website traffic. One of the most significant elements is SEO. Implementing SEO best practices into your website content can help you to increase your overall website traffic.
Premium Content Engagement
Your overall content strategy is another great area to focus on when it comes to seeing how well your marketing efforts are panning out. Premium content popularity is on the rise. Our report found that 70.7% of tech marketers created premium content in 2020 alone. Premium content helps to position your company as a trusted product or software leader. Plus, premium content allows you to measure your marketing success. For instance, when you create a gated piece of premium content, you’ll be able to see how many readers engage with it by analyzing the number of email addresses you gain.
Email Marketing Performance
When you launch an email marketing strategy, you’re creating content that will directly reach your customer, which means it’s a great element to analyze your marketing efforts. B2B tech marketers love email marketing! According to our report, 75% of tech marketers use email marketing in some capacity. When you give your recipients more control over how they interact with your brand through email marketing efforts, you can boost your reputation and your email engagement rates.
Measuring your marketing effectiveness ultimately depends on what you’re looking to accomplish and how you define success for your company. If you focus more on how well your content is performing, perhaps you pay close attention to metrics such as blog post visits or conversion rates. If your main goal is to increase awareness on social media, maybe you focus your attention on social media metrics such as the number of followers, engagement rate and customer conversions. Once you’ve established your goals, then you can select which KPIs to focus on.
