Last week I began a new series that I am calling, Behind the Curtain. Specifically, this series aims to give you a little insight into my own experience as a business owner and how our team operates. We’re dealing with the subject of KPIs throughout this series, and today, I want to share some information that I gathered from a recent conversation I had with a member of my marketing team, April Damron. During our conversation, she shared some of the things that go into the marketing KPIs.
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Oftentimes, business owners can get caught in the weeds when it comes to the number and type of indicators that we track. By breaking indicators down into smaller groups, they can be monitored by individual departments without becoming too cumbersome for any one group in your team. While speaking with April, she indicated that the marketing KPIs consist of around 20-25 indicators tracked regularly.
Of those, some are tracked on a monthly, quarterly, or annual basis. This lets the marketing team report their KPIs without being bogged down by checking the entire group every week. Meanwhile, they can still show good numbers that tell where the team is going and where it has been. When we measure our KPIs, it isn’t uncommon to look to past numbers, present information, or even results that we expect to see in the future. One example of a past indicator that our marketing team uses is our Google and podcast reviews.
These types of lagging marketing KPIs tell us who our audience or consumer base is and our reputation. Likewise, we can ascertain how willing they are to go out of their way to rate our service excellence. These reviews allow us to make sure that we’re giving you the exact type of content you want. So, if you’ve never left us a podcast review, please consider going to your favorite way of listening to the Financially Simple podcast and leave us a review. We’d love to hear from you.
Each area of your business will have one or two KPIs that they really hone in on to see how well they’re actually performing. In my company’s marketing team, that key is the lead to qualified leads indicator. We often get people who reach out to us via phone call, email, etc., and say that they’ve heard of us but want to know more. These are what we classify as leads. However, we break that group down even further, separating people who don’t actually need our services from those who could benefit from what we offer. This smaller group is classified as qualified leads. They are the people we could turn into clients, people who legitimately need and want our services.
In my business, we have a lot of different ways that people can reach out to us. This makes it difficult to track the lead to qualified leads ratio on a daily or weekly basis. Instead, the marketing team tracks this monthly to provide a large enough snapshot of how we’re doing.
Another major marketing KPI that the team keys in on are guest appearances. I have my own podcast, but the team also loves to get me onto other podcasts as a guest. Also, they push me to participate in networking events, community organizations, and public speaking events. Basically, the more guest appearances I have, the better the chances of getting my message out to potential clients. So, April and the team put a big focus on this. The team has done a phenomenal job with this, booking speaking engagements all over the country this year.
If you have the ability to have an in-house marketing team, as I do, then you know what a blessing it is. However, if you don’t have an internal marketing team or need something a little more specialized, outsourcing can be a tremendous resource. In fact, I use in-house and outsourced positions in my own marketing team. Wherever you fall in this spectrum, be sure that your team tracks their marketing KPIs. Outside sources will often record and track data to ensure that you’re reaching your targets. If you communicate the specific indicators you’re measuring, they will likely share that information without trouble.
Regardless of your industry, there are a few primary indicators that any business should look at. One of the first ones that come to mind is your digital footprint. This focuses on how much traffic you’re getting to your webpage and how many times people are Googling your business. You can generally find this information via your Google Analytics or your own website’s analytics. Monitoring how many people are searching for you or your services gives you an idea of the demand for your services in a particular area, as well as how well you’re reaching your target audience.
I like to think of my time as a boy in coastal Georgia. I would often take a net down to the water to try to catch some flounder. The wider I would cast the net, the better the chances I would pull the fish I was looking for from the water. The digital footprint is very similar to this. The wider you cast your message across social media and the internet, the more likely you will find the customer base you’re looking for.
Another measurement you should be tracking is your email list. In my business, we create many different emails to attract the people within our email list to become full-fledged clients. Just as in my previous analogy, the more people you can get on your email list, the better your odds of transitioning them into clients. We don’t just track how many people are on the list, though. We’re also watching how many emails we send out and how many of them are actually opened.
Another benefit to the email list is that it’s yours. You can track how many follows or likes you’re getting on social media, but you don’t own those platforms. Why does that matter? Well, we’ve seen recently that you can be blocked or removed from social media for just about anything. So, having a good email list ensures that you will keep in contact with your consumer base.
Beyond these examples of primary indicators, there are a few secondary indicators that most businesses can track in their marketing KPIs. For example, we track the number of times we interact with a client. Whether you’re reaching your client via email, phone, or in-networking, those interactions are so important in tracking your client retention and satisfaction, as well as making sure that you’re adding real value to your client interactions.
Friends, marketing is such an important aspect of your company. Properly tracking your marketing KPIs helps to ensure that your company’s marketing efforts are fruitful. We are going to put all of our marketing KPIs up on the website for you to look at. They may not all apply to you, but they can give you some insight into what you could be tracking in your own business.
Look, I know life is hard, but life is good. Tracking KPIs can be frustrating, but it doesn’t have to be. By breaking your KPIs up across each of the 8 key areas and tracking them according to the appropriate timeframes, you can make measuring marketing KPIs, at least, financially simple.
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