Tracking Key Marketing metrics & KPIs in a dashboard helps you monitor the performance of your marketing campaigns and do course correction quickly. However, if you don’t track the right marketing metrics you might get confused or even misguided. Although there are many types of marketing metrics here are the 5 key marketing metrics & KPIs that matter.
5 Key Marketing Metrics & KPIs you must track
Here are the 5 key marketing metrics & KPIs you must include in a dashboard.
1. Daily Traffic
Daily traffic is one of the key marketing metrics and KPIs to track for every business. Here’s an example of what it looks like.
Initially, you can track overall daily traffic to your website using a data visualization software
As you gather more data, you must also track daily traffic by marketing channels. This will help you identify which marketing channels bring most traffic and improve your marketing strategy.
You can also measure these growth marketing metrics & KPIs every week, instead of every day, when your website is new.
2. Top Converting Landing Pages
Every website has multiple landing pages, each targeting specific keywords and search phrases. However, not all of them can successfully attract and traffic. So it is essential you monitor overall traffic and conversion rates by landing pages so you can identify your top 5 landing pages, and promote them further.
3. Top Converting Marketing Channels
There are multiple ways to get traffic to a website (e.g social media, seo, email marketing, etc). However, not all your visitors become customers. For example, you might find that although social media attracts more traffic than SEO, it has considerably less conversion rate. That’s why conversion rate is one of the most important product marketing metrics for every business.
In other words, traffic that doesn’t convert is not useful. So it is important to find out which marketing channels convert most visitors so you can allocate more marketing budget and resources on them. Did you know 89% of marketers use KPI metrics to track campaign effectiveness? So track daily/weekly website visitors for each marketing channel.
4. Leads Generated
It is not enough to attract website visitors, you must convert them into valuable leads. There are various lead gathering techniques available to today’s marketers. You can have a lead magnet for downloading e-assets such as e-books and white papers on your landing pages, or you can have the time-tested email subscription form on your blog. You will also have people signing up for your product/service via your website.
No matter how your business get leads, it is important to regularly monitor lead generation for each channel, with the help of a BI reporting tool. This will help you determine which lead generation methods are working, and which ones need to be discontinued.
5. ROI (Return on Investment)
ROI is one of the key marketing metrics & KPIs to measure success of every business. It is a little difficult to measure ROI since you need to track the revenue growth KPIs due to marketing efforts and compare it with the corresponding marketing spend.
ROI (%)= (Revenue $ – Cost $) *100 / Cost $
To begin with, calculate the total ROI for your business, to determine if your overall marketing strategy is headed in the right direction. If your overall ROI itself is low, then you really need to try a different marketing strategy.
Next, try to determine the additional revenue due to each marketing campaign, so you can track campaign ROI.
Once you have been able to attribute revenue to their marketing channels, it is more useful to track ROI for each marketing channel. Then you can determine which marketing channels to continue and which ones to discontinue. For example, you might find that email marketing brings low-value customers but incurs high cost, while social media is a low cost channel that attracts high-value customers.
There are many marketing KPI examples but the above-mentioned ones are the key marketing metrics and KPIs you must track for your business. Plot them on a marketing dashboard using a dashboard software like Ubiq, as shown below and share them with your team.
Hopefully, the above-mentioned key marketing metrics and KPI examples will help you improve your marketing campaigns and growth strategy.
If you want to create business dashboards, reports & charts, you can try Ubiq. We offer a 14-day free trial!