What Metrics Should You Look at To Prove Your Marketing Works?
Many marketers face a number of challenges when it comes to proving the success of their marketing strategy. As a marketer you’re often asked to show evidence of the efficacy of a particular campaign or strategy but many aspects of successful marketing involve less measurable results than cold hard sales. Things like influence and visibility are often difficult to place an exact number value on and this can make it difficult to justify your campaigns.
A recent article published on LinkedIn gives five metrics that successful marketers can use to prove the success of their marketing solutions. As a marketer this may provide you with some useful insights and ideas to help you in your own evaluations of your next campaign.
- Social shares: Don’t underestimate the insights that can be gained by looking at your number of social shares. A social share is a vote for your content and it means that your audience likes what you’re posting and is also prepared to share it and put their name to it. A good number of shares mean that you’re targeting the right people and your content is hitting the mark.
- Marketing qualified leads: Of course it’s not all about shares. If you want to actually make some sales from your marketing you’re going to need to attract the right leads. This means people who fall into your target audience definition and who are in a position to make a purchase from you. By measuring the number of marketing qualified leads you get, you can see whether your efforts are making a real difference to your organisation’s bottom line.
- Leads in the top of the funnel: There are a number of different ways to measure the number of leads arriving in the top of your sales funnel, depending on which channel you’re looking at. A healthy funnel requires a steady influx of leads in the top and if this is not happening you’ll want to look at why.
- The ratio of marketing qualified leads to sales accepted leads: To be truly effective, marketing and sales need to work together and this means that the leads being handed over to sales need to be acceptable to your sales team. Ideally, close to 100% of the leads handed over to sales will be accepted by sales – if not, this means marketing are not getting their targeting quite right.
- Revenue: Overall, marketing exists to increase an organisation’s overall revenue. If revenue is going up over time, or there’s a big increase in revenue as a result of a particular marketing campaign, you know you’re on the right track.
Evaluating your marketing can be done using a number of different metrics and the best ones will depend on your business and your specific marketing campaigns. Hopefully these metrics will give you some ideas of the different figures you can use to show whether or not your marketing is hitting the mark.