Today we are starting something new, Marketing KPI Stories! We decided to start spreading some useful content regarding a key process in marketing – performance measurement. There is nothing more important in marketing than information and that’s why we will present to you in the following weeks a list of the most valuable KPI’s in marketing.
Best decisions in marketing come after measuring the actual situation, the facts or actions. Here is a relevant quote: “If you can’t measure it, you can’t improve it.” (Lord Kelvin, 1824 – 1907)
Follow this advice of Lord Kevin whenever you feel that you need to understand better the facts: bad or good things that happen – if you understand them, their causes and effects – you can manage them!
First marketing KPI we propose is about the demand of your customers (number of inquiries, offer demands etc.). Try to see if you are really counting these actions, because the information that this KPI offers you should not be ignored: who are your customers, what new profiles of customers are interested in my products/services, does my investment in advertising return the necessary or expected results, which of the sales people are performing better etc.
KPI name: #Inquiries
Definition: Number of inquiries for company’s services and products, by any channel possible.
Variation and related KPI’s:
# of qualified leads (sales-ready)
# of qualified and accepted leads
# of qualified and added to the forecast as winnable opportunities
# of sales
Focus and targets: specific to PULL strategies, in any sector, usually business without a sales force.
So, don’t be lazy – start analyse the Marketing KPIs, get your conclusions and put them in numbers!
Actually, the same guy Lord Kevin said “Measure … and express the results in numbers”.
You can do it whatever your marketing goal is! If you’re having troubles, you can always ask someone.
Stay tuned for the next Marketing KPI Stories.
Adrian Abrudan, Head of Strategy & Research