Are your marketing strategies working? Are they worth the time, effort, and money that you’re putting into them? How can you answer these questions (for yourself or your team) if you don’t track your marketing performance? There's a lot of information that goes into answering these questions which is why monitoring these trends is so crucial.
When you take note of your performance, you have quantifiable data that can shape current and future strategies. Each piece of this data gives you unique information about how your strategies are working or if a different approach could perform better. These factors are known as KPIs (key performance indicators). What could you learn from these KPIs?
Marketing Performance Criteria You Should be Tracking
- Sales Revenue – Are you spending more on your marketing efforts than what those efforts are generating?
- Cost Per Conversion – How much is each of your lead conversions costing your company?
- Return On Investment – How much is your company paying for each page click/comment/social media post? What’s the financial return you see on your investment?
- Conversion Forms – Are people visiting your landing page, but aren’t filling out your conversion form? Why or why not?
- Time Frame – Is the increase you’re seeing a fluke or proof that your strategy is working? Quarterly reports help make that determination.
KPIs and keeping track of your marketing performance allows you to set achievable growth goals, gives you more information to confirm progress, and provides valuable insight for the creation of new strategies.
Ask yourself what your baseline is for your usual marketing performance and how you can increase that even by 1%. How can you streamline your marketing efforts and exceed your business goals?
Get the Right Tools to Track Your Marketing Performance
The information you receive from tracking your marketing progress not only helps you craft new approaches, but it also validates your previous progress. Having reliable data gives your team resources they can base their new methods on and dependable facts they can report. The variances in your growth give you direction of what ideas have and have not worked. What trends do you see and how can these trends shape the strategies you put in place?
This is an important question, and answering it requires having data at your fingertips. You need to be using software and tools that allow you to track your efforts and analyze your performance. While there are many incredible tools out there, our favorite is Hubspot.
At the end of the day, the real question is simple. How do you know your marketing efforts are working? Creating and implementing strategies without considering your past marketing performance is just a shot in the dark. Don’t gamble with your business growth. Craft custom strategies based on measurable results.