By combining metrics from multiple data sources, you can create more informative, more insightful reporting dashboards.
Marketing | Sep 21
Masooma Memon on June 10, 2021 (last modified on June 8, 2021) • 10 minute read
Sharing the right marketing KPIs keeps you team motivated and productive.
The numbers show how well their efforts are driving results and by how much they need to improve. Consequently, your team can make better suggestions to optimize campaigns and reach the goals you have set.
The question now is: which marketing KPIs should you share with the team? We asked 50+ marketing experts and gathered a list of marketing metrics you should be sharing.
Before we dive into which KPIs are the right ones to share with your team, you may be wondering how often should you share them? According to our respondents, it’s best to do it on a weekly or monthly basis.
49.2% of the marketing teams we have surveyed share their KPIs on weekly basis, while 39.3% of teams make it a monthly thing.
With that, let’s dig into why you should highlight the following marketing KPIs to your team.
To start, you need to learn and share the value of the site traffic your marketing team is driving. Why? Because you don’t need to simply generate traffic. Instead, you need to generate the right traffic comprising of people in your target audience and convert it into leads.
To this end, sharing the website traffic to lead ratio metric with your team is crucial. “The website traffic lead ratio shows us how many website visitors actually convert to leads,” explains Tidio’s Karol Nowacki
“As a marketing team, we try our best to increase page traffic and create comprehensive, valuable, and persuasive content for potential customers. However, if the traffic is growing but our website still doesn’t sell offered products or services, we should definitely rethink our approach.”
Tracking this marketing KPI, therefore, helps the Tidio team modify their marketing strategy effectively.
Marcin Stryjecki from Booksy also suggests “everybody needs to have a tight grip on what the ratio is and how it is changing.”
“The KPI tells the team what the quality of traffic entering the website is. If the ratio is too low, the team can make a group effort to improve it by switching up channels, targeting different personas, or going for display ads.”
Editor’s note: Get a complete picture of your website performance including the traffic you’re driving with this Top of Funnel Website Performance Dashboard Template. You can keep tabs on the bounce rate, sessions by device, new vs. returning users, and other metrics – all on one screen.
Keeping an eye on your qualified leads tells your team how well their marketing efforts are reaping fruit. After all, the ultimate goal is to get high-quality leads from your campaigns, isn’t it?
Note that the key here is that the lead is accepted by the sales department. In other words, it’s a high-quality lead that’s qualified for sale.
But what if the lead isn’t accepted by the sales team? “If it is not accepted by sales then it goes back to marketing,” Bell writes.
“The question you need to ask, and answer is what is the ratio of leads that are not accepted by sales? Knowing this will enable you (and your team) to identify and fix any disconnects,” concludes Bell as they explain the importance of tracking this metric.
Another metric on this list of marketing KPIs to share with your team is the cost per funnel stage as suggested by Jennifer Harder from Jennifer Harder Mortgage Brokers.
“Along with conversion rates, you can analyze costs at each stage of your funnel to determine where potential revenue is being lost. Additionally, you may want to compare the cost per funnel stage by channel to determine where your best opportunities are coming from,” explains Harder.
Put simply, sharing the cost per funnel stage helps your team understand how the invested revenue is paying off while also looking for ways to optimize it.
But Harder shares a heads up here: “bear in mind, however, that quality is more important than cost per lead—a low-cost per lead channel may come back to bite you later in the funnel when leads fail to convert.”
Continuing on with the point about the low cost per lead channel, Harder suggests you share the customer acquisition cost (CAC) with your team too.
Essentially, “this figure represents the total marketing and sales expenditure required to acquire a new customer,” in Harder’s words. And it’s “a critical metric for assessing not only the marketing team’s performance but also the health of the business as a whole.”
How? Again, by giving a picture of how much the business is spending on getting leads and how the costs can be optimized.
Editor’s note: Identify where the bulk of your app’s users are coming from and the channels that are driving the most traffic using this Google Analytics 4 Acquisition Overview Dashboard Template. It features essential metrics such as total users, total revenue per user, and total users by source among other metrics.
Growth Hackers Services’ Jonathan Aufray thinks it’s essential you share the cost per acquisition (CPA) with your team too.
It’s important to mention here that the CAC factors in all the costs involved in acquiring a paying user (customer). On the other hand, the CPA is the cost of getting a non-paying user – including costs like the cost per signup and cost per lead among other expenses.
“From my experience, I believe CPA is the most important marketing KPI to share with your team. By knowing this, you will know what works and what doesn’t work,” Aufray notes.
“The goal is to keep decreasing the CPA, week after week, month after month, quarter after quarter. If you keep decreasing your CPA, your profits will automatically increase.”
Editor’s note: Share an overview of how well each of your marketing channels is doing with the team using this Google Analytics (Channel (or Acquisition) Drilldown: Organic) dashboard template. It tracks all your sessions, users, sessions by source, goal completions, and other important metrics on one screen.
“CLTV measures how much income a company can expect from a single customer over the course of their relationship,” according to Michael Robinson from Cheap SSL Security.
“There is no better way to quantify consumer value in marketing than to reach out to your existing customers to see what they value and where you can change.” And while you are at it, involve your team, keeping them in the loop, so they know how their efforts and strategies are translating in terms of customer satisfaction.
“This will not only help you maintain your relationship with your key points of touch, but it will also help you minimize turnover, keep your customers satisfied, and increase the lifetime value of your customers,” Robinson highlights.
In fact, Robinson’s entire team is involved in improving their CLTV including their CEO. For example, Robinson shares, “every quarter, our CEO personally contact a select group of clients to keep in touch. He uses this opportunity to see how they’re doing and to learn about any places that we can change, as well as to get their overall impressions of working with us.”
“Is your current campaign capturing leads? Do you have a high close rate?” Answering these questions by tracking conversion rate “helps you re-evaluate factors and variables which may have affected such turnout,” Travis writes.
“Talk numbers with your team, but more than that, it’s best if you become open with suggestions from other departments as well on what could have caused high or low turnout. It’s common to not notice certain factors especially if you are on the inside, which is why asking for suggestions helps a lot too.”
Incorporation Insight’s Michael Knight sees return on ad spend (ROAS) as return on marketing investment.
“This is an important KPI to share with the team so that everyone is aware of how much revenue is being generated and can determine whether or not a particular campaign was successful,” Knight suggests.
“This KPI is critical in determining whether the company is recouping the time and money spent constructing and implementing marketing campaigns.”
On top of that, Knight observes it’s also essential you share this metric for helping the team “determine which aspects should be eliminated in order to save money and time, and which should be improved in order to double revenue.”
Editor’s note: Looking for ways to visualize your ROAS from Facebook Ads? In this episode, we’ll show you how to set up and track your ROAS alongside other important metrics to effectively track the performance of your ads.
“At the end of the day, the best way to judge the success of your marketing is to look at the increase in sales revenue,” Dr. Brite’s Pooneh Ramezani opines.
Therefore, it’s essential you update your team about how much their efforts and campaigns are paying in terms of generating sales revenue.
What’s more, “measuring your sales growth is critical to your company’s long-term health,” points out Ramezani. “It not only serves as a useful indicator for strategic planning, but it also allows for the detection of growth trends.”
Summarizing, Ramezani says, “don’t be afraid to share your sales revenue with your coworkers. This instills a sense of ownership in your employees and reinforces the fact that they are all in the same boat, working toward the same end goals.”
This metric is closely related with the sales revenue one above.
Tanya Zhang from Nimble Made talks about it. “Knowing how much revenue can be related to digital marketing is crucial to determining the effectiveness of your campaigns.”
Admittedly, “no business wants to invest in something that does not yield a profit,” Zhang shares. This is why it’s essential you “track and attribute to all of your marketing efforts, not just the ones you’re proudest of.”
Be doing so, “you can see how simple things like blogging and social media, for example, had an impact on sales.”
In short, “with marketing revenue attribution, you (and your team can determine) how much of your revenue was influenced by your marketing efforts rather than the number of leads you closed. Keeping track of this data is a great way for your team to demonstrate the worth of its efforts,” Zhang sums up.
To conclude, it’s always a great idea to share the listed metrics with your teammates to keep them on the right track. It also means you can get everyone’s input on how to improve a poor-performing campaign – you never know which creative doors might unlock by doing so.
So here’s to teamwork. 🎉
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