Key performance indicators (KPIs) help you measure your progress. The term refers to a measurable value that indicates how effective a company is in achieving its key business objectives.
KPIs are used to evaluate the success of organizations in reaching their targets. Low-level KPIs focus on processes within departments like marketing, sales, HR, etc.
Every company’s marketing strategy and efforts should be measurable so companies can optimize their marketing performance, allocate adequate marketing budget and work more efficiently with other teams.
Here are 20 marketing KPIs that are important for every business:
1. Sales Growth
The best way to measure the effectiveness of your marketing strategy is by measuring the growth in sales revenue. With this metric, you’re looking at how much of your total revenue was influenced by your marketing strategies. This is a great way to show your team the value of their efforts.
2. Leads
In a similar fashion, it’s helpful to know the number of leads your sales team closed. More leads mean more sales opportunities and a better chance of sales growth.
To be extra thorough, calculate your sales-qualified leads (leads considered “sales-ready” based on specific activities completed or lead score) and sales accepted leads (leads the sales team has contacted).
3. Lifetime Value of a Customer
This KPI tracks the revenue a business can expect from one customer over a lifespan. This is a good way to measure your company’s ROI and better strategize your business.
The lifetime value of a customer is calculated in a few ways using a formula that may vary according to your needs and the data you have.
