This is the 11th post of a 50 article series for beginners building marketing at B2B startups.
Over the last 10-15 years, marketing has become far more measurable and analytical. Using closed loop reporting and marketing automations systems, marketers can quickly zoom in on key metrics that indicate if we’re executing effectively. Here is a breakdown of 9 metrics to consider tracking:
MQLs by source
The key funnel metric that us (and our VP of Sales) will care about is marketing qualified leads (MQLs). As a reminder, MQLs are leads that “raise their hand” indicating they are nurtured enough to talk to sales by filling out a demo request form on our website. The more MQLs we can feed our sales team with, the more swings at bat they have to start a conversation. Additionally, we should segment MQLs by source (e.g how many leads came from your email marketing campaigns versus your paid online ads?) This can all be tracked by the marketing automation system.
Contacts by persona
As we produce more content using an inbound strategy, the goal is to convert targets to leads (i.e. get targets’ contact information into your database). Therefore, a key metric for measuring success is the size and growth of our contact database. In particular, we want to segment this by persona to ensure that we are engaging with people that match the target criteria to actually become a customer. If it’s only other industry vendors downloading our content, that might be a problem!
Demo Conversion Rate
Of the people that land on our demo request page, how many of them actually fill out the form and “convert” to MQLs? This is a critical number to track so your team can constantly tweak the demo request page to optimize for conversion. Simple adjustments like changing the copy or colors can make a surprising impact.
Deals Created from marketing by source
Of the MQLs we are creating, how many of them are actually entering sales pipeline? Sometimes, a lead will fill out the demo request form but not actually be ready, willing and able to become a customer, thus they are not actually “sales qualified.” We need to optimize our marketing to attract the highest quality leads that are most likely to be sales qualified. Tracking the amount of deals that are generated from MQLs is a great place to start. As always, this should be segmented by original source so we can understand which marketing campaigns are driving results.
Deals closed from marketing by source
Similar to the metric above, we want to track the amount of MQLs that actually convert to customers. If our marketing team is good at generating leads, but those leads never turn into customers, maybe we are generating the wrong type of leads from the wrong persona.
The foundation of an inbound marketing strategy is attracting targets to our website to convert them to leads. Therefore, it’s critical to see our web traffic grow. This will happen from better search engine optimization, email marketing campaigns and quality content that attracts visitors.
Content downloads by TOFU and MOFU
We should be consistently tracking how many contacts download our content. This can help us measure which content is the most effective in converting targets to leads and leads to MQLs. It is helpful to segment this metric by top of funnel (TOFU) content and middle of funnel (MOFU) content to measure effectiveness of both.
Content conversion rate
Of the visitors that end up on a landing page with a content offer, how many of them are actually willing to provide their contact information in return for downloading that content? This is another key indicator of how effective our content strategy is and the trust that we have built with our targets.
Email open and CTR
Finally, be sure to track email open and click through rate (CTR). This indicates how effective our email campaigns are, and allows us to determine which emails and subject lines resonate the most with leads.