There is a kaleidoscope of marketing metrics that can be considered as signs for either progression, or digression of a company for its brand through the various marketing strategies executed by the marketing team. However, not everything comes under the priority list of the C-Suites; they are basically concerned about those statistics which reflect the larger goals and those which provide a significant insight on where approximately if not exactly is the entire business heading towards. This includes the plus points as well as the flaws.
The marketing metrics are those set of information which tells you about how lucratively are your marketing strategies performing, and also to check if your efforts and investments are being used to their full potential- Are they bringing in real conversions or not? What is lacking on your side? What are your strengths and weaknesses? What all should be improved? And so on. Keeping the metrics under scrutiny from time to time is a logical and sensible method to move forward consciously as a business entity.
1. Marketing generated revenue
The revenue that is generated from marketing is one of the key metrics that concerns the C-Suites. This is a factor that varies from industry to industry because marketing is carried on through various channels, and each business has its own set of preference based on what they think will work for their brand or else they might be using all the available mediums for marketing. Getting a round figure of this criteria will definitely be worthwhile because such an insight can facilitate a genuine graph about which medium of marketing is working well for the brand and which are the ones that need to be improved or discarded. Formulation of budgets for the future marketing campaigns can be done in a more pragmatic way. The formula to calculate this is- MGR/TR*100
2. Cost Per Lead
To have an idea about the cost per lead is undoubtedly a quintessential form of awareness that the C-Suites can have because they know how important it is for them to generate leads and the rigorous efforts that goes in the process. And, if they have an idea about how much did it actually take for the business to convert the past prospects into the current leads individually, they will have a substantial grounding on the investment which they might have to make to get similar leads in the future or to calculate some part of the ROI. The approach could be tweaked but a rough vision of how much needs to be spent will always be there for reference. The cost probably includes, acquiring databases, implementing other ad campaigns etc. ShapeIt can be calculated this way- TMCC /NLG TMCC= Total Marketing Campaign Cost NLG= Number of Leads Generated
3. Lead Quality
Quality will always be ahead of quantity because the impact of the former has more intensity and authenticity over the latter in every sphere of life. Populating the business with shallow leads will be of no value compared to having Marketing Quality Leads [MQLs]. And why not? Because MQLs indicate those percentage of leads who will most probably turn into customers of the brand in the near future or even sooner. Therefore, the C-Suites would want to know about this marketing metric to have an estimation of the possible conversions which hold a greater potential to bring in sales for the company. Figure this out with this- MQLs /GL MQLs= Marketing Quality Leads GL= Gross Leads
4. Opportunities actualized
Not all MQLS will turn into opportunities but the chances of them turning into one is higher. Hence, keeping an account of the actualized opportunities holds good in every business sense to the C-Suites. This data will give them a chance to know about how many of the Marketing Quality Leads are converting into customers for real. If the numbers are less, then, they can decide to improvise their steps and see that the next time the potential sales wouldn’t be lost after coming so near. However, it can be the sudden dormancy of the qualified leads and the reasons for which can only be anticipated. Calculate them by- AA/GLG AA= Actualized Amount GLG= Gross Leads Generated
5. Conversion Speed
The C-Suites would love to infer the speed at which any executed plan is working or the rate at which a particular process is moving. Moreover, the speed at which the leads change into conversions are one of those ultimate marketing metrics they would want to keep a track of to reflect upon how fast, or slow are they moving towards realizing real base of customers. Just mark the date on which you convert your prospects into MQLs and then, check the date on which they finally convert into paying customers and calculate the difference accordingly.
We do realize that the C-Suites will always focus on the elements that portray the long term scenarios and those which affect the journey of the business as a whole. Therefore, they feel the need to know about particular marketing metrics that would give them a reportage on the current situation of the profits and losses that the business is incurring, which would eventually guide them in improvising the future schemes for the better; their resolutions would be a lot more real and astute after having the outcomes of the various initiations in the form of marketing campaigns critically evaluated. Or to put it in simple words, such logistics back them for good decision making.