Down The Sales Funnel KPIs Go

KPIs are no joke! 

Key performance indicators play a significant role in the creation of your strategy and marketing budget. They ensure your marketing campaigns are reaching new heights by helping you understand its effectiveness through metrics and measurement. And when they aren’t, KPIs help you understand where to focus your attention. But with so much data to digest, it can be tough to figure out where it’s taking your strategy and how it’s telling you to spend your budget.

So, how can you use KPIs effectively to create your marketing budget and fine tune your strategy?

When there is this much data?

Where should you start?

Align Marketing With Sales

It’s time to embrace the sales process! I know, probably not what you wanted to hear as a marketer but both, sales and marketing need to put their heads together to create the best sales and marketing results possible.

The truth is you can’t do one without the other.

I mean look at how quickly you blame one another you when goals are missed? You both know how much you rely on each other.

You can’t do one without the other especially if your end goal is to generate more revenue- which it should be, your boss would want it to be. So you have to start looking at sales and marketing like the best combo ever and not sworn frenemies. Once you come to terms with sales being your new BFF, it’s time to break down the consumer buying process and use it to figure out what data is most relevant for understanding the KPIs your marketing team is using. 

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Three Stages

When it comes to the consumer buying process, you have to talk about the funnel. And when it comes to the sales funnel you can actually use it to break down marketing KPIs by stages,

  1. Awareness: something seems wrong
  2. Consideration: what are my options to fix it
  3. Decision: X will fix my problem

Use the sales funnel to examine your KPIs, to figure out what data is needed and to help marketing understand how it relates to each stage of the sales process.

With each step of the funnel, we are going to figure out what data sources you should be looking at, what it can help you find out and how you can use it.

1. Awareness

This is the top of your funnel. Which means you have a lot of data to look through! There is so much your marketing team is doing to bring awareness to your product and or service so which sources are most impactful? 

Website Traffic

  • Where are the hot spots on your site?
  • Where are people spending their time? And for how long?
  • Are these the pages you are driving them to through ads?
  • And what do they do if they are on one of those pages?

It’s important to know what parts of your website people are drawn to so you can do more of that! You don’t just want to celebrate the fact that 40,000 people are coming to your site, but you aren’t making any sales from them. Make sure you are attracting the right visitor to your website, one that has a problem you can fix!

Content Creation

  • How many people are coming to your blog?
  • What posts have the most visitors?
  • How long are people spending on your blog post?

Content is a great way to build trust with your audience, but you have to make sure it is information your audience wants and needs. While it’s great to have a blog with lots of content to look at it won’t mean much unless your audience is reading it and finds it relatable to their needs.

Social Media

  • How many people see your posts?
  • How many people engage?
  • What social platforms are meeting your current goals?

Social media is a great tool to use for promoting content which helps you build relationships with your audience. It helps with brand recognition and can be a place people come with questions you can answer. It opens the door to communication and relationship building between the consumer and brand. 

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2. Consideration

People enter this part of the funnel when they want to learn more about you! You did something right with your awareness marketing efforts- maybe it was a blog post or something on your website that made them keep looking into your brand to figure out if your service and or product is the right fit. Now in the consideration stage, you are taking metrics that show how what and who you are converting.

CTA Performance

  • How many people converted?

This is probably the most important metric to track! It measures the effectiveness of your call to action, and if people make it this far they are letting you know that you did a lot of things right with your marketing efforts and have the possibility to win them over

Visits & Conversion By Source

  • How are people getting to your website or landing page?
  • Where are people converting?
  • Who, what, when are people converting?

While yes, it’s great that people have found your website and are reading your blog but in the consideration stage you want them to commit a little bit more to your brand and when someone does you want to know how they got there. Did they have to read 5 blog posts and on the fifth one they signed up for your weekly newsletter? Did they find your blog post by clicking on a Facebook Ad or just a Tweet- did their visit cost you money or was it “free”. It’s important to look into all of this so you can do more of that so more of the right people find you!

3. Decision

This is at the bottom of the funnel, your potential customer turns into a client. And you may think once your MQL turns into a customer the sales team takes over from here. No! You worked hard to get them this far so marketing doesn’t stop here. Now you have to ensure your current customer stays a customer as it’s much cheaper to keep your customers than to go out and look for new ones.

Referrals

  • Are current or past customer referring your company?
  • How many referrals do you receive during any given amount of time?

Referrals are basically like “free” customers. You didn’t have to drag them all the way through the sales funnel. They jumped a few steps and made an easy decision because a friend/co-worker/ family member told them they needed you! There are few marketings tactics that work as well as a good recommendation! So give your current customer incentive to refer you to their friends and family.

Reviews

  • Are customers reviewing you online?
  • Are the reviews good?
  • Are you responding to problems when addressed here?

Don’t be afraid to ask your customer to review you, especially if they won’t stop talking about how much they love you. Maybe you see them tweet something at you? Or they send you a message on Facebook? Or tag you in an Instagram post? Now is marketing time to shine. Make sure you comment back and thank them and most importantly make it a priority to address any issues mentioned. You don’t want to ignore complaints just because it’s not “marketings job” (but yes it is, this is your brand image after all).

Wrap It Up

Your KPIs can make or break your marketing efforts. If you understand your KPIs, the data behind them, where to get that data, and what questions to ask about that data then this could change everything about your marketing efforts.

KPIs don’t need to be feared! They can be a tool used to put all your marketing efforts in the right place. So the next time you become overwhelmed by all that data needed, break it down and look at through the lens of the sales funnel.

The truth is, when you understand your KPIs you will become a better marketer!

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Data Is Only Part Of The Story

At this point, we have probably all heard it…

Data tells a story

For some people, that statement might make them say, Huh?

For others, it’s not a story they want anyone reading.

So what does it actually mean to tell a story using data? What is data storytelling?

I can assure you it’s not just emailing out data in the form of graphs and charts or throwing together a powerpoint that includes a lot of visualizations of data with no explanation. That is not storytelling. From the real stories you read, you must know that it takes a lot more than the plot to make a story great…  Continue reading “Data Is Only Part Of The Story”

CMOs Make The Best CEOs

Has there always been a secret (or maybe not so secret) assumption that CMOs aren’t suited for the CEO role? Think about, I can name COOs, CTOs, and CFOs who have all gone on to become CEO but not too many CMOs in recent years.

Maybe that’s because there wasn’t much proof as to what marketers did? And then came the assumption that people who could make great products could also become great CEOs. Think about Facebook, Square, Paypal, Apple, and Twitter. The creators of these products and technology often rewarded themselves with the CEO title and that is kind of what we got used to. But a transition is once again underway. Where businesses are realizing the importance of marketing, how essential is to sales and that maybe in order to have a great product you have to know the people who are going to buy it. Continue reading “CMOs Make The Best CEOs”

Reporting CMOs Want!

If I were to sum up the life of a marketer I would say their goal on a daily basis is to 

MINIMIZE THE COST OF FAILURE

From figuring out who your audience is, what your audience wants, how to reach them, and most importantly how to get them to make a purchase. Oh yeah and in as little time for as little money as possible.

Anything else?

And don’t forget to provide reporting detailing those results, with data and analytics, in a language everyone can understand.

Gulp. No problem.

Bill Clinton looking defeated

Cue minor panic attack/nervous breakdown/ and never sleeping again.

What doesn’t my CMO want from me?! But maybe the reason they are expecting the best from you is because they are constantly going to battle for you.

So before you feel too defeated let us help you understand the importance of providing these insights to your CMO through reporting.

There is more at stake than what you might think! Continue reading “Reporting CMOs Want!”

3 Resolutions Agencies Can Make In 2017

2016 was a big year for agencies! From agency and big brand shake-ups and break-ups, to the constant evolution of the industry (thanks to the introduction of new technology), to figuring how to get your clients’ messages across in more ways than ever before- 2016 was the year that would just not stop.

And as the holidays approach, maybe clients go quiet for a bit, you will finally have time to come up for air, take a deep breathe and find a second to evaluate the damages and celebrate the fact that you survived! You might be a tad bruised and battered but 2016 didn’t knock you over.

But with that said, don’t get too comfortable, it’s already time to look ahead and start planning your strategy and agency goals for 2017. What are your resolutions? Hopes, dreams, and desires for the next year? Continue reading “3 Resolutions Agencies Can Make In 2017”

5 Things Every Marketer Should Do Every Day

With a new year only a month and a half away (WHAT) it has us thinking about routines, processes, goals and all the what ifs that have come and gone this year. We thought this would be the perfect time to refresh our memory, as well as yours, on what we should be doing every day as marketers.

Whether this year has been everything you were hoping for or the thought of 2016 being one second longer than 2015 couldn’t sound anymore depressing, it’s always important to brush up on the things we should be doing daily. Continue reading “5 Things Every Marketer Should Do Every Day”

Why Data Visualization Matters To Marketers

The good marketers start with research and gather great data that supports their message. The best know it’s what they do with it from there that matters the most.

When you have the right marketing analytics tool that visualizes data you are able to give data meaning, make data flexible and integrate it with other data systems. That data could be from social, digital or offline channels and sources could include customer satisfaction surveys, TV ratings, Facebook Insights, product reviews, Google Analytics and much much more.

Data can easily be gathered, put it one place, and made comparable and understandable through visualization Continue reading “Why Data Visualization Matters To Marketers”

Taking Your Analytics & Reporting Beyond Social

The marketing technology landscape has exploded. Just take a look at Scott Brinker’s supergraphic where he lists nearly 4,000 companies providing some sort of marketing technology solution in 2016.

All the marketing technology available in 2016
chiefmartec.com

Being in the space ourselves (you can find Converge under Dashboards & Data Visualizations in the blue column) we understand there are a lot of options depending on what problems you are trying to solve. But what we have also realized is that so much of this marketing technology is now only focused on social analytics.

Continue reading “Taking Your Analytics & Reporting Beyond Social”

5 Questions To Ask When It Comes To Tracking & Reporting On Marketing Metrics

The topic of metrics comes up a lot.… But that’s not a huge surprise, as modern marketers continue to be concerned with finding the right metrics to prove their success and justify their actions.

However, implementing data gathering and reporting as just another tactic to tag onto your marketing proposal or quarterly goals is not a good idea. Tactics without a clear set of objectives and disciplined strategy are just random activities. There will be no meaning, understanding or action from the time spent tracking and reporting on metrics unless there is a clear plan in place on how and why you are investing in this.

Continue reading “5 Questions To Ask When It Comes To Tracking & Reporting On Marketing Metrics”

How To Tame Your Marketing Data

The words data and marketing practically go together like peanut butter and jelly. Data is central to the marketing world and in many ways, has altered it. From how brands choose leadership, marketing channels, campaigns, technology and close sales-data influences just about everything.

However, data is still a challenge for marketers. Now with so much information available it can almost be paralyzing, making you feel like you don’t know where to start, let alone what to do with it. According to published research from the DMA, only one-third of marketers felt they had a good grasp of dealing with data.

Continue reading “How To Tame Your Marketing Data”