What are suitable KPI's to focus on for our marketing campaigns?
We are running several activities to impact our brand, such as social media posts and ATL & BTL activities. But we have come to realize that it has been very difficult to focus our marketing strategies. In other words, we are doing a little bit of everything. What could be some suitable KPI's for marketing activities in order to improve the impact of a campaign under our brand guidelines?
Nothing is more powerful than a well constructed story told by you on film/video.
It lives, breathes and communicates, 24/7/365 to a global audience.
Return on leads against the spend / sales conversions. Quality of leads versus other ways of marketing.
Try doing a sales campaign instead of a marketing campaign...you can't deposit marketing at the bank;-)
I suggest creating a document/strategy for each marketing element you're engaging in and set initial goals, such as "grow following by 200% within three months". Set realistic goals and then measure your ability to meet those goals, or evaluate what is working and isn't. Then you can determine which you should focus on,or it will help clarify where you should be to meet your customer.
Hope this helps!
Hi and Good day
On a marketing campaign, there are multiple aspects to be considered when measuring their effectiveness. There are many tools available online, some of it free and rest at a very low cost which will give you complete visibility on your marketing efforts.
On the ATL and BTL front - these were devised and effected by advertising companies and from a business perspective you need to look at TTL or Through the Line marketing which is a strategic way of optimizing the efforts and get desired results
On the KPI's
1. Sales revenue generated per campaign on a fixed interval of say month or quarter maximum, if its going to cross that period - then understand there was no marketing campaign at all!!!
2. Cost per lead or cost per sale - both can used to calculate entire costs involved in the marketing, promotion activities and arriving at this number, Ideally this value should go down as the campaign progresses - you should get a typical "reverse bell curve" when cost per lead is charted with time.
3. Customer lifetime value - this is an important metric to understand the maximum value you can get from a customer in terms of revenue, by extending promotions, campaigns, cross and upselling and so on.
4. Finally the split of revenues from marketing efforts like Social, Conventional, Strategic - they can be measured by leads, conversions, revenues, product wise revenues and so on.
The above should get you started and you can build on as get more and more analytical results and visibility. All the very best
What are your top 5 products or services? That would be the focus in my mind.
Wow, a lot going on :activities /social media /several activities / focus/ strategies / impact / brand. Your brand is you and thats very important so you need to protect and promote it. If you lack focus, others will notice and your brand suffers. Your KPIs should focus on what is absolutely necessary to ensure all your actives get done properly e.g.
Project timelines agreed and adhered to
Methods of delivering marketing agreed and adhered to
Timely delivery (and results)
Deliver what the client wanted first time
Work done to cost/price
Agile PM in place (do you apply project management rules to your work?)
Good stakeholder management to deal with issues arising, on time and resolved
Risks agreed and discussed with teams and clients (be upfront and don't say you'll do something by when when you know you can't)
One strategy, many facets (do you have an overarching company business plan? if so your strategy should flow from that and then to each activity.
Just some thoughts so hope that helps