Data-Driven CMO: How the Marketing KPI Dashboard Is Changing in 2014
The KPI dashboard for marketers is always changing. Your boss wants to know what marketing strategies you’re implementing and how successful they are. But how do you decide what KPIs your marketing team needs to track and analyze? Below are just some of the KPIs that are shaping the marketing landscape in 2014.
1. Online Marketing ROI
While online marketing is certainly more important than ever, companies need to be smarter about how they spend their marketing dollars online. This is why online marketing ROI is so important. A company needs to have software that can efficiently analyze data regarding what online marketing strategies actually produce conversions and at what cost for your bottom line. The buzzword in the digital marketing has been “big data,” which refers to all the data and analytics available at our fingertips. The problem with big data is information overload. We have a world of data available to us, but how do we make it useful?
You can start by tracking your site’s conversions via Google analytics. A conversion is when a customer comes to your site and buys a product, signs up for an email newsletter, or becomes a fan of one of your social media channels. Conversions are a great way to test the success of specific marketing efforts.
2. The Lead Ratio of Your Site’s Traffic
You need to be able to break down the information further for it to be the most useful to you. This requires producing the lead ratio for your website’s traffic. To produce this you need to know the number of unique visitors, marketing qualified leads (MQLS), as well as the number of conversions by both site and source. This information should then be broken down into different ad campaigns to produce the most useful comparisons. Understand where your conversions are coming from can help you lock into which marketing campaigns are attracting customers.
3. Mobile Traffic
Gone are the days when most people used home computers to visit websites. In 2014, you need to be aware of how successful your campaigns are with smart phone customers and other mobile devices. You certainly need to have the tools to allow you to record the amount of mobile traffic you receive as well as the amount of actual conversions that are produced from those visitors. Google Analytics is a great way to track mobile data. However, if you’re looking for more specific data to analyze your mobile customers, it’s wise to invest in a business intelligence software that offers a customizable dashboard. Customizable dashboards allow CMOs access to all the specific data they need in one central place.
4. Search Engine Marketing
You also need to keep tabs on the organic search results that people use to find your website. The kinds of information you should make sure to record and analyze include the number of leads that are produced through search engine results, the percentage of leads that come from those organic searches as well as the keywords that are used to find you. Search engine optimization is still a very important part of any online marketing strategy and can be tracked through Google Analytics.
5. Social Media Influence and Conversions
Lastly, you need to have the ability to successfully analyze your marketing strategies geared towards social media. Obviously, a lot of emphasis is placed on social media marketing, but you need to know what your actual ROI is on your company’s social media based initiatives. In a recent study by Domo, about 3 out of 4 marketers are unable to calculate their ROI for social media marketing. While it’s important to know how many followers your company gains from specific marketing efforts on sites like Facebook and Instagram, it’s even more useful to know just how many actual click-throughs and conversions are produced from your postings on those social media platforms.
If you’re a CMO in 2014, you must adjust your KPIs to fit digital marketing advancements. Make sure your KPIs are accounting for all your digital marketing efforts and conversion rates.