The Most Critical KPIs for Marketing Agencies To Track in 2021

Marketing is an industry that is worth billions of dollars worldwide. It became even more critical during the COVID-19 pandemic because face-to-face business became more difficult. If you want to build a marketing agency during these uncertain times, you need to keep yourself updated and have key performance indicators to gauge your success.

When it comes to tracking and setting marketing KPIs, many marketers and business owners give all their attention to the usual suspects, such as sales revenue, leads, and cost per acquisition.

But there are several other KPIs you should be tracking to execute a more successful digital marketing strategy that can help you identify which campaigns and tactics are having the most significant impact so you can reach your sales and marketing goals.

So, are you ready to find out which marketing KPIs you need to track? Then keep reading!

The most critical KPIs for marketing agencies to track in 2021

Many metrics are available that you can track, but when it comes to checking the most impactful data for your business, there are a few you should focus on.

Marketing Qualified Leads to Sales Qualified Leads (SQLS)

Two types of converted leads exist.

MQLs are more likely to become a customer, thanks to engagement and demographics. But, on the other hand, SQLs are leads identified as target customers by your sales team.

Email marketing can be used to attract MQLs with trackable and strategic campaigns (many white label digital marketing agencies are offering email marketing solutions) and measure their likelihood to convert to SQLs.

This tracking provides a more profound value, as these are prospects that are most likely to buy from you.

Tips for tracking

Some ways can make your lead tracking easier, Including:

• Understanding ratios – Divide the number of leads you receive by the number of leads closed. By doing so, you will have a current ratio upon which you can aim to improve.
• Not spamming – you will have to find a way to hit that sweet spot between enough messaging to stay top of mind but not enough to annoy. Be strategic during sending follow-ups emails to those on your email list so as not to spam. You can also opt for a white label digital marketing agency that can do this tedious task for you.

Cost Per Lead

How much money does it require to bring in each lead? If the cost is lower, you’re doing more with less, which means you are saving money, and your marketing efforts are performing efficiently.

When you bring in more leads for less money, it proves the worth of your work and grows the business. A campaign may seem too expensive to you, but it may show more leads than a cheaper one, meaning a higher potential conversion rate.

Tips for tracking

By applying these tips to measure cost per lead won’t be a headache for you. It includes:

• Set up tracking goals in your CRM – From the very beginning, establish goals right in your CRM. It will make it easier to track the lead source down the line when other campaigns are active.
• Narrow your demographics – Most often, casting too wide of a net results in less interaction from an audience. So, it is suggested to filter your campaign to target those who are most likely to interact with your content.

Customer Retention

It is always cheaper to retain customers instead of acquiring new ones, and a high rate of customer retention also proves that you are delivering quality content. In addition, it portrays actual value in your marketing and makes your customers feel that sticking with you is worthwhile.

Tips for tracking

You can keep the rate of customer retention high with:

• Reviews – Indicators such as positive reviews and customer satisfaction scores are excellent indicators of a loyal following, but the inverse is also true. You can also avail services of review generation and reputation from a white label digital marketing agency.
• Social media ties – Tie in your retention to social media measurements. This will give you a broader and more accurate reading of your retained audience.

Unique Web Visitors

Unique web visitors are a great way to find out how much of your traffic is individual. For example, if 500 of your 1000 monthly site visits are repeat visitors, your audience is only about half as big. However, if 750 out of 800 monthly visits are unique, a broader audience of leads is generated.

Tips for tracking

You can easily find unique traffic by:

• Utilizing web analytics – There are tools such as Google Analytics that let you see your monthly traffic versus unique visitors.
• Analyzing surrounding metrics – you can also get a complete view of your unique visitors by taking into account things like average time on page.

Organic Traffic

Today, almost every business focuses on driving traffic from organic searches versus paid promotion. Organic traffic refers to those visitors who find your site on their own, thanks to its authority and ranking, and it keeps costs down since you are not paying for promotion.

Tips for tracking

You can take an uncomplicated dive into organic traffic growth with:

• SEO – both organic traffic and SEO are linked. Spend time on keyword research to build your content, refine and measure.
• Ads – even though you want most of your searches to be organic, still set aside some money for paid promotion. These ads put your brand in consumers’ minds, resulting in later organic growth and recognition.

Social Media Reach

Today, no list of marketing tips would be completed without social media. You are not just acquiring customers via your emails. Social media can also play an essential role in acquiring new customers. It drives a lot of lead traffic, so knowing your followers and engagement numbers across platforms is necessary.

Tips for tracking

Fortunately, social media is tailor-made for marketing these days, and you easily track results by:

• Monitoring built-in analytics – Most social media platforms offer built-in analytics for business profiles. You can easily track reach, follower growth, post engagement, and more.
• Selecting the right platform – Not all social media platforms work for all businesses. For example, if your company does not lend itself well to Facebook, don’t waste your time there, and instead focus somewhere else, such as Instagram, that may drive higher engagement.

Summary

If you want to build a marketing agency and improve your campaigns’ performance, you need to be tracking these KPIs across your various efforts. The KPIs mentioned above are an important part of measuring marketing performance as they help you tweak campaigns and showcase your marketing wins. It is important to note that KPIs are knowledge, and knowledge is power.