When it comes to choosing key performance indicators (KPIs), there are a handful of generic and predictable data points that every company uses. Though basic tracking metrics are still successful, few companies take their KPIs one step further to show the success of their marketing and sales initiatives. We understand that looking outside of the KPI box can be tough, but we are here to help you through the process with these 7 ideas to consider when defining your marketing automation KPIs.
- Identify Your Strategic Goals: Just because you can measure everything, doesn’t mean you should! Identify what your business wants to accomplish and measure according to these goals.
- Establish a Baseline: Creating a foundation from which you measure the data you collect makes it easier to compare and shows the progress, the improvement and the success of your efforts overtime.
- Measure to Inform Action: It is important to choose KPIs that will translate into actionable recommendations. If you haphazardly select metrics that only demonstrate that you are tracking analytics, your result will be a data overload.
- Follow the Rule of 10: Less is more when it comes to tracking your data. At Mambo, we advise our clients to select 10 KPIs or less to track. This allows businesses to hone in on metrics that really matter to their ROI.
- Define by Department: Not all the departments in your company are going to care about or need the same metrics. For optimal reporting, check in with different departments on a regular basis to define and revisit chosen KPIs.
- Have Data Integrity: Reporting tools have many customization capabilities that show a deeper level of analytics. Make sure to spend extra time setting up your tool to ensure it is providing you the metrics and data you desire.
- Decide on Frequency: Unless you have a large event approaching, you don’t want to spend too much time gathering data and constructing in-depth reports. Talk with your team to decide at what cadence you want to report and touch base on your KPIs. This could be weekly, monthly or quarterly.
Choosing and measuring you company’s KPIs doesn’t have to be difficult. The data points, goals, and frequency you select can make or break the success of your analytics. Invest time into your KPI strategy. When in doubt, remember this marketing automation KPI Holy Grail: keep your KPIs repeatable, scalable and predictable!
Curious about what marketing metrics your executives want to see in your reports? Improve your monthly reporting with our 6 recommended marketing metrics.
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