Today’s world is data-based. You can predict and estimate market growth using data analytics tools during marketing campaigns. But is it possible to use KPI tracking for successful marketing campaigns? We think it is possible! That’s what we are about to explain in this blog in simpler terms!
Edge Delta’s data statistics reported that 60% of companies use AI and data analytic trends to reach their goals. The KPI tracking tools fall under the ‘trend’ for sure! If you do not know how marketing campaign works and how KPI tracking helps, our guide can show you some lights!
Key Points
- Introduction to marketing campaigns, their importance, and metrics.
- Guide to proper KPI tracking strategies for the sales team.
- Use of ProKPI for successful KPI tracking for marketing campaigns.
What are Marketing Campaigns?
Marketing campaigns are a series of marketing strategies. The primary purpose of marketing campaigns is to promote a product or service for the best sales. The sales team and business development team direct the marketing campaigns. They rely on different media types, such as TV, radio, print media, emails, etc., for this purpose.
In 2024, 59% of companies are ahead of the rest of the business organizations because they follow a systematic marketing campaign formula. They define targets and plan a timeline for a favorable outcome. In most cases, companies keep a strategic plan using a KPI tracking system.
Why is Marketing Campaigns Important?
When you launch a product, you must be aware of that. You have to make certain sales so that you get a return in a specific period. The marketing campaign is an effective way to create that brand awareness. After promoting the brand for a certain time, people are loyal to purchasing it. You can use the metric’s value in the KPI measurement system and get the profits.
Metric Used for Marketing Campaigns
There are over 30 metrics for business marketing evaluation. But among them, companies focus on the ROI, cost per lead, and conversion rate most because these numbers can show the cost and earnings clearly.
- Return of Investment (ROI): Return of investment is the metric to measure the spent money vs the earned money. If you spend $1 and earn $5, your return on investment is 500%.
- Cost Per Lead: Cost per lead is the comparison of of sales and spent money. If you spend $1000 in the campaign and get 5 sales from 10 leads, the cost per lead is $100.
- Conversion Rate: Conversion is the visitor-to-customer converting ratio. If 1000 people visit your website and you get 100 leads, the conversion rate is 10%.
During marketing campaigns, you have to be careful about the vanity metrics. These metrics are nothing but obsolete numbers. KPI tracking system is developed to avoid the vanity metric and get the usable metrics with a target-reaching system.
How to Track KPI Properly?
You need to keep tracking the total spent until getting the ROI. In the past, business organizers set their KPIs based on overall business objectives. But now the times have been changed. You need to set KPIs based on individual goals. Those goals are called SMART goals.
But how does the SMARt goals work? Imagine you are on a marketing campaign. In that case, you need to analyze the KPI achievement pattern over time to avoid excessive costs. Our opinion is to use ProKPI for this purpose. More on this one in the later section of this article.
How to Make a Marketing Campaign Successful through KPI Tracking?
Is your marketing campaign running perfectly? It will work if no one compromises their duty. KPI tracking allows you to calculate the strategic progress of the sales team in a measurable time. Follow this step-by-step guide on effectively using KPI tracking to make your marketing campaigns successful.
1. Define Clear Goals
Fore mostly, understand your objectives. Know what you want to achieve with your campaign. Note down whether it is increased brand awareness, lead generation, sales, or something else. Then, distribute each goal to individual employees and use a KPI tracking tool for monitoring. The goals should be smart goals as in Specific, Measurable, Achievable, Relevant, and Time-bound.
2. Identify Relevant KPIs
Next, align KPIs with goals. Choose KPIs that directly measure your campaign’s progress towards your objectives. To do this, compare your KPIs to industry averages and lift up your performance. Some common marketing KPIs are website traffic, engagement, conversions, and ROI. Each department member in a company will be responsible for reaching their KPIs from their own role.
3. Set Benchmarks and Targets
At this point, you need to establish baselines. Simply determine your starting point for each KPI. Then, set realistic targets. Set achievable goals based on your benchmarks and industry standards. According to APQC, the main four benchmarks are internal, external, performance, and practice.
4. Track and Measure Data
Use analytics tools like ProKPI, Google Analytics, social media analytics platforms, and customer relationship management (CRM) software to track KPIs. Implement roles and permission so that no one can interfere with others’ KPIs using the tools. Collect data regularly and gather data consistently to monitor progress and identify trends.
5. Analyze and Interpret Results
The next thing is comparing data to benchmarks. Evaluate your performance against industry standards and your initial targets. Then, identify trends and patterns. Look for recurring trends or anomalies in the data for this task. Determine if changes in one KPI correlate with changes in others.
What is Required for Proper KPI Tracking?
That’s a good question! We will say that— software, some employees, and the manager are needed for proper KPI tracking. Software can save data and anyone can access the software. Nowadays, you can use cloud storage for every software. The price is also affordable for small companies.
Besides, you need good observation skills to evaluate the performance of your employees. Supervisors can open windows and set up user profiles for the marketing team. They can set each goal and annual evaluation period to check whether the goal has been met.
Use ProKPI for Successful KPI Tracking
Turn employees’ growth mindset more strong with ProKPI. We launched this tool for convenient office work! You can sequence all your marketing campaign KPIs and track the success rate over time. The automatic dashboard shows success and failure status in real time. The features are amazing; you can literally use one tool for all business performance monitoring.
Click Here to Use the Demo Version of ProKPI
The Benefit of Marketing Campaigns by KPI Tracking
- Monitor the total insights and increase the performance of your marketing campaigns.
- Detect which campaigns could bring the most traffic, leads, and conversions.
- Decide the ROI of your marketing efforts from data-enriched decisions.
- Track the progress rate of your campaigns instantly with adjustments.
- Supercharge your reporting process easily and become transparent.
Final Thoughts
I don’t know if you agree or not. The marketing channel may change with the advancement of technologies, but the effort will be the same in the upcoming days. KPI tracking has been a proven method since the beginning of the industry work system.
It is inevitable to have a return on investment and conversion without tracking the KPIs. So, you have to rely on this for all your marketing campaigns. Tools like ProKPi have made KPI measurement easier, so why not use it? Thanks for reading this article.
FAQs
What are some B2B marketing KPIs for marketing campaigns?
B2B marketing KPIs have some special elements: costs per lead, landing page conversion rate, sales pipeline velocity, sales cost rate, customer satisfaction, and return on investment. There are some more benchmarks, but the points we discussed are enough for a B2B business.
What are the pricing plans of ProKPI?
ProKPI has multiple pricing plans for companies of different sizes. Currently, you can purchase it for $29, $59, or $99 for 20 to 100 members. A custom plan is also available for large groups of companies. You can add to the cart and have the software for a lifetime before we adopt a SaaS model.
How can I learn to use ProKPI for a Marketing Campaign?
Contact us or find the tutorial on our YouTube channel. We demonstrated how to use ProKPI and explained 8 important parts. You will get everything from admin login to goal approval in the tutorials. Mail us to [email protected] for further information.
