Metrics and KPIs are an essential part of building the marketing machine and within demand gen, and there are three key metrics you should want to review.
Firstly, engagement metrics are all about how your prospects and engaged prospects respond to your campaigns and content. Several ways of collecting this data include website metrics, gated content, and simple tools like Sales Navigator on LinkedIn. You want to understand how you are driving engagement in your MVA (minimum viable audience) and conversion in your TAM (target addressable market).
Pipeline metrics focus on the number of customers at each funnel stage and the conversion rate from one step to the next. It's also an important metric because it enables you to understand what's coming in, how it flows through the funnel, and what the blockages are so you can locate problems and solve them.
For example, if you're seeing lots of leads at the top of your funnel, that isn't converting. In that case, you have a bloated middle, which means you haven't got the right product-market fit, you aren't being precise enough to drive a purchase decision, and you aren't targeting the correct audience profiles.
Revenue metrics are all about assessing the success of your pipeline and closed revenue, which is the third critical area to assess. There are also single metrics that are important to know about, such as lifetime value (LTV) and the CAC, or campaign-level marketing CAC, which is the cost to acquire a single paying customer (customer acquisition cost).
It may seem like you need to spend loads of time analysing your numbers, data and metrics, but remember, it can be challenging, especially to start. Don't let worrying about perfection prevent you from getting it done. Even working on assumptions is better than nothing.
For example, with LinkedIn and Google ads (performance marketing) - you could plough a lot of money in and not see any results. It would help if you recognised quickly that it was not working before you massively overspend.
Just three buckets.
No need to over-complicate for everyone.
A bespoke framework and capability model 'DEMAND KARMA' that delivers DD services to investors, VC firms and CEOs.
Retained advisory at funded scale-ups. A simple monthly fee. Helping CEOs build a scalable marketing machine. (Booked out until December)
Book time on my calendar to work through a standalone project or to get answers to your most pressing marketing strategy and execution questions.
