What is a Marketing Manager?
The marketing manager is the person who manages the promotion and advertisement of a business product or service. It may be a single piece of entry or a whole line of products or services for a single project. A marketing manager must possess outgoing, spontaneous and sociable characteristics. These are only the basics as they also need to maintain their focus and professionalism in terms of meeting the budget constraints and due dates.
They are also responsible for accomplishing a variety of tasks, like the proper estimation and allocation of budget for marketing campaigns, submission of proposals to be approved, engagement with advertising companies, closing a lot of negotiations, preparing sales and advertising contracts, reassuring the quality and content of online advertisements and tv commercials.
What is a Key Performance Indicator?
KPIs or Key Performance Indicators are the metrics that can prove everything that you do as a professional. It can be used to estimate the results for the whole organization or for a specific team.
The key information is that, if you plan to engage with a long-term business goal, you should ensure that marketing and sales departments have planned and detailed KPIs to keep them on the right track.
Here is the list of Marketing KPIs that you need to keep on track.
Sales Revenue
Does your company gain an increase in revenue through your marketing campaigns? Monitoring your sales revenue is significant to know how your marketing campaign impacts sales. Certainly, a company will not spend money if it will not generate monetary value.
Through the implementation of best practices, marketing operations can positively impact the organization’s performance. It includes proper planning, measurement and data management to increase the company’s revenue.
Marketing operations, led by a marketing manager, has an essential role in driving the marketing strategy to realization. Also, partnering with sales contributes to revenue attainment. The marketing department can perform three actions to increase the ROI of the organization and to continuously generate positive sales.
Align campaigns to support the business.
Marketing operations have a lot of responsibilities in an organization. Usually, B to B organizations consume countless resources planning and executing misaligned marketing strategies. In the ordinary course of business, these tactics do not reach the right people at the right time, contradicting and overlapping each other or with sales engagement, and failing to effectively leverage common resources.
A firm campaign framework can help an organization plan for a desired outcome and efficiently execute coordinated marketing programs to achieve those prospects.
A marketing manager should provide an integrated structure of programs to support the processes and take a strategic approach to achieve their campaign goals. It is important to implement the campaign framework in a methodical, repeatable and measurable way and ensure that each step of the process is accomplished.
You should focus that campaign goals are being properly established, buyer needs are assessed, an appropriate budget is allocated, target segments are identified, programs and tactics are planned, the campaign is executed to plan and the campaign’s performance is measured and assessed for prospective improvements.
Appropriate campaign frameworks enable organizations to seed, create and nurture demand, thereby increasing the volume and velocity of revenue attainment. Organizations that have positively implemented the campaign framework have increased their inquiries and marketing sourced pipeline by at least 20 percent and more than doubled conversion rates.
Implement touch analysis and repeat patterns of success.
Designing a firm’s marketing performance measurements is the major concern for marketing operations functions. One measurement that increases the firm’s ROI is touch analysis.
Touch analysis involves marketing and sales working together to qualify favourable attributes that the organization wants to be repeated in closed-won opportunities (example: deal size, velocity, product mix). Once the ideal closed-won opportunities have been identified, marketing operations evaluate the presence of target persona engagement to marketing activities in those deals.
The results are conspired and analyzed for patterns that identify which marketing tactic types are most likely to have engagement by target personas on winning deals. These data patterns are used to drive decisions by marketing, sales and product teams to narrow down which activities should be repeated to optimize the organization’s investments and improve deal closure for opportunities with the desired attributes.
Develop an effective data strategy.
Clear and well-founded data can be leveraged to segment and target accounts under an aligned sales and marketing go-to-market strategy. Usually, analysis of a reverse Demand Waterfall identifies that an organization’s data availability is insufficient for driving the demand needed to capture the organization’s revenue goals. The data strategy impacts the organization’s readiness to attain its desired revenue goal. In addition to impacting revenue, an effective data strategy improves an organization’s productivity.
Cost Per Lead
Be wise when weighing your customer acquisition costs both for inbound and outbound marketing. This requires integration of marketing automation and CRM platforms when calculating your customer acquisition costs.
Calculating CAC (Customer Acquisition Cost) for inbound marketing, relevant costs include:
- Manpower (creative and technical)
- Technology and software
- General overhead
Calculating CAC (Customer Acquisition Cost) for outbound marketing, relevant costs include:
- Advertising
- Marketing distribution
- Manpower (sales and marketing)
- General overhead
Customer Lifetime Value
Customer Lifetime Value or CVL is a forecast of all the value a business will derive from their entire relationship with a customer. Here is the formula to compute your customer lifetime value.
(Average sale per customer) x (Average number of times a customer buys per year) x (Average retention time in months or years for a typical customer)
Lifetime value of your customers can be increased by developing and continuously nurturing your leading campaigns for your existing customers.
Social Media Traffic
Clients are cautious regarding the importance of social media in their inbound marketing, but as the years passed by it has proven priceless to every campaign’s success. Metrics you can apply to show the importance and impact of social media on your marketing efforts include:
- Number of lead conversions generated via each social media channel
- Number of customer conversions generated through social media channel
- Percentage of traffic associated with social media channels
When using social media sites like Instagram, Twitter, Facebook, LinkedIn, Pinterest, YouTube and Instagram you might not have all the time in the world to effectively maximize the benefits of every platform, but breaking them down by the number of leads, customers, and percentage of traffic coming from each will help you conclude on which areas to put extra effort in.
Mobile Traffic
The structure and design of your website should be compatible to any kind of techy gadgets, especially for mobile phones. Many people are browsing the web exclusively from their smartphones and device. Google’s algorithm will automatically generate those sites that are optimized for mobile.
Focus on the following:
- Mobile traffic
- Number of lead conversions from mobile devices
- Bounce rates from mobile devices
- Conversion rates from mobile optimized landing pages
- Popular mobile devices
Pay attention to how your website appears to the mobile phones of netizens to improve better engagement and connection.
Gathering legitimate data during marketing campaigns is important to properly quantify your key performance indicators. Every data insight you collect should be relevant to the business objectives.
The key performance indicators are considered relevant if they are capable of being changed to improve business performance. They should also help the team determine whether the company’s results are improving or not. KPIs must integrate with the existing company process as well and should be represented as percentages or numbers.
KPIs are designed to always keep you on track and make the best marketing decisions.
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