Key Performance Indicators – Not Clicks
When presented with a Demand Generation Transformation initiative, at least one person will ask, “So this is all about email, right?” This line of thinking also supports the parallel perception that effective program measurement is driven by click and open rates. Unfortunately, you can’t look simply at email-based metrics and draw correlations to downstream conversions.
Just as any effective Demand Generation program relies on a multi-channel approach (both outbound and inbound) to customer engagement, it takes much more than pulling clicks into a dashboard to determine program success. After all, clicks alone do not help measure the efficacy of the key pillars of a sophisticated Demand Generation program: buyer-centric content performance; lead management performance; channel effectiveness; and revenue performance. To do this, you need to go beyond tactical reporting and hone in on Key Performance Indicators (KPIs) that support overall program strategy.
To determine if your content really is king and not court jester, give your content offers the royal treatment when measuring effectiveness by looking at the following:
– Number of content offers per download
– Lead stage elasticity per content offer
– Lead stage velocity per content offer
Lead Management Performance
You’ve defined your lead stages and mapped fields between your CRM and marketing automation platforms. Now that the leads are flowing in, use the following measurements to underline what’s working and to optimize areas that need enhancement:
– Conversion rate per lead stage
– Velocity per lead stage
– Growth rate per lead stage
As mentioned above, outbound email (via a targeted list) is but one element of a Demand Generation program. Inbound channels such as organic SEO, paid search, partner properties, and even additional outbound channels (events, list rentals) should be leveraged and tracked for effectiveness according to the following:
– Number of impressions per channel
– Number of engaged buyers per channel
– Cost per engaged buyer per channel
When communicating program impact to executives, revenue performance is at the top of their list. Highlight the value of your efforts through the following KPIs:
– Estimated pipeline value per lead stage
– Win rates for opportunities attributed to your demand generation program
– Closed revenue attributed to your demand generation program
Demand Generation Programs are not a collection of tactical, siloed activities or campaigns, so it stands to reason that measurement should not rely on myopic methods to assess performance. By utilizing cross-functional KPIs, marketers can take a strategic, thoughtful approach to measurement and reporting and it is not about the number of clicks.