Key Performance Indicators (KPIs) and GTM metrics are akin to a thermometer on a day you are feeling under the weather. The most accurate marker to determine whether you are on track to improvement.
However, while the latter’s job is as straightforward as sticking it under the tongue for a minute, measuring the health of your GTM team’s performance is a little more complicated.
That is why we have put together a simple cheatsheet of the must-measure GTM metrics for every founder and GTM leader out there.
To determine the success of your team’s marketing efforts, you must be able to instantly associate the number of leads coming rom each channel.
Not only your overall marketing activities, every one of them individually can be linked to this. Therefore, it is easy to observe how online marketing efforts like blogs or email marketing have impacted lead generation.
To monitor attribution of marketing profits, you could employ a variety of models, such as one-touch attributing models that focus on your first or last encounter, or multiple touch attribution models which distribute transaction credit across various touchpoints during the sales process.
Check out this comprehensive post on different types of marketing attribution.
Website Traffic is the number of people who visit your website from different marketing channels. Website traffic KPI tells how many people visit your site on any given time period - this will help you gauge how successful your marketing channels have been in the same period.
Monthly Recurring Revenue (MRR) is the total amount of revenue that you can expect to earn each month based on the number of paid users you have. Calculating your MRR is critical to understanding your cash flow and figuring out how much money you can spend in bringing in new leads.
Customer questionnaire surveys are used to calculate your net promoter score. You may use this to gauge user satisfaction by using your NPS and your customer feedback score. This measure is particularly implementable because users create it. Customers ought to be able to provide feedback on whatever they like and dislike about your product in your questionnaire.
If you know why your consumers have problems with your product, you may take steps to alleviate those problems. You will see a rise in client satisfaction if you eradicate the reason they don't promote your product.
Expansion revenue is a metric for gauging how much more of your additional revenue is generated by existing users. This metric measures your ability to successfully upsell to your current customer base. Your downline will benefit more from generating money from current clients rather than obtaining new ones, even though this strategy is generally overlooked. To reduce your dependence on procurement, increasing this figure is equally crucial as maximizing turnover.
The customer lifetime value stats compare the cost of user acquisition with the price of customer acquisition. They are calculated by multiplying total customers by average revenue per customer over time. But that's not the only purpose they have.
You should increase your customer LTV by finding ways to add more value to your product. It could be as simple as making higher-priced tiers attractive to existing customers to make it easier to upsell.
Upsells that are not limited to higher-priced tiers such as add-ons or a la carte will increase if you find more effective ways of making customers aware. Both cases will provide customers with something they value. You can increase customer satisfaction by increasing your LTV.
It is based upon a survey of customers; your customer satisfaction score is very similar to your net promoter score. Instead of asking customers if they would recommend your product to others, ask them how satisfied the product makes them feel. NPS and this are both direct indicators of customer satisfaction, but they don't tell the whole story. For example, if your product is rated equally by two customers, but one of them gets more out of it than the other, then that customer is more likely to stay with you and upgrade to a more expensive tier.
Your customers shouldn't have to struggle with your product. Customer support tickets can be a sign that your product is not working for them. Instead, customer success teams should identify the problems that customers are most likely to be experiencing and educate them about these issues so they don't need to call support.
Many company executives and business owners focus solely on sales income, leads, and KPIs for business leaders when creating and monitoring their marketing KPIs.
However, there are many other metrics you ought to be watching to improve your digital marketing approach and determine what campaigns and methods are providing the most significant impact to achieve your marketing and sales objectives.
This article will help you in implementing the C-suite KPIs you need to measure across Marketing, Sales, and Customer Success.
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