Making New Year Resolutions for your company

There’s something about a brand new year that brings a stirring excitement within all of us. While you swirl your champagne flute and watch the fireworks at countdown, you might be welcoming the new year with a mental list of New Year Resolutions. And with that, there is a sense of hope in the air that things are only going to be looking up.

Actually, we don’t just make resolutions as individuals. For companies, they are called annual targets or Key Performance Indicators (KPIs). Akin to how we set our personal goalposts, targets or KPIs setting at a corporate level requires a reflection of your past and current performance, a SWAT analysis to determine where you’ve done well and could have done better, where the opportunities and pitfalls have been.

And besides the business or sales benchmarks, this is a good time to set the scorecard for your marketing efforts. After all, marketing is all about tracking!

So, what are the most crucial marketing KPIs you should be setting targets for?

1. Inbound Marketing ROI

If you’re still enjoying a sizeable marketing budget, which you allocate to mass channels such as print, TV, radio, Out-of-Home (OOH), you’d definitely want to be able to attribute success of your tactical campaigns to the right medium.

Use a custom URL for each platform/campaign, especially for non-online mediums. For online executions, use UTM trackers to ensure proper attribution to source of traffic. Lastly, set your conversion goals within Google Analytics to calculate your Clicks/Leads ROI for these channels.

2. Social Media Conversion

The social media landscape has grown to be a gigantuan, intricate and fragmented maze. Instead of chasing after followers and likes blindly, always have the end goal in mind, which could be web traffic/successful download/sale. Ensure your copy is relevant and click-worthy to the target audience to ensure optimal engagement. For many industries, 30% traffic from social media is the benchmark, so aim to be above this level.

3. Cost Per Lead (CPL)

In order to determine how hard your marketing budget is working for you, you can look at the following formula:

Cost of advertising in specific medium / Leads over specified period = CPL

4. Website/Social Media platform as a customer acquisition tool

Optimise your website and social media platforms to capture as many leads as possible. Some methods:

a) Contact us form on website with multiple points of entry from within site

b) Join mailing list option

c) Squeeze page on Facebook

Once the channels are set up, look at growing this absolute number.

When you set the right metrics, you are also moving in the correct direction in terms of sales revenue and growth. Consumer Insights and data that you already have on hand is a good way to find untapped potential where additional business can be generated from.

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