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Market Once; Measure Twice

measurement2.0

The job of the Chief Marketing Officer is becoming more quantifiable due to the advancements in online marketing measurement tools.  The ability to track and constantly measure all marketing efforts, allows CMOs to better justify the company’s marketing spend.  But are you measuring the right things?

We take a page from a recent HubSpot blog post, noting you need to measure success in lead generation but the true measure of success is in how those leads contribute to sales.  Here are four metrics HubSpot suggests you start tracking:

  1. Leads Generated by Offer & Landing Page
  2. Total Marketing Qualified Leads (MQLs) & Sales Qualified Leads (SQLs) Per Month:  Step 1: Determine actions that make a MQL and SQL.  Here’s how.  Step 2:  Once you’ve determined the MQL & SQL, you can measure & track month-over-month growth.
  3. Total MQLs & SQLs Per Month by Channel:  The important channels you should track are organic search, paid search, social media, email marketing, direct traffic, referrals, and any other online or offline campaigns.
  4. Lead Close Rate:  Measure the close rate for marketing generated leads and compare to the close rate for sales generated leads.  According to HubSpot, if your leads aren’t stacking up, you likely aren’t attracting the right leads.

Most of the companies Polus speaks with are in the scaling phase of their development — a phase when a startup has found their product/market fit and have received enough traction to convince the team and outside capital to make a big bet on them.  During this phase, marketing is very important — but even more important to track.