they can be used in ways you might not have considered.
by august j. aquila
price it right: how to value accounting services
marketing key performance indicators (kpis) are measurable values that help marketers track and analyze the success of their marketing campaigns. the firm and its marketing department must jointly determine which of the kpis are important and will be tracked.
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i’m going to briefly discuss 10 key performance indicators so that you can put a dollar amount on the effectiveness of your marketing strategies and campaigns as well as track the firm’s overall marketing performance.
- leads generated: this metric measures the number of potential clients or leads generated through marketing efforts. it can include inquiries, contact form submissions or other forms of lead generation.
- conversion rate: the conversion rate calculates the percentage of leads that turn into actual clients. it helps gauge the effectiveness of the firm’s marketing efforts in converting leads into paying customers.
- cost per lead: this kpi measures the average cost incurred to generate a single lead. it gives insights into the efficiency and cost-effectiveness of marketing campaigns, allowing the firm to optimize its marketing budget.
- return on investment (roi): roi determines the financial return on marketing investment. by analyzing the revenue generated from marketing activities and comparing it to the cost of those activities, the firm can assess the profitability of its marketing efforts.
- client acquisition cost: this metric calculates the average cost incurred to acquire a new client. it includes various marketing expenses such as advertising, promotions, events and sales efforts. monitoring client acquisition costs helps the firm assess the effectiveness of its marketing channels and identify areas for improvement.
- website traffic and engagement: tracking website traffic – including the number of visitors, page views and time spent on the site – provides insights into the effectiveness of online marketing efforts. analyzing engagement metrics like bounce rates, average session duration and conversion rates can help optimize website performance and user experience.
- social media engagement: monitoring metrics such as the number of followers, likes, shares, comments and click-through rates on social media platforms can indicate the level of engagement and interaction with the firm’s target audience.
- client satisfaction and retention: while not directly a marketing metric, client satisfaction and retention are crucial for the long-term success of an accounting firm. monitoring client satisfaction scores and retention rates can provide feedback on the effectiveness of marketing strategies in attracting and retaining clients.
- referral rate: referrals are a valuable source of new clients for accounting firms. tracking the number of client referrals received and the referral rate helps assess the effectiveness of client satisfaction, relationship-building efforts and word-of-mouth marketing.
- brand awareness and perception: measuring brand awareness through surveys, market research or social media mentions helps understand the firm’s visibility and reputation in the market. assessing brand perception can provide insights into how the firm is perceived by its target audience and help shape marketing strategies accordingly.
make sure you know your marketing costs and results.