Actually, let's start anyway. We’ve heard it all before, but the best way to manage a team is to get out of the way. Don’t micromanage tasks. Instead, delegate authority and inspire personal attachment and accountability. When you’re just delegating tasks to your marketing team, you’re creating an environment of codependency. Your team depends on you for more and more work without taking any personal interest or input into the project, and you are supporting that behavior.
What you need to do instead is train your team to care about numbers; get them to track their KPI.
KPIs are Key Performance indicators that measure the effectiveness of marketing campaigns. These help you and your team to track anything from digital marketing performance, social media growth, and all the way to SEO rankings. And by tracking these metrics, you are setting benchmarks and goals to help your business reach new targets each month.
KPI helps you to track progress, but it also helps to motivate individuals on your team to take action and reach bigger heights.
When each team member is setting benchmarks based on a prior month’s ROI and actually seeing the impact that their work has on a campaign’s success, they are suddenly in it to win it. This new number tracking team is now a part of the campaign overview and they see themselves as a part of it; not only that, but they can now offer entrepreneurial input in how to grow the campaign even further.
How to use KPI tracking
When you look at a list of KPI templates, it’s easy to be overwhelmed by the options in front of you. Depending on the history of your company’s data tracking, you may need to start at the basics. Yet, if you’re company is data OCD, then you’ll want to start measuring some advanced KPI that only a few company’s could even dream about. Here is a basic list on where to begin for your company’s marketing team assessment.
The Basics: Spending
The first and foremost thing that your company should be tracking is how much you are spending on your core investments. It’s the foundational piece of your company’s success; it’s the only way to measure your ROI, which is the holy grail of your company’s current and future success.
Here you’ll need to track things like how much, on what and when did you spend company money. To be truly useful data it helps if it is organized into categorical factors that apply to your company’s spending. Next, you’ll need to set up columns for planned spending and actual spending so that you can see the disparity and set new goals for next year’s budget.
Digging Deeper: Team Level and C-Suite Level Operations
If you’re tracking your investment spending like a UPS package, then you should pull out your magnifying glass and look into your marketing operations performance.
Basic marketing operational KPIs are things like email deliverability, open rates, click-through rates, and website analytics like sessions, leads, conversions and user-time-on-sites. These will be your team level KPIs to help them track their successes and where directionally to head in order to get improve your sales, leads, or whatever the business is tracking toward.
The metrics that you’ll want to bring to your C-Suite; your CMO, CFO and CEO are the advanced metrics that give a top down, broad view of marketing's progress.
These will be things like your marketing investment allocations, your pipeline as it is influenced by marketing and the specific revenue that is being driven by marketing, such as ROAS (return on ad spend). These metrics give a clear track of past-to-present successes and predicted future outcome. C-Suites like that.
Very few marketing agencies have made it to this level of KPI. At the business impact level, you are giving your C-suite the full holographic detail of your marketing department's impact within the company and looking into the future to see where you will spend the next marketing investments. These legendary metrics are things like ROI, customer acquisition cost, lifetime value, and client profitability.
If you track metrics in a sensible order and inspire your team to use KPIs as a personal motivator, your company will have a new, clean organizational pattern that will have each individual inspired to do better work and your CEO allocating more money where it belongs - to marketing.