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A tough one, so lets break it up. The most successful KPI is one that helps a team, drive success. Key performance indicator. So it has to work from the start of the marketing program, through to a successful programme. That KPI most often is reach, how many prospective customers have we engaged in a duration.
How Brands Grow, the book by Byron Sharp supports this thesis as well. You have to reach new customers in a meaningful way. it is worth a reach. One takeaway from the book, is they suggest to go broader with your marketing messages, whereas SAAS companies tend to go quite narrow. Food for thought.
Thereโs a business mantra, to grow a business, you want more new businesses as clients. To grow profitability you want to grow with your existing clients. So for many SAAS businesses, itโs about logos, adding more logos. To drive that you need the reach. Which theoretically is then the best KPI.
However, there is always nuance. And the nuance is, is the engagement from those businesses meaningful. Meaningful enough to have brand impact, to create interest, and to take action. This is the part that requires more thoughtful attention.
Thatโs where quality metrics can be especially insightful:
- Attention, how long people are engaging for each click.
- Average Scroll, how are customers consuming the page and content.
- Engagement rate, what customers do on the page, and if they click out, to make a purchase, or sign up to webinar etc.
- Conversion rate, rate at which people take the desired action.
- Bounce rate, are people staying, but use a bounce rate that captures if people leave even without clicking a link. Like Nudge does.
A final though, reach and quality, i.e. meaningful engagement is the key.
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