For product marketers, measuring success is part of the job. Read how you can select the right KPIs based on your goals. 5 min read.
What competitive intelligence KPIs you should be tracking and why
KPIs help predict, identify, and measure success, but not all KPIs are created equal. We’ve outlined the top KPIs each team needs to think about to drive successful competitive intelligence initiatives.
Product marketingSearch marketingGrowth and content marketingSales and sales enablement
In modern organizations, data is part and parcel to how decisions are made. Every marketer knows marketing is part science and part art. The same is true for competitive intelligence. When setting up a competitive intelligence program in your organization, it’s important to understand the KPIs that align with your strategies. These KPIs are measurable values used to define and track the effectiveness of each strategy.
Although the strategies might be different by the team – i.e. product marketing, digital marketing, content and growth, sales enablement, sales – they all align to the common goal of gaining a competitive advantage and increase revenue. By tracking the right KPIs, you can gauge your performance, make informed decisions, and optimize your actions. No one wants to spend time or money on ineffective processes.
When choosing KPIs, start by outlining the questions you need to answer. To make this easy, we’ve outlined the key questions and KPIs that matter most for each key player.
Product Marketers wear many hats. Although product marketing roles vary widely by company and industry there is overlap in responsibilities. Those include formulating the overall go-to-market (GTM) strategy, creating and refining messaging and positioning, developing campaigns and promotions as well as supporting sales and lead generation efforts.
- Website and landing page conversion rate
- Number of product demos or trials
- Number of quality leads generated
- Customer usage & retention
- Reach process improvement
Time and/or money saved by automating the competitor research process (including the value gained by allocating the time saved for other purposes such as launching more promotions and acting on insights).
Search Marketers are responsible for SEO, SEM, and other digital marketing strategies. One of the ways to be successful is understanding keyword performance and optimization – understanding which keywords to target and write well-performing ad copy that attracts clicks.
- SEO ranking (compare your SEO ranking after running A/B tests based upon the keywords and content/structure of your top SEO competitors).
- Ad CTR (compare previous Ad CTR with current Ad CTR after incorporating ad copy ideas, messaging and CTAs from your competitors’ top ads).
Growth and content marketing
Content Marketers attract and engage potential buyers, increase brand awareness, and create highly engaging content (ideally for each stage of the funnel) across multiple platforms. However, identifying winning content ideas is a real struggle and you may not have time to utilize each platform. By being notified of high engaging themes and tracking the number of followers and engagement across platforms, you will be better informed on where to focus your efforts and which topics to incorporate into future content.
- Measure overall changes in activity and engagement after optimizing your editorial calendar for two quarters.
- Social media followers/community size (measure month over month social growth).
- Marketing campaign results
Sales and sales enablement
Many argue that the sales department is the most critical department of any organization since they are the ones generating revenue and profits. Ideally, your sales reps will know your product inside and out as well as how you stack up against the competition. To help reps achieve their targets, empower them with easily accessible battle cards and fact sheets along with an easy way to share intel from the field. Measure the KPIs below after 2 to 3 cycles of using battle cards.
- Content usage
- Competitive win rate
- Number of new customers
- Impact on sales revenue.
In conclusion, the key is to pinpoint and measure the KPIs that are most relevant to your business goals to help understand whether your strategy is working. Concentrating on the wrong KPIs or none at all can be a costly mistake.
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