Okay, so you have a content strategy in place. But do you know how to measure your progress?
Measuring your progress will give you insight into how your results can be improved?
In this article, I am going to share with you, the metrics that you should measure for your content strategy. There are different KPI metrics to measure in different stages of the funnel namely Top of the Funnel (TOFU), Middle of the Funnel (MOFU), and Bottom of the Funnel (BOFU).
Before we start, one KPI metric which is common and is to be measured in all stages of the funnel is ‘Retargeting list growth’ At each stage you will want to retarget your traffic with the help of ads in order to bring them back to your website/business or main page.
Segment your audience before you retarget them so that they will be brought back only to the pages which they were surfing earlier or the topic on your website that they are interested in.
KPI metrics for Top of the Funnel
The top of the funnel includes content like blog posts, videos, social media, audio podcasts, newsletters, etc. The goal here is to create awareness of your product/service, grow your retargeting list, increase engagement with your brand, and to generate traffic to your website or your main product page.
So, in order to measure the KPI metrics to see that your goal is being met, you have to track the following:
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Brand awareness
How aware is the audience of your offer or your brand? You can check this via the search console. Look at how much traffic you are getting from searches which include your brand name or product/service name.
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Site Engagement Rate
You must check how people are engaging with your website content using analytics. You must track metrics like bounce rate, audience retention, and page views per session. You can even check the heatmap of a single visitor on your website by signing up with hotjar. This will give you a better idea of which areas of your website are the users most interested in.
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Number of Inbound Links
Take a look at how many Inbound links or backlinks are you getting for your content. This is somewhat similar to what the number of shares is on social media. Use the SEM rush, Open Site Explorer to find out the same.
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Traffic by Channel
Look at where exactly you are getting your traffic from. Is it emails, social media, direct, or anything else. Use Google Analytics to check the same. Once you know this you can focus more on that channel and build up other channels too to maximize your organic traffic.
KPI metrics for Middle of the Funnel
The middle of the funnel includes content like engagement emails, lead magnets, landing pages, etc. This is mainly a part of the top of the funnel but focused more on building relationships with your audience.
The type of content includes case studies, free ebooks, quizzes, surveys, webinars, etc is to The goal here is to grow your following, your email list, and convert your free audience into paid customers using a small price product/service.
So following are the KPI metrics to measure for the Middle of the Funnel:
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Number of leads per Email List Growth
This is simple. Note down the number of leads that you got in a specific time period and divide it by the number of people who subscribed to your email list. This will give you your leads to email subscribers’ conversion rates.
This can be improved by using attractive lead magnets and landing pages. Here copywriting of your landing page or ads plays a key role.
Now instead of email list growth, you consider your social media followers’ growth. The number of people that are discovering your profile divided by the number of people actually following you.
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Offer Conversion Rate
This KPI metric is similar to the above one. The only difference here is that it is one step behind. The number of landing page visits divided by the number of leads we got.
This can be improved by effective copywriting only.
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Email Open Rates
Also, check-in your email marketing tool what is your open rate. This will give you an insight into should you make your headlines more attractive.
This is important to measure because, at the end of the day, if people are subscribing to your emails or following you, they should interact with your content and for that, they need to open your email or post!
KPI metrics for Bottom of the Funnel
The Bottom of the funnel includes content like Free trial, Customer testimonial, Comparison between your products, Sales webinars, mini-course, etc.
The goal here is to maximize customer value, increase retention to your brand, increase buyer frequency, reduce cancellation rate, and nurture customers.
So, the following KPI metrics should be measured for the BOFU stage of your sales funnel:
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Number of sales from Qualified leads
How many people bought your product divided by the number of leads who were interested in your product.
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Average Customer Value
You must know how much you can spend to acquire a customer. This depends on the rice of your product, how many upsells you are planning to do and what is your conversion rate for each upsell.
Avg Customer value = Initial offer price + (Upsell 1 price x Upsell 1 conversion rate) + (Upsell 2 price x Upsell 2 conversion rate)
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The retention rate of a Customer
The retention rate of your business means how many people are still buying from you. Are they still your paying customers even after their first purchase. This is more applicable to the subscription-based payment models but for a one-time payment model also, are they buying any other or the same product, from you or not? is the question
Retention Rate of a customer = [(Customer at the end – Customer acquired)] / Customer at the start in percentage and in a specific time period.
For example, if you have
Customers at the end of a January = 1025
Customer acquired in January = 50
Customers at the start of January = 1000
Here you acquired 50 more customers but only 25 people remained with you by the end of the month, then retention rate is
Retention rate = [(1025-50)] / 1000 = 0.975 = 97.5%
Conclusion
This is how you should measure the KPI metrics of your sales funnel. This will give you a better understanding of how you can optimize your funnel.
Thank you so much for reading and if you found value in this blog post then do share it with your friends.
Also read: 19 Awesome Types Of Content For Marketing Funnel Stages
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