What's an inbound marketing scorecard?
An inbound marketing scorecard is a set of leading indicators you can review weekly to see if your inbound marketing efforts are on track. These are the numbers that can help you track the effectiveness of your marketing plan at a glance. You can use a simple Excel spreadsheet to track these numbers each week against your goal and determine if your inbound marketing plan is working as hard as you need it to.
What are the benefits of an inbound marketing scorecard?
The most important reason to implement an inbound marketing scorecard is that what gets measured in your business tends to improve. The exercise of preparing and reporting on your scorecard numbers keeps you and your team on track and accountable for their goals.
Another benefit is that by reviewing your leading indicators weekly, you will be able to spot trends and issues in your marketing before they affect your bottom line.
What metrics should you include?
Keep it simple. If you make things too complicated it will be hard to measure. While you may want to look at profits and revenue, keep in mind that by the time you run profit and loss statement it is too late to make a course correction that will have an impact on your bottom line. For your scorecard, focus on the activities that lead to profits, loss and revenue. Although your goal may be to generate a certain amount of revenue form inbound marketing, by the time the revenue shows up on your books it is too late to shift your strategy. Instead, work backwards from revenue and track the activities that lead to increased revenue, such as leads, website visits and conversion rates.
Here is an example of numbers you could track:
- Number of blog posts published per week.
- Website visits per week.
- New leads per week.
- Visit to lead conversion rate
- New clients generated from inbound per week.
- Lead to client conversion rate
Take Action Now!
It's easy to get started by setting up a simple Excel spreadsheet.
- Set up an excel spreadsheet and create a row for each of your inbound marketing metrics.
- Next to each item, list which member of your team is accountable for meeting each number.
- Determine your weekly goal for each number, and include it in each row.
- Decide who is accountable for preparing the scorecard each week and how that person will get the numbers from each team member.
- Review your scorecard each week with your marketing team.
Your scorecard spreadsheet should look something like this:
|Metric||Who||Goal||Week 1||Week 2||Week 3||Week 4|
|Number of Website Visitors||John||250||195|
|Number of Leads Generated||Cathy||15||14|
Every business is different, so choose the metrics that make the most sense for you to track. You may also want to track numbers for other areas of your business, not just marketing, to get the full benefit of this powerful management tool. If you need help, contact an inbound marketing agency for guidance.