There are literally dozens of franchise marketing KPIs to consider depending on factors like brand size, whether you are B2C or B2B, industry sector, and in-house resources to set and track KPIs.
However, the following list includes what we feel are the most critical franchise marketing KPI’s:
1. Maximize Desktop and Mobile Website Speed
It’s almost impossible to build a winning marketing program around a weak website experience for your franchise candidates or the customers of your franchisees. There a plenty of free tools that will analyze website speed on desktop and mobile platforms.
Do the same audit of your major competitors. Once you have the numbers, set numerical KPIs around performance versus the competition, and set stretch goals for moving your speed from the benchmark to a blazing speed. If you nail this it will have a major impact on bounce rate, time on site, conversions, and organic search success. See next point.
The content on your website plays a vital role (web pages and blog posts) in driving search engine success. To develop the right content, you need to know what topics are driving prospects to your website, what topics are actually being consumed on your website, and what topics convert a visitor into a lead. You need to utilize a marketing attribution data analytics platform to do so.
Once you have identified the right content strategy, set KPI’s for ranking in the top 3 organic search positions on Google around the topics that convert into customers.
3. The New Way To Set PR Metrics:
There are standard PR metrics that should be used as part of the overall evaluation process, including third-party (e.g., Cision) reporting of media impressions and associated media values of the coverage. However, in our view, there are more effective and tangible ways to develop PR strategies and measure PR success using marketing technology and what is commonly referred to a “digital PR’.
Through our 919 Insights platform, we identify the top 28 topics that your best prospects are searching for online as they seek out advice and make purchase decisions.
We then create a PR plan that integrates those topics into our media pitches. Additionally, the use of digital PR is increasingly more effective than just driving traditional media coverage. Going back to Domain Authority, gaining a backlink from a high DA media outlet to your website can provide a big boost to your score.
PR KPIs to consider include the standard media impressions / media values from a trusted 3rd party, the number of PR mentions around your top 28 topics, and the number of backlinks from high-value websites.
4. Organic Social Media:
Again, if you know what topics are most important to your desired audiences, it takes the guesswork out of social media content. The standard KPIs involve increasing your audience reach, generating engagement and conversions. Again, numeric KPIs need to be used (Increase audience reach from 700 – 1350). You can also include harder to measure KPIs like leads, cost per lead and revenue attributed to organic social media.
5. Paid Social Media
The most effective approach to developing effective paid social media campaigns is to have the data you need to laser focus your messaging on the ad topics that convert. Social media advertising/boosted posts should be measured on the KPIs you need to meet to drive sales goals.
You need to set monthly and yearly KPIs based on your sales funnel — audience reach, % visiting of landing page visits, % of conversion from landing page visits to prospects, % of deals closed from paid social media ads, etc.)
6. Digital Advertising:
From a KPI perspective there isn’t a lot of difference between paid social and paid digital advertising other than that there are more platforms to deploy and measure – Google AdWords, native advertising, retargeting, etc.
Again, if you have identified and validated the topics that resonate based on search behavior you are already a step ahead of the competition. You should set clear, numerical KPIs for each digital channel utilized from reach, conversions and the revenue generated from each.
7. Email Marketing:
Why is Email marketing the most underdeveloped tool in the franchise marketing toolbox? We suspect it’s because its time consuming, difficult to arrive at an approved content calendar and is typically evaluated using soft metrics.
The email marketing KPIs we utilize include delivery rate, unsubscribes, open rate, conversion rate, referral/shares, landing page visits’ lead conversions and revenue attributed to email.
I guess you’ve noticed that we couldn’t help ourselves – there are a lot more than 7 KPIs listed in this article! However, when it comes to program focus and execution, we always revert back to the sage advice of a former Nabisco sales executive who directed us to always take the “fewer, bigger better” approach.