How do I measure marketing results?
Simple Metrics Framework
Marketing measurement can become complex. For most advisors, simplicity serves better than sophistication.
The Framework: Inputs -> Activities -> Outputs
- Inputs: Time and money invested in marketing
- Activities: Actions taken (posts published, referral conversations held, emails sent)
- Outputs: Results achieved (leads generated, discovery meetings, new clients)
Tracking all three reveals whether your marketing is working:
- Strong activities + weak outputs = something in your conversion process needs attention
- Weak activities + weak outputs = you're not doing enough marketing
- Strong activities + strong outputs = continue what you're doing
Leading and Lagging Indicators
Economic indicators are either leading (predictive) or lagging (confirmatory). Marketing metrics work the same way.
Leading Indicators (what you control):
| Indicator | What It Predicts |
|---|---|
| LinkedIn posts per week | Future visibility and engagement |
| Referral conversations held | Future referrals received |
| Newsletter open rate | Content relevance and audience engagement |
| Website contact forms submitted | Pipeline health |
| Discovery meetings scheduled | Clients in 30-60 days |
Lagging Indicators (what confirms success):
| Indicator | What It Confirms |
|---|---|
| New clients acquired | Marketing is working |
| Revenue from new clients | Marketing ROI |
| Client retention rate | Relationship quality |
| Referral rate (new clients from referrals) | Client satisfaction and referral system effectiveness |
Track leading indicators to know if you're on track before results appear. Track lagging indicators to confirm whether your approach is working.
The Measurement Rhythm
Monthly Check-In (15 minutes):
- How many leads this month?
- Where did they come from?
- How many discovery meetings?
- What was published?
- What's the LinkedIn/email engagement?
Quarterly Assessment (1 hour):
- How many new clients this quarter?
- What's the client acquisition cost?
- What's the referral conversion rate?
- Which activities are producing results?
- What should change next quarter?
Annual Review (2-3 hours):
- Full client acquisition cost calculation
- Marketing ROI assessment
- Referral rate analysis
- Strategy adjustment for the coming year
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Subscribe, freeWhen to Adjust vs. When to Persist
Marketing takes time to produce results. Changing tactics too quickly prevents anything from working. Persisting with failing tactics wastes limited time.
Signals to Persist:
- Leading indicators are improving even if lagging indicators haven't moved
- The approach hasn't had enough time (typically three to six months for content, one to two months for outreach)
- External factors (market conditions, seasonal patterns) explain temporary weakness
Signals to Adjust:
- Leading indicators show no improvement after reasonable time
- Consistent effort produces consistently poor results
- The activity doesn't match your strengths or preferences
- Referral conversion rate falls below 33% (indicates a sales process problem, not a referral problem)
The Benchmark: Good referral-to-client conversion sits between 50-80%. Below 33% signals something in your discovery or proposal process needs attention.
Key Takeaways
- Simple measurement beats sophisticated measurement for most advisors
- Track inputs (time/money), activities (actions), and outputs (results)
- Leading indicators predict; lagging indicators confirm
- Monthly check-ins, quarterly assessments, and annual reviews create accountability
- Persist when leading indicators improve; adjust when they consistently don't