Translating strategy into KPIs and concrete actions

Data is one of the most valuable assets for a company – if it is put to good use. Collecting and storing data is not enough – if you really want to be data-driven, you also have to take the next step: using business data to extract insights and make informed decisions, and translating these into concrete, targeted actions. We notice that many companies and organizations are ready for that next step – because the data is there. But making it insightful and truly data-driven remains a challenge.

Especially in the field of marketing, there is still work to be done: many companies have a well thought-out strategy and creative marketing campaigns, but the link between the two is often still missing. In addition, a lot of data – especially with digital campaigns – is collected that can provide valuable insights, but the feedback loop of evaluating and optimizing is often still missing.

With a data-driven framework that links marketing strategy to specific KPIs, which are then translated into concrete actions, HAVIK helps its clients close the gap between strategy and execution.

The importance of strategic marketing KPIs

To translate a marketing strategy into targeted actions, strategic objectives must be translated into clear, measurable KPIs. This is no easy exercise – KPIs must be ambitious, but also realistic. And while historical data can get you a long way, it takes time and adjustment to get the balance right.

Still, the importance of strategic marketing KPIs cannot be underestimated:

KPIs make strategic objectives very concrete. Campaigns and marketing activities can be aligned with the KPIs. This gives the marketing team a clear direction to work toward and contribute to the overarching strategy.
Marketing campaigns can be constantly tested against the KPIs. If the figures show that they are not or not sufficiently contributing to them, adjustments must be made. In this way, campaigns become a lot more effective, resulting in a higher ROI.
KPIs make it possible to measure strategic objectives, evaluate progress and make informed decisions. In other words, gut feeling makes way for being data-driven.

And last but not least, KPIs help companies and organizations to make progress at the strategic level and thus strengthen their competitive position.

The translation into targeted actions

The next step is converting those KPIs into actions.

With HAVIK’s data-driven marketing framework, we strive to develop concrete use cases that start from a strategic objective and have a direct impact on the linked KPI. We call the strategic objective the North star, the KPI is defined in a strategic hypothesis, and the actions to be taken are defined in the functional hypothesis.

An example from the construction industry:

North star: convert more unqualified leads into MQLs.
Strategic hypothesis: “By better targeting our email content for architects, we can increase our market share in Belgium and deliver 200 additional MQLs to sales in the next six months. That would translate into a 5% increase in sales.” To evaluate this hypothesis, we rely on the number of MQLs and the ratio of MQLs to unqualified leads (unqualified to MQL ratio).
Functional hypothesis: “By tailoring content to the type of architect, we create more engagement with the target audience, and a higher CTR and conversion rate.” We do this by providing dynamic content based on architect type.

We make hypotheses, or assumptions, because we see this as an experiment. The resulting results are closely monitored so that optimization and adjustments can be made continuously – both in elaboration and initial hypothesis. In this way we complete the circle: from strategic objective to KPI to actions, to evaluate those actions again on the basis of the KPI and the strategic objective.

Many companies and organizations get stuck in translating marketing strategy into targeted actions. HAVIK can support you with the data-driven marketing framework. Together we translate your North star into concrete marketing actions.

Ready to get started? Contact us!

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Translating strategy into KPIs and concrete actions with the data-driven marketing framework

The importance of strategic marketing KPIs

The translation into targeted actions

An example from the construction industry: