3 Product Marketing Metrics Every PMM Should Track
An Ex-Google PMM's take on product marketing.
Hi, I’m Henry, and today, I’ll break down the three essential metrics every Product Marketing Manager (PMM) should focus on to drive success.
Let’s dive in!
1. Brand Awareness
Brand awareness is all about ensuring that your product is well-known. You’ll want to measure:
Impressions: The number of people who see your campaigns.
Website visits: How much traffic your campaigns generate.
Brand perception: This involves surveying your target audience to measure awareness and sentiment about your brand.
Before launching a brand campaign, create a baseline survey to measure two key things:
Familiarity: Do people know about your brand?
Perception: Is their opinion of your brand positive, negative, or neutral?
After running the campaign for 3-6 months, survey a similar group to measure changes. Ideally, more people will know your brand, and their perception will have improved.
2. Demand Generation
This metric focuses on generating Marketing Qualified Leads (MQLs). An MQL is a lead that has the potential to turn into a paying customer and is someone your sales team can effectively target. This is particularly important in B2B marketing.
When building out content for demand generation, aim for value-added materials that encourage potential customers to give you their contact information. The more qualified leads you generate, the better your sales team can hit their revenue targets.
3. Conversion Rates (Win Rates)
Conversion rates are about turning leads into paying customers. The win rate measures how many leads are converted into customers by dividing the number of deals closed by the total number of leads.
To improve win rates, provide your sales team with effective sales collateral such as:
One-pagers: Clear, concise documents that highlight your product’s key benefits.
Pitch decks: Tailored presentations that speak directly to the customer's needs.
For example, if you discover that customers are hesitant about pricing, create collateral that explains the value and ROI of your product. If your win rate improves from 15% to 30% after introducing this collateral, it shows how much value you’re adding.
Measuring Success
Brand Awareness: Compare impressions and visits pre- and post-campaign, and use surveys to gauge shifts in brand perception.
Demand Generation: Track the number of MQLs you generate and compare them across different content strategies over three-month periods.
Conversion Rates: Assess how new collateral impacts win rates over time by comparing conversion rates before and after introducing new resources.
Conclusion
By focusing on these three metrics—brand awareness, MQLs, and conversion rates—you’ll be able to effectively track the success of your marketing initiatives and optimize your efforts for greater business impact.
Thanks for reading! If you found this helpful, leave a comment below and let me know what topics you’d like to see next. Until next time!
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