In most companies, marketing is driven by indicators. Yet, despite well-filled dashboards, many managers still struggle to answer a simple question: what actually generates growth?
The problem is not a lack of data. The problem is KPIs that are misinterpreted, poorly structured, or disconnected from business objectives.
KPIs are not wrong, but they are often misused.
An indicator is not a result
A KPI is a signal. It serves to guide a decision, not to prove that everything is fine.
The danger of local optimization
Improving an isolated KPI can harm overall performance if the rest of the system is not aligned.
The confusion between activity and impact
Many dashboards measure what is easy to track, not what is actually useful.
The marketing KPIs that lie most often
Impressions and scope
Seeing a message does not equal creating value or intention.
Click-through rate taken out of context
A good click-through rate can mask poor targeting or a promise that is poorly aligned with the offer.
Cost per unqualified lead
A cheap but unqualified lead is often more expensive in the long run.
The isolated conversion rate
A high rate on a low volume does not support growth.
Why the brand often distorts the interpretation of KPIs
The confusion between branded and non-branded products
Brand conversions are often attributed to acquisition, when in fact they capture pre-existing demand.
The brand's amplifying effect
A strong brand improves overall performance without always appearing clearly in the KPIs.
The risk of overestimating performance
Without a clear separation, budgetary decisions are based on a biased interpretation.
Allocation: a promise often misunderstood
Attribution models are not absolute truths.
They offer a partial reading of a complex journey.
The myth of the last click
Attributing conversion to the last point of contact oversimplifies reality.
The importance of systemic reading
Decisions should be based on trends, not on a single model.
Why linking marketing KPIs to sales changes everything
From lead to revenue
A KPI becomes reliable when it is linked to a real opportunity and a sale.
The value of CRM
Centralizing marketing, sales, and customer service data allows us to understand the actual customer journey.
The end of measurement silos
KPIs only become meaningful when they are shared between teams.
How to make your KPIs truly reliable
Start with business objectives
The indicators should be derived from the objectives, not the other way around.
Clearly separate branded and non-branded products
This distinction is essential to understanding the actual creation of demand.
Measure over sufficient periods
Decisions made based on overly short timeframes are often misleading.
Observe trends rather than isolated variations
Performance is measured over time.
Different KPIs depending on roles, business models, and sales channels
Not all KPIs serve the same purpose and should not be interpreted in the same way. One of the most frequent mistakes in marketing is imposing the same indicators at all levels of the organization, without considering the role, context, and business model.
CEO level: driving growth and profitability
For a manager, marketing KPIs must answer simple, yet structuring questions:
- Does marketing actually contribute to revenue growth?
- Is the acquisition cost sustainable in relation to the lifetime value of the customers?
- Is growth predictable and repeatable?
At this level, the key indicators are often:
- revenues attributable to marketing
- overall acquisition cost per channel
- lifetime value (LTV)
- LTV/acquisition cost ratio
- retention and long-term value
The CEO's role is not to optimize campaigns, but to ensure that marketing supports the business strategy.
VP level and marketing directors: linking strategy and execution
VPs and marketing directors are at the interface between business vision and operations. Their KPIs must enable them to understand:
- which channels actually create demand
- how the brand influences overall performance
- where to invest to support medium-term growth
We often find the following at this level:
- brand vs. non-brand performance
- cost per opportunity or per sale
- quality of leads or acquired customers
- multi-channel attribution and trends
- Overall efficiency of funnels
The danger here is falling into an overly tactical interpretation, at the expense of the system's coherence.
Coordinators and specialists: optimize without losing sight of the big picture
For field teams, KPIs are used to guide execution and improve the performance of specific levers.
In e-commerce, we will be monitoring, in particular:
- conversion rate by channel
- cost per purchase
- average basket
- purchase frequency
- audience and creative performance
In a service context, the indicators are often different:
- cost per qualified lead
- qualification rate
- cost per opportunity
- sales cycle
- lead → customer conversion rate
At this level, the risk is to optimize locally without understanding the impact on the rest of the funnel.
The critical link between sales channels, attribution, and cannibalization
KPIs become particularly misleading when they do not take into account the dynamics between sales channels.
When the channels speak poorly to each other
In many organizations, each channel is evaluated independently, without an overall view. This creates decisions that seem good locally, but harm overall performance.
The classic example: Amazon vs. DTC
Amazon may seem extremely successful in terms of conversion and volume. However, part of this performance often stems from demand already created by the brand's marketing.
Without a comprehensive reading, one can:
- overestimating Amazon's performance
- underestimating the contribution of DTC
- cannibalize its own channels
- losing control of the customer relationship
The limitations of simplistic attribution
No attribution model can perfectly explain a complex customer journey. Relying solely on the last click or a dominant channel often leads to poor decisions.
The correct approach is to:
- analyze trends rather than absolutes
- understand the role of each channel in the journey
- assess the overall impact on profitability
A KPI is only reliable when read in the context of the complete system, roles, and channels that interact with each other.
Different KPIs depending on the role
CEO Perspective
What matters is the real contribution of marketing to growth and profitability.
VP perspective and marketing departments
Operational indicators must be linked to business results.
Teams and specialists' perspective
KPIs are for optimization, not for justification.
Conclusion: A good KPI provides insight, but it doesn't reassure.
Marketing KPIs are essential, but only when they are well chosen, well interpreted and well linked to business objectives.
A good indicator should sometimes create discomfort. That's often a sign that it's useful.
If your KPIs are mainly used to reassure, they are probably not used to make decisions.
Frequently Asked Questions about Marketing KPIs
Why do my marketing KPIs seem good but sales are stagnating?
Because the indicators being tracked measure activity rather than the actual impact on revenue.
Which marketing KPIs are truly reliable?
Those related to sales, retention, and profitability.
Should we track fewer KPIs?
Yes. A few well-understood indicators are better than many poorly interpreted ones.
