Li Keqiang was a provincial Communist Party chief, he shed light on the challenges of accurately assessing China’s economic state. In a world driven by glossy economic reports and iron fist politics, Li candidly acknowledged the limitations GDP figures like GDP. He famously referred to them as “man-made” and instead relied on three other tangible indicators. How is this related to marketing?
Li highlighted three metrics he personally relied on to gauge economic activity:
- Electricity Consumption: A real-time reflection of industrial and household activity.
- Rail Cargo Volume: A measure of the movement of goods across the country.
- Bank Loans Disbursed: A proxy for financial activity and business confidence.
Li’s approach resonated with economists globally because it stripped away the noise and focused on what actually drives an economy. His metrics told the story GDP couldn’t—what was happening on the ground, in real time.
What Can Marketing Teams Learn from Li Keqiang?
Marketing is no different from economics. We, too, get lost in vanity metrics—traffic, impressions, or followers—without asking what they really mean.
Inspired by Li’s tangible approach, here’s how marketers can build their own “Li Keqiang Index” for measuring growth:
1️⃣ Customer Retention Rate = Marketing’s Rail Cargo
Just as rail cargo reflects goods in motion, retention shows the health of your customer base.
Are you keeping customers engaged and coming back? Growth isn’t just acquisition—it’s how much value you retain.
2️⃣ Revenue per Marketing Dollar = Marketing’s Electricity Consumption
Electricity powers economies, just as marketing spend powers growth. But are you generating enough value for every dollar spent?
This metric ensures you’re not just consuming energy—you’re converting it into meaningful outcomes.
3️⃣ Lead-to-Customer Conversion Rate = Marketing’s Bank Loans
Bank loans signal business confidence. Similarly, conversion rates reveal how effectively you turn leads into paying customers.
It’s the ultimate measure of how well your campaigns connect with the right audience.
Takeway From His Mysterious Death
Li Keqiang’s genius was in simplifying complexity. He found metrics that revealed the truth rather than relying on numbers designed to impress. In marketing, we must do the same. Focus less on vanity metrics and more on indicators that reflect actual growth, trust, and efficiency.
Because in the end, whether it’s running a country or a marketing campaign, the goal is the same: find the truth, act on it, and grow sustainably.
Li Keqiang’s death in 2023 reminded the world of his uncommon honesty in a political system often cloaked in opacity.
His willingness to challenge convention and rely on practical metrics left a lasting impression, not just in politics but across industries.