To effectively calculate your organization’s return on investment (ROI), you must be able to successfully monitor and track marketing campaigns. But, with all the available metrics out there, you may be unsure of what is the most important data to analyze. Have no fear, the Yetis are at your service.
A recent report: How Predictive Marketing Analytics Boosts B2B Business Performance shares that, “Predictive marketers are 2.9x more likely to report revenue growth at rates higher than the industry average and 2.1x more likely to occupy a commanding leadership position in the product/service markets they serve.”
If that’s not motivation to get cracking on your marketing analytics efforts, I don’t know what is. Here are 4 tips to keep in mind when analyzing your data:
Think Big Picture
Focus on the metrics that matter most to your business. The number of impressions your campaign receives, or even the number of clicks an ad receives, may not be as important as the number of forms completed or phone calls received. It is critical to clearly define goals for each and every campaign. The goal of a lead nurturing campaign might be downloading an ebook, while an awareness campaign might focus on social shares. The key here is making sure you align your business goals with your marketing efforts. Setting SMART goals and tracking your progress will allow you to see what is working and what isn’t.
Track Marketing Source
A common question is often: which marketing campaign attracted the most leads? From email blasts and online ads to direct marketing mailers and inbound phone calls, make sure lead tracking is enabled on all campaigns. Most of this process can be automated through the forms on your website, but it is important that staff members are properly trained on how to enter this information into the marketing database for manually entered leads that may come in through inbound calls, snail mail forms, or leads collected at events.
Optimize The Funnel & System for Passing Leads to Sales
Implement a system that clearly defines when the lead should be passed to sales. This is where you’ll want to focus on implementing a lead scoring program. While this process may take time to set up, it all begins with making sure Sales and Marketing are on the same page and collaboratively defining both MQLs and SQLs. Setting up the correct system will enable you to tie your marketing leads to sales outcomes resulting in measuring real ROI.
Monitor & Analyze
Never just set and forget your marketing campaigns. You must regularly review your marketing efforts and analyze how the campaigns are running. Are you on track to meet the goals you set? If not, make tweaks along the way. Then, use this information to plan future campaigns and set goals for the coming year. Informed decisions result in improved outreach and increased ROI.data quality, marketing automation, roi, tracking