Measuring marketing success
Connecting Marketing Metrics + Business Goals
Tying your marketing efforts to your business goals is a critical and often overlooked step in the creation of a marketing plan. Rather than creating exhaustive metrics reports on a monthly or quarterly basis to explain the value of your outreach, choose a few strategic measurements to track that you can more directly translate into success.
Just about everything you use for marketing from your website to social media has analytics behind it showing your performance. Without taking the time to step back and look at how you are doing, how will you improve your marketing? Marketing measurement is crucial when it comes to increasing your business performance.
Are you using analytics to your advantage?
Did you know that organizations that adhere to well-established marketing metrics are 3 times more likely to hit their goals than other organizations? As a marketing firm obsessed with numbers and analytics, we have found this to be true.
The key is to take a good look at your business goals and find the marketing metrics that align directly with those goals. From there, you can begin tracking what works for you when trying to achieve those goals and what does not.
Everything we do from social media to SEO is backed by the data we find from our analytics. There is nothing that is more objective than your analytics, which is why we recommend using every piece of information you can that will help you when creating your marketing strategy.
When you’re reporting your marketing and sales success to a manager or board of directors, you often may as well speak to them in a foreign language if you’re going to communicate your success in impressions or pageviews. Instead, speak to them about the return they’re getting for their investment (ROI) by matching your business goals to a few key measurements that are direct indicators of the success or failure of those goals.
In today’s blog, we have shared two potential guides that you can use to start your tracking process. One is a quick, high-level, printable guide you can keep handy at your desk. The second guide is a more in-depth look at some ways you can measure your social outreach and campaigns. These lists are far from exhaustive, but should help you begin to measure the ROI of your marketing efforts.
|Business Goal||Marketing Goal||Notes|
|INCREASE PROSPECTS & LEADS||
||Prioritize lead follow-ups by:
||Utilizing a CRM (Customer Relationship Manager) tool may help you more effectively measure improvements in lead conversion. May calculate by total number of leads minus conversions divided by 100.|
||Measure visits to a page that indicates successful conversion. Track this in Google Analytics’ “Goals” section.|
|COST PER ACQUISITION TRACKING||
|CUSTOMER RETENTION TRACKING||
|REFERRALS & REVIEWS||
||Use a CRM to track the source of your incoming leads to know how many come from word of mouth referrals.|