Learn how and when to measure marketing ROI. Use this guide to easily build a reporting schedule that helps boost return on marketing investment.
This series is your comprehensive guide to developing your own strategic lead development and nurturing program. Learn more about the five major components of a strategic lead development and nurturing program that boosts sales and boasts success.
Tracking Results and Measuring Impact
The pressure on marketers to prove ROI is nothing new and continues to persist, now more than ever before. Nurturing leads to conversion is cited as a top priority while tracking the success of marketing campaigns designed to achieve this is cited as a top challenge among marketers.
In this article, we will detail how to analyze your marketing return on investment along with a structured schedule of what to measure and when.
How and When to Measure Marketing ROI
Start by defining overall key performance indicators (KPIs) and know what success looks like. Schedule the time on a regular basis to measure the success of your marketing campaigns to effectively optimize them for success.
A common mistake marketers make is executing a campaign and waiting until the end to see how it performed. There are elements of your campaigns that need to be monitored daily, while others should be monitored weekly, monthly, or quarterly. Figuring out that something isn’t working after the first week is more time and cost-effective than finding out in the seventh week.
Here are some simple guidelines to get your daily, weekly, monthly, quarterly, and annual reporting calendar started.
Daily Marketing Reporting
While an overall marketing strategy may not be impacted day-to-day, having a daily snapshot can glean insight into a campaign’s performance over time. This proactive approach also helps spot problems early on to avoid wasting time and money, hence improving marketing ROI in the long run.
On a daily basis, you should be reviewing digital metrics such as web traffic and social media engagement, as well as hot lead reports detailing stages of the buying process, next steps, and how close you are to closing the deal.
Weekly Marketing Reporting
Monitoring campaign success on a weekly basis can be an effective preventative step to ensure there are no issues that will impact the performance for the whole month or even the life of the campaign.
When it comes to website traffic on your blog, keeping a weekly report of activity and leads can give you insights on what actions to take and when. Your prospects’ position in the sales funnel and what stage of the buyer’s journey they are in, for example, can reveal a variety of insights including what content generates the most leads, allowing you to strengthen your content marketing strategy over time.
Further, breaking down traffic by leads per channel helps you to analyze what’s working and what’s underperforming. This helps to prove whether the marketing investment is stable and allows time to optimize for success.
Monthly Marketing Reporting
Looking at your insights on a monthly basis allows for a big-picture overview of your daily and weekly observations. By using all levels of reporting collectively, you get a broad perspective on long-term campaign success.
Each month review your marketing KPIs (costs, revenue, acquisitions, etc.) to determine which efforts have the highest return on investment. Find the campaigns that bring in the most customers with minimum dollars invested.
Quarterly Marketing Reporting
On a quarterly basis, take the time to adjust priorities, plans, or budgets based on your big-picture view of your marketing investment and success metrics.
Some things you’ll want to review quarterly include the progress you’re making toward your overall marketing goals, SEO and social positioning, new opportunities based on content interaction, and lead scoring rules.
Annual Marketing Reporting
Review overall program success annually. Include an overview of new developments on the sales and marketing teams as well as a list of goals and whether they were met. Compare specific sales figures year over year, and detail marketing targets, efforts, and case studies.
Are you interested in learning to more effectively measure and increase your marketing ROI? Send an email to Jill Fecher to start a conversation.
Any company with lots of leads wants to improve upon their process for finding new prospects and turning them into customers. This series is your comprehensive guide to developing your own strategic lead development and nurturing program.
- Identify the Buying Continuum
- Develop Relevant Content
- Generate a Database of Leads
- Nurture Your Leads to Conversion
- Tracking Results and Measuring Impact
Click through to learn more about the five major components of a strategic lead development and nurturing program that boosts sales and boasts success.