Was the event worth it? Was the purchased list of contacts worth it? Were the resources we invested in the ABM campaign worth it?
Can you prove it?
These questions often stem from upper management looking for proof that the money they allocate to marketing is going to good use. They want direct proof that said money is resulting in company revenue. And while we marketers know that it’s not always that simple, in the end, everyone only cares about what the revenue is and its our job to pay close attention to where that revenue is coming from.
It is crucial to track everything we possibly can in order to prove the value of our marketing campaigns. And if you can’t measure it… don’t do it.
Three Metrics Every Marketer Should Track
While every business is different, and every marketing team implements different tactics, there are a few metrics that many marketers agree are the most important.
- Win/Conversion Rate – How many of the people who came to the table to learn more ended up staying, believing in your product, and closing the sale?
- Lifetime Value – How long are your customers staying with you? Are they upgrading, adding on new products? Is retention increasing? How does this affect your cost per acquisition?
- Revenue – Overall, what marketing is contributing to the success of your business?
How Often Should You Analyze Your Metrics?
With so many things to track, it can feel difficult to keep up with it all. Read on for a few suggestions for how often you should review certain metrics.
- Weekly – Top line metrics, such as year-to-date pipeline, website visitors, home page bounce rate, cost per clicks, and conversion rates.
- Monthly – Email list health, such as opt-ins or opt-outs, delivery rate, open rate.
- Quarterly – Where are you at in relation to your goals?
- Annual – How did you progress to goal? Review your campaign performance overall and how it affected your bottom line.
How to Share Marketing Analytics with Leadership
While everything we just discussed might be exciting to the day-to-day marketer, it doesn’t always make sense to someone who doesn’t live and breathe marketing every day.
It’s important to share the right metrics with the right people. Talking to company leadership often includes things like impact to revenue and opportunity generation. They want to know how the money is being made, and how the company is going to grow in the future.
While these best practices stem from the insight of expert marketers, every company and every marketing campaign is different. It is most important to pay attention to what is working well for your business. Watch what real users and prospects are doing to show their interest in your products or solutions.
And, pro tip, marketing metrics are not the end-all, be-all of marketing (even if leadership says so). Metrics can point you in the right direction, but at the end of the day, they must be analyzed alongside conversations with your sales team, real personal connections with your prospects, and so much more. All these things combine are what truly prove the value of marketing.
As marketers, we often underestimate that we can still learn from non-successes. Just because one campaign doesn’t perform doesn’t mean that another one won’t. There’s no such thing as failure, only learning opportunities.