Tips to Measure your Marketing Success
November 18, 2010 Leave a comment
[tweetmeme source= “brennels” only_single=false] Measure, Measure, Measure… It is tough to assign revenue dollars to your marketing programs but it is the most important part of marketing. Every executive team wants to see where the marketing dollars are going and what kind of results they are yielding and you should want this information as well to help budget for those programs that provide the best results. It is pretty easy to measure clicks, web visits or downloads but what is really important for B2B marketing is how many of those clicks turn into actual revenue and closed business for the company. Here are a few tips.
CRM – I can’t think of a company that doesn’t use some sort of customer relationship management software and it doesn’t really matter which one you use. Some are better than others but the most important requirement is being able to assign a campaign status to the lead as it is entered in the CRM system. This way although your marketing program may have been run in Q1 it will still be tied to the closed business in Q3.
Integrate Marketing Automation – If you can integration your web site web forms to automatically update your CRM it will be very easy to report and pull statistics. Don’t leave it to the sales people to enter the lead because they may not if the opportunity is ready to buy today and you will need those contacts for further lead nurturing campaigns to help turn them into closed business.
Reporting – Is often the biggest challenge and due mostly to the inability to track the leads and status of the opportunities that are created. It may require you to work with your internal sales teams to identify what the workflow may look like but will help automation be set up to prevent gaps. Leads should flow into the CRM system and associated to the appropriate marketing programs. This way regardless of the status of the lead, (closed lost, closed won, in progress) you will be able to report on the number of leads that did close versus still in progress.
What to measure – Measure all leads regardless of quality. Measure the number of those leads that then turn into an actual opportunity. Next measure the number of those opportunities that were closed business or lost. This will help you to create percentages to the spend of the program compared to the business that was won and create a “cost per lead/per opportunity” number that you can use to forecast marketing programs.
It isn’t an exact science but are real numbers and measurements that will help everyone understand the effectiveness of the related marketing campaigns.
How do you measure your marketing success?