Do you ever feel like you’re jumping through hoops just to get the campaign data you need?
At the most basic level, all you really want to know as a marketer is whether or not your campaigns are performing. But more often than not, it can feel like you’re spending all of your time sifting through vanity metrics like pageviews and impressions — not gaining insight into the metrics that are really impacting your bottom line.
With the abundance of data at our fingertips, some useful and some less so, it can be difficult for marketers to be confident that they’re making the right data-driven decisions.
If you’ve been nodding your head while reading this post, then you’ve probably asked yourself the following question at some point in your marketing career: “which metrics should I be paying attention to in order to best measure my success? And what tools can I use to track them?”
The answer to the second question is fairly straightforward. With a marketing automation tool, you can track all of the marketing metrics you need to improve accountability. The first question, on the other hand, involves a longer answer. Let’s take a look below:
1. Your return on investment
One metric that marketers often have a hard time tracking is their ROI — and unfortunately, it’s also one of the most important. No other metric can articulate marketing’s impact on the business as well as your ROI, and that’s why the closed-loop reporting capabilities of a marketing automation system are so critical.
With closed-loop reporting, closed deals are attributed to the campaigns that created them, ensuring that revenue is always credited to the right source. Use this information to see where your best leads are coming from, and prioritize marketing spend accordingly.
2. Your lifecycle metrics
According to Harvard University, 25% of B2B sales cycles take 7 months or longer to close. That’s a lot of time between the initial touchpoint with a lead and the close of a deal. That’s where “lifecycle” metrics can come in handy — or metrics that let you see where your leads are in the sales funnel, how many opportunities you have in each stage, and your speed through the pipeline.
This information can give you a better understanding of the lead lifecycle, allowing you to structure your campaigns accordingly and target any areas where leads are stalling in the sales funnel.
3. Your impact on lead generation
While closed deals and pipeline data are incredibly important, you also want to keep an eye on the initial generation of leads — how marketing is impacting lead flow, which campaigns are generating the most leads, and more. A marketing automation tool puts all of this data in one place, allowing you to compare performance and effectiveness of your paid search campaigns, your email blasts, and your social campaigns.
Make sure that you go deeper than just clicks and shares — take a look at your cost per click, cost per opportunity, and other metrics to see which channels are giving you the best return on your investment.
With the added insight into campaign performance provided by an automation tool, you’ll be well on your way to more effective, optimized campaigns than ever.
Looking for Marketing Automation software? Check out Capterra's list of the best Marketing Automation software solutions.