Smart marketers have the luxury (and challenge!) of using more technologies and measurement tools than ever before, allowing us to project results and profitability, and look at customer and prospect behavior from different angles. While this should allow optimization like never before, campaigns are still often run “one-off,” with no more testing or optimization than before the MarTech boom. Habitually driven by short-term demands and the need to be responsive to quick changes in the markets, we often neglect to take the long view on marketing measurement to pursue long-term campaign improvement. If you’re looking to boost your performance, it’s important to take a look at what drives your ROI and how to effectively develop actionable insights and optimize your marketing performance over time.
A few strategies to consider:
1. Get Alignment on your most important measure of success
Find one or two key measures (e.g., new customers acquired, incremental revenue growth, retained customers, etc.) and make sure each of your marketing efforts are designed to drive results that can prove out success for those specific measures.
2. Create a measurement template for every campaign – and stick to it
Determine how results will be measured and create a measurement template that can be repeated in all your campaigns – how does the response work, who is responsible for measuring and reporting on it, how does the information get into a centralized format, what is the next interaction after the initial response, etc. The more you standardize measurement, the less you have to figure out in the heat of the battle.
3. Standardize Closed-Loop Campaign Measurement
Track your marketing efforts all the way to the sale with sophisticated databases and ecommerce platforms, loyalty programs and smarter data matching. Create a consistent measurement template so ongoing reporting will be easier and have the ability to become standardized. Rely on benchmarks to compare from campaign to campaign so you’ll be able to innovate more easily to boost results.
4. Create a Roadmap for Enhancing Your Marketing Measurement Methods
As you innovate and take advantage of new technologies (e.g. beacons) and/or new data sources (like machine data) your marketing measurement will also need to evolve over time. As you innovate, keep your focus on your key metrics for success. Plan to continuously enhance your measurement methods with the new data to determine the real impact of those innovations. Don’t forget to budget for updates to your database and the design of new measurement methods.
5. Create a Three Year Learning Plan
Often a “point-in-time” campaign analysis misses the big picture. Effectively monitor and evaluate the impact of your efforts over time by setting learning goals that can be tested and proved out over multiple waves of your initiatives. Build long term testing into every effort to keep trying to beat the benchmarks for your most key measures of success.
If you’re under pressure to improve marketing results, these five best practices can improve your operations and drive to optimize. We invite you to take the next step to change your marketing processes to get to repeatable improvements in your marketing ROI.
Virtually everything we do produces more data, and it’s a fact that marketers who can capitalize on that data are the winners in their respective industries. Data Equity (the value of your company’s data) has begun to pop up as an asset on corporate balance sheets, and it’s imperative for you to be armed with real-time, actionable analytics and business intelligence to drive smarter marketing, sales and business decisions. Data views need to be easy to understand and customize, when and where you need it.
SIGMA has spent over 30 years helping our clients capture the hidden value in their data contributing to customer acquisition, sales force optimization, and consumer loyalty. We are poised to share strategies that we know will continue to help you engage and grow your customers – and your client’s customers.
We’ve engaged our SIGMA thought leaders and curated some insightful and interesting content that will help you consider how to build out your data strategies for the rest of 2018 and beyond. We invite you to join our mailing list so we can share these, and other, very important insights:
- 5 Ways to Take Your Marketing Measurement to the Next Level
- B2B Data 101 eBook
- 100 Ways eBook
- Successful analytics eBook
- Data Driven Success eBook
If there is something you would like to learn more about, please leave a comment below. As always, we are here to help.