“Marketing has always been a grueling and competitive sport – not unlike running a marathon.With the changes in the buying process, in media and technology, and managing expectations, it’s like running a marathon as the ground shifts beneath your feet. What was already difficult, is becoming increasingly difficult. If you’re going to do it without measurement, it’s like running a marathon, in an earthquake, blindfolded.” – David Raab
This is how the on-demand webinar, Metrics that Matter for Marketing Measurement, begins. I recently listened to Jon Miller, VP of Marketing at Marketo, and David Raab, Principal at Raab Associates, explain the problems held by Marketers today and how they can overcome them by using the right metrics when measuring success. Below are the top reports/metrics to measure:
Report: Marketing ROI: Show the value of Marketing
Measures and Metrics:
- Marketing costs (all stages)
- Revenue (related to cohort)
- ROI (=revenue/cost)
Comments:
- You need to relate costs and revenue to set of leads
- It is aggregate, not incremental
Report: Program ROI: Measure program impact
Measures and Metrics:
- Incremental marketing cost
- Incremental revenue
- Incremental ROI
Comments:
- This requires testing
- It may not capture long-term effects (e.g. brand programs)
Report: Stage results: Understand stage performance
Measures and Metrics:
- Stage costs
- Conversions (to next stage)
- Lead inventory by stage
- Cost per conversion
- Conversion rates
- Average time to conversion
Comments:
- It doesn’t show ROI
- You need to track trends
- It can be aggregate or incremental
Report: Revenue forecast: Forecast revenue by period
Measures and Metrics:
- Lead inventory by stage
- Conversion rate by stage
- Conversion time by stage
- Forecast revenue by period
Comments:
- It doesn’t distinguish marketing-influenced leads from other leads
- You must consider variations in quality of inventory
Want to learn more? Download the on-demand webinar today.