Get your analytics in a row
First things first – you need the right tools in place to collect your data.
For many marketers, their analytics live in silos, which makes analysing data and metrics across channels a challenge.
You need all your data connected to your customer relationship management (CRM) system. If it’s not, you’ll miss out on some critical analytics that can report on the ROI of each marketing channel, and your marketing plan as a whole.
Set data benchmarks
What are your company’s typical email click-through rates?
How many “likes” do you generally get on an individual social media post?
What is your average conversion rate?
It might seem simple but understanding ‘marketing norms’ can help you quickly track the success of your efforts or tell you whether you need to improve your marketing game.
But how can you determine what’s “good” to begin with?
Try approaching it in one of these ways:
- Do some research to see if there are any established industry marketing benchmarks out there to compare yourself to. This can give you a general sense of how others in the industry are faring, and how you stack up in comparison.
- Establish benchmarks that are specific to your own business and industry. (This is where your analytics come into play.)
- After a few months of tracking, you should start to notice general patterns in the performance of your individual marketing metrics.
Remember, make it a priority to improve your benchmarks over time.
Assign team members specific metrics
Once you have a reliable, integrated, and all-encompassing analytics tool in place, use it for all its worth. Measure everything; there’s no shortage of metrics you can track.
To optimise the measurement work, identify the key metrics you’ll use to measure the success of each channel and prioritise them by importance.
Then assign the tracking and managing of these metrics to individual team members.
This will not only ensure you have all your important metrics covered, but it will also hold your team accountable for regularly keeping track of and reporting them.
Track metric-driven goals
As well as tracking metrics, each team member should be assigned specific goals to achieve. These goals should be based on your overarching business goals.
If your company wants to grow revenue by 10% in revenue in Q2, you’ll need to work out how many leads you need to generate in order to close 10% more customers or revenue. You can then start to assign individual team goals based on those marketing channels’ benchmarks. In other words, if you know that your social media marketing typically contributes 15% of your business’ overall new leads and your blog contributes 5%, you’d assign a larger overall leads goal for your social media marketing team than you would your blogging team.
Use your data
If we think back to the three core challenges facing CMO’s today – economic pressures, technological demands, high consumer expectations – data provides a perfect opportunity to drive your marketing decisions and achieve more with less.
In other words, now you’ve got the data, use it.
Tracking your analytics will give you a clearer indication as to what’s working and what isn’t. Perhaps you’re pumping 80% of your time and money into Instagram marketing when, in fact, the ROI of Facebook is three times lower. Based on this data, you would adjust your marketing focus to Facebook.