Hello SOTGC community,
There are a number of reports that you can run to understand the return on investment (ROI) of your marketing efforts. But what are the best key performance indicators to review? Basic reports you should run to help with the copious amounts of data you have available, without having to dive in too deep, are:
- Revenue Reporting
- Channel-Specific Traffic
- Blog Leads Reporting
- All New Contacts by Referral Source
- Contacts by Lifecycle Stage
- Leads by Campaign
These are important to get a full view of your sales funnel. Having the ability to dive in further to see where your leads and traffic are coming from, when they converted, what content they interacted with, and how long they took to close are important to uncover actionable and meaningful data.
*Note: You will need some type of marketing software to do this, so finding one that works for your needs as a business is best as there are several to choose from varying from enterprise to basic features. You will also be able to export the data from the software you choose and manipulate it in Excel using pivot tables if need be.
It is essential to tie your marketing efforts back to the amount of revenue generated by campaigns in a particular channel. That way, marketers can see the success of certain channels over others, allowing smarter investments to be made based on which channels generate the most revenue. If you’re a B2B sales oriented business, it will be more important to create reports on company data instead of individual contact data.
Looking at revenue results of different channels shows where you had the most success. You can use this data to decide what efforts in marketing to invest in moving forward. For example, if offline sources are generating more revenue than direct traffic, then you can make actionable budget and marketing decisions with that information moving forward. These reports should be run monthly, quarterly, semi-annually, and annually. For PPC campaigns on Google or social media, we recommend running them weekly.
Knowing where your traffic is coming from helps you make decisions strategically as you invest in different channels. If you see strong performance from a particular channel source, you may decide to invest additional resources in it. Or you may decide to invest in some of the channels that are weaker to get them up to par with high performing channels. Regardless of what you decide, source data will help figure that out. This data should be pulled weekly to provide up-to-date information on how channels are performing.
Blog Leads Report
Blogs are a marketer’s best friend. There’s a direct correlation between the number of times a business blogs and the number of leads they generate. So it’s crucial that you watch how well your blogs are growing that critical metric. A blog leads report is a fast way to see how many leads are coming in and by what topics/keywords. This report is a good way to dive into what channels are strongest for your blog, where you could spend more promotion time, and how well your blog content performs over time. This data should be pulled monthly to help you adjust your content strategy for the coming quarter.
All New Contacts by Referral Source
Every marketer needs a good idea of their buyer personas, but you need to do a little more than just understand them. It’s important to track new contacts you’re actually adding to your database based on their referral source. Diving into this report helps you allocate resources wisely and grow different segments of your business. You can create tiers of high performing referral sources/partner programs so that you invest time and resources into the ones that deliver rather than spread yourself thin over all. Pulling this report on a monthly basis provides insight into how people perform and may even shed some light into an imbalance in resources that have been dedicated to certain personas.
Contacts by Lifecycle Stage
Lifecycle stage is another statistic to look at in order to segment your database. This will give you an idea of how many opportunities, subscribers, leads, customers, etc. you have in your database over a particular time period. This information will help you understand if you should focus on closing your current leads in your pipeline or you need to generate more leads. It will also help you understand the quality of your current database.
This report gives you an outline of how many leads were generated by each lifecycle stage. It will also give you a visual view so you can see how these leads are moving through your pipeline. It should be run and evaluated weekly.
Leads Broken Down by Campaign
If your business does inbound marketing, you’re going to have a lot of content on your website. Figuring out what content is performing the best is vital as you plan your content strategy. Maybe certain types of offers like webinars are more popular than whitepapers, for example. Or which topics resonate better with your audience over others. Your audience’s content preferences are very valuable information to have so you cater to their interests. Once your campaign has been live for a few weeks, look at its performance compared to some of the others. Look for trends based on the information to figure out which ones you should promote more and which ones should possibly take the back burner. How many campaigns you do and the timeframe between offers will determine the frequency of running the reports. Generally, you will want to do a weekly campaign report and a monthly/quarterly comparison report.
Understanding your metrics will determine success of future campaigns. There are a lot of pieces to the puzzle, and it is easy to get overwhelmed if you do not have a sales or marketing manager in charge of it. Need team development/training? Process creation? Or perhaps it’s best for your organization to outsource this work? Contact Blue Ocean Principles, a full-stack marketing agency for assistance.