Establishing whether a campaign has been successful, or not, is one of the main priorities for marketing teams, but it’s amazing how many companies struggle with this basic requirement. There are seemingly so many factors and criteria when it comes to judging the merits of individual campaigns, that making important assessments, on which future campaigns and budgets should be based, is increasingly difficult. However, there is one over-riding marker which every marketing and sales department should use to evaluate the effectiveness of their campaigns.
Traditionally, one of the main ways of judging ABM Display Advertising success was to rely on impressions and click rates. And, for a first level indicator of what is happening out there when a campaign goes lives, they are very useful. But, their one big problem is that they don’t tell you how much revenue is generated. This is the holy grail for companies and unless the ROI can be calculated, then feedback is going to be limited, winning no friends with anyone, especially in the finance department.
So, what should be a main priority for those marketing and sales departments which need to show themselves, and others, how well individual campaigns have progressed? The answer is reporting.
It’s with reporting that marketing teams can truly determine not only the success of individual campaigns, but also where the emphasis should be placed with future campaigns.
And we have more tools than ever to help us with the reporting procedure. Technology today is hugely sophisticated and flexible, which means we can dive down deep into the information which is coming back to us from the campaigns. What this means, is that you can quickly identify those campaigns which increase your total revenue and allow you to see, with some accuracy, where you need to target your efforts. Ultimately, this means you get a better handle on the true contribution to the pipeline that marketing is making.
The problem we have at the moment, is that marketing teams only take reporting to a basic first level. They don’t see it as their responsibility to go beyond this level and often pass it on to another department. And this is a missed opportunity. What is apparent nowadays, is that marketing is closely linked with the sales funnel. And as such, plays its part in revenue contribution, and therefore, needs to be able to evaluate properly its part in the revenue generation chain. It cannot be the weakest link.
Every department has to play their part with income generation, so not knowing the true cost and value of a campaign is simply not acceptable.
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So, it’s incumbent on every campaign that marketers should ask themselves a number of key, searching questions, so that they can judge, before they begin, that every action will be value enhancing. Basic questions such as, the campaign I’m planning, will it certainly add to the pipeline? Is it going to make a contribution in terms of the overall revenue generation and, given that consideration, what is the total cost of the campaign and what is the expected level of income it will generate? Unless you have these vital pieces of information, you’re reporting will lack key building blocks.
But, other questions need to play a part as well. For example, who will the campaign reach out to and are you aiming to spread awareness, educate your audience, or generate leads? Also, don’t forget that any given campaign can have an effect on existing leads – you need to ask yourself, have you quantified that? What’s more, if your campaign is focused on lead generation, what is the journey of those leads – will the results of your campaign allow them to move more easily through the sales funnel.
The important thing to remember is that many channels feed into the inbound marketing process, including landing pages, emails, SEO, social media, and marketing automation and analytics. All should be used within the reporting process.
So, forget relying on just impressions and click rates, and delve deep into a solid, revenue based reporting process. It should pay dividends.