Do you ever feel like there’s just too much data out there? That getting the information you want isn’t as easy as it should be?
For most marketers, all you really want to know is how your marketing campaigns are performing — but first, you have to sift through loads of data like social shares and pageviews before you can get to the metrics that are really impacting your bottom line. With so much extraneous data around us, and not all of it useful, it can be hard for marketers to make the right data-driven decisions.
So what metrics should we be paying attention to in order to gain the most insight into our marketing efforts? And what’s the best way to track them? Let’s take a look:
Your Return on Investment
Historically, one of the hardest things for marketers to track is their ROI. It’s also one of the most important, because it helps prove marketing worth when it comes to budgeting and strategy sessions. That’s why the closed-loop reporting capabilities of a marketing automation system are so crucial, because they help attribute closed deals back to the campaigns that created them, ensuring that all revenue is credited to its source. This information can be used to judge where your best (and worst) leads are coming from, which campaigns are performing the best, and more.
The B2B lifecycle isn’t exactly short. That means that there’s a lot of time between initial contact with a lead and the close of a deal, and a lot of touchpoints to track. Taking a look at your lifecycle metrics using a lifecycle reporting feature can tell you a lot about where your leads are in the sales funnel, how many opportunities you have, and how much time is being spent in each stage. This information can give you a better understanding of the lead lifecycle, allowing you to structure your campaigns accordingly and target any areas where leads are stalling in the sales funnel.
Lead Generation Metrics
With marketing automation, you get the ability to track multiple channels, many of which are related to lead generation. With this data all in one place, you can compare performance and effectiveness of your paid search campaigns, your email blasts, your social campaigns, and more. Make sure that you go deeper than just clicks and shares — take a look at your cost per click, cost per opportunity, and other metrics to see which channels are giving you the best return on your investment.
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