We all constantly hear that data is everything in the marketing world. For most of us, this brings to mind thoughts of lead demographics/firmographics, analysis of conversion rates, and A/B testing. But there’s also a massive amount of internal data that many organizations are lacking. Any marketer who has ever found themselves trying to justify their actions knows that marketing success depends on being able to prove the value of marketing efforts.
One of the most important pieces of data any marketer needs is the ROI of their marketing efforts. The key to a smooth marketing process depends on measuring the return on spend for all marketing. According to Hubspot, “72% of organizations that calculate ROI say their marketing strategy is effective.” Accurate ROI measurement is directly tied to the success of marketing in three important ways.
Creating an accurate forecast is the best prevention against loss in marketing. In order to predict marketing outcomes and establish realistic expectations, a marketing team must know the value of their content. Once they have an accurate data set, they can begin to project outcomes and prove results to management. This will help to manage expectations and also bring non-marketing peers up-to-speed on tech developments and new strategies. It opens a larger conversation within the company and helps everyone understand exactly what marketing does, what they need, and how long results will typically take.
This is also how great marketers secure the budgets they truly need to get their strategies off the ground. The more structured and tracked their campaigns are, the more data they have to show results--giving them more control over what they spend, along with the ability to ask for what they need when they need it.
Optimization of Campaigns
Like everything in marketing, measuring success is cyclical. If a marketing team can track a campaign strategy accurately, they can consistently optimize aspects of the campaign to increase results. This data then gives them the ability to optimize and automate more aspects of their marketing efforts, giving them better results that help prove their success.
In other words, measuring ROI isn’t just about proving the value of your marketing efforts, but ROI can also become a tool for teams to use internally in order to benchmark and optimize strategies. The more measurement that happens, the higher the rate of success tends to be.
All employees want to impress their management. There’s no better way to guarantee happy leadership than to employ efficient means of measuring ROI. Many marketers shy away from measuring their value from fear that it won’t be positive or impressive. The reality is that most marketers don’t have great results when they start measuring, and that’s a good thing. It means the only way forward is up, and the measurement being implemented will help ensure success along the way.
All leadership wants to make more money, but they also want to know why things are happening the way they are on a day-to-day basis, and where improvements can be made. A good manager will appreciate the measurement more than the numbers at the outset, and commend the efforts taken to provide better internal data on marketing.
Proving your ROI can be a daunting task. If you’re ready to prove yourself, visit mobius.bi today.