I don’t want to hear about impressions or shares or likes. I’m wondering about the stuff the stockholders care about. I’m wondering about sales. Did your marketing efforts deliver qualified leads? Was the sales department then able to take those leads and turn them into new business or increased spending?
This is an important step to take before you start working on that next marketing plan. You need to know what worked and what didn’t. If you don’t already have a system for tracking all of that, here are some things you should be tracking. Tracking is critical. If you don’t know where you are and where you want to go, how are you going to get there?
Unique Website Visitors – this is a leading indicator, something that can tell you people are curious about your company.
Marketing Qualified Leads – these are leads that Marketing has determined might be a good fit for the business.
Sales Qualified Leads – these are leads that started as Marketing Qualified Leads and then moved further down the funnel, showing some intent to purchase. These people fit the profile of your best customers and are showing some buying signals.
Marketing Event Attendance – when you hold an event to get more engaged with specific prospects, keep track of who says they’re coming, who actually attends, and then survey them on the way out.
Requests for Proposal – who is taking a sales call and then interested enough to have a proposal and understand pricing?
Cost per Sales Qualified Lead – your marketing dollars are in buckets, and it’s a good idea to connect specific activities to the leads they generate so you can know what buckets to fund in 2016.
Sales Follow-up on Leads – sometimes a sales force gets a perfectly good lead and for whatever reason decides not to act on it. Yes, this really happens. How you handle it depends a lot on how your company is structured. It may mean that Sales and Marketing need to work more closely together. It may not be your issue to fix, but you won’t even know it’s a problem if you don’t track it.
Customer Value – once you have a customer, you still need to track the worth of the customer compared to what you’re putting into the relationship. Typically this will tell you if the customer is a good fit for your product.
Customer Retention – what percentage of customers are sticking around? If you have a lot of churn, and your product is something that people should keep buying, something’s wrong and you need to investigate.
Customer Happiness – you may be familiar with the Net Promoter Score. The whole surveying process is outlined in a book called “The Ultimate Question” by Fred Reichheld. This helps you determine who in your customer base is an advocate and who is a detractor. These scores can be tracked against the salesperson and the marketing initiative that brought these people in.
Closing Rate – this can be figured against a specific marketing effort and by salesperson as well.
Return on Investment (ROI) – this is the one I like. Sometimes it’s not easy to figure, but when it is, life is so much easier for a marketer. You simply take what a specific marketing initiative cost and then track the sales value against it. Just last week we were working with a new client who was somewhat of our Experience Exchange Panel strategy and the impact it could have on their business. After the first round, the project delivered a 3X ROI. Additionally, it helped them get in front of an audience of influencers they weren’t able to reach before. They’re ready to talk about round two.
This article has a lot of the information I’ve reviewed on setting up measurement for marketing initiatives.