To justify your marketing budget you need to establish forecasts based on past performance, measure the actual outcomes and match them back against the forecast. Then when you present your budget, you can provide facts based on previous forecasts and actual results. This will give you credibility in your marketing investment requests.
This will give you credibility in your marketing investment requests.
How do we measure those outcomes?
In this example, we have developed a campaign forecast based on past data. With this past data we can start to determine if the campaign will generate a return on marketing investment (ROMI). If the forecast does not achieve the desired ROMI, you have the opportunity to refine the campaign or scrap it. So straight from the get-go, you are determining the value of each campaign.
Today 60-70% of the customer education process is undertaken online by the buyer before anyone even talks to a sales person. So we are going to start this multi-channel campaign with a blog article. Because we have set the blog page up as a landing page, we can track the visits by the reference type, such as search engine, social, email, or direct traffic. From this information we can get an indication if our blog site is enticing people to the page. If not we can refine the blog subject or content or push some ads to get the blog noticed. We are measuring the blogs effectiveness to generate attention.
From the blog site, we can have a couple of calls to action. One could be to download a white paper while the other could be to view a YouTube video. With these calls to action we can request some information such as first name, last name and email address. Once this information is provided, we can start a nurture process in Dynamics CRM and send the prospect an email with a link to both the white paper and the YouTube video. Now we know who the person is and we can match back any previous anonymous visits to our tracking pages. This is like Google Analytics but instead of capturing the total numbers we are capturing the information against the individual.
We can also track if the call to action is effective or needs to be refined. Based on the prospect’s interactions with our digital information, we can generate a lead score in Dynamics CRM. If this lead score has reached a suitable level, we can then assign the lead to a field salesperson to qualify. The salesperson can then take the prospect through the sales process and ultimately win the opportunity.
Now you have actual revenue recorded against your campaign in Dynamics CRM, so you can start to determine the actual ROMI and see how you have performed against the forecast.
Have you achieved your ROMI? Have you improved your forecasting?
Have you built credibility with other members of the management team so next time you are looking for investment in marketing you have a case?
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