As Professional Advantage’s Marketing Manager, I am always on the lookout for ways to boost the return on investment from our marketing campaigns. It’s a requirement of the job that’s common to all marketing executives, but it’s a task that traditionally is not easily achieved.
The renowned US management guru, Peter Drucker once said, “If you can’t measure it you can’t manage it”, and that is certainly true in the world of marketing. Just how do you know whether you’re making the most of your marketing dollars? How do you determine what’s working, what’s not and where your (no-doubt) limited resources should be allocated?
With virtually every campaign we’ve executed, our goal has been to uncover new business opportunities and convert those opportunities into new client relationships. Once a campaign was over, we’d undertake a post-campaign analysis drawing on whatever useful resources were at hand. Typically what we’d do is extract data from our customer relationship management system (CRM) and from spreadsheets and other data sources. While this process, laborious and time-consuming though it was, could provide a helpful snapshot of how a campaign performed, it was inherently limited in what it could tell us. What we needed was a more comprehensive, sophisticated process that would enable us to better evaluate, and enable performance improvements from, our marketing programs. At a time when marketing professionals across the board are under increasing pressure to account for every marketing dollar spent, our challenge was common to many.
So what’s the answer? Fortunately, today there is a range of sophisticated tools available to give marketing executives what they need. While the data you extract from your CRM system and content management system can go a long way to providing the insights you need, the overlay of a powerful analytics tool can take your campaign analyses to a completely new level.
Let’s say you’re planning a lead generation event such as a seminar, to be promoted through email, Google Adwords, direct mail, LinkedIn and your company’s website. Using an analytics platform such as Google Analytics, you’ll be able to determine which channels that you use to attract registrations are working best for you and which are falling short. By presenting you with a statistical dashboard showing, for example, where your registrants were sourced from and which versions of your email invitations and online advertisements produced the highest response rates, your ability to fine-tune your ongoing marketing strategy will be greatly improved.
One of the keys to a successful turnout for your event will of course be the quality of your customer/prospect database. If 25% of your direct mail pieces are going to people who have left their organisation since they were last contacted, that’s a lot of money and opportunities wasted unnecessarily. While constantly refreshing the contact database is a necessary chore, it is made easier and more efficient when an analytics tool is used. Analytics will allow you to gain a snapshot of your interactions with contacts, showing when they were last touched by your company.
A marketing analytics platform will also reveal what job roles are most responsive, what size and type of organisations are most likely to be represented at your event, and whether you’re timing your emails, phone calls and advertisements in a way that is most likely to attract the desired responses.
The list of benefits that be gained from analytics technology goes on and on. Ultimately it’s all about improving decision-making and getting the biggest bang from your buck every time you run a marketing campaign. Armed with a combination of a well-tuned CRM system and a marketing analytics platform, KPIs will be more easily met, upper management will be able to more easily identify the link between expenditure and results, and both short- and long-term business objectives will be more easily achieved.
[cd-form type=”contact-2columns” title=”Need an answer?” action=”http://analytics.clickdimensions.com/forms/h/aQFTAdPgQOEOW6iXUblDtg” button=”Make an enquiry” thankyou=”Thank you for your enquiry. We’ll be in touch shortly.”]