Measuring Marketing Success: Performance Metrics and Reporting
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The document discusses measuring marketing success and key performance indicators (KPIs). It recommends establishing SMART goals aligned to business objectives and measuring KPIs for different marketing activities. Examples are provided for setting lead generation targets based on revenue goals and calculating return on investment (ROI) for marketing campaigns. The importance of regular performance tracking and using the right reporting tools is also highlighted.
Measuring Marketing Success: Performance Metrics and Reporting
- 1. Elise McFarlane, Global Marketing Manager marketing@printfleet.com November 13, 2018 Performance Metrics and Reporting Measuring Marketing Success
- 2. PRINTFLEET Device Management Learn moreabout MPS Visit our blog, PrintFleet Talks • #1 global brand in device monitoring category – collecting data on over 14M devices • Collaborative R&D relationships with all manufacturers • Extensive industry experience working with the largest OEMs, Distributors and Dealers • Trusted by more than 6,000 Dealers MEASURING MARKETING SUCCESS
- 3. PRINTFLEET SMART Goals MEASURING MARKETING SUCCESS S M A R T Specific What do you want to achieve? Why is it important? Who is involved? Relevant Is your goal important for your company? Does it address a core business objective? Attainable Is your goal realistic? Can your team achieve it? Measurable What are the criteria for measuring progress and reaching your goal? Time-bound In what timeframe would you like to achieve your goal?
- 4. PRINTFLEET Anatomy of a SMART Goal MEASURING MARKETING SUCCESS Within the first eight weeks after launching our new product, we will sign 50 new customers. Clear time frame for the goal Metric you can measure Related to business objective Achievable for the business Detailed and specific information
- 5. PRINTFLEET Key Performance Indicators MEASURING MARKETING SUCCESS A measurable value that demonstrates how effectively a company is achieving a key business (or marketing) objective. Source: Klipfolio
- 6. PRINTFLEET Aligning Your Goals MEASURING MARKETING SUCCESS KPIs Metrics to measure for each marketing activity within a campaign SMART goal The overall goal(s) for your campaign Business objective A key strategic goal for the business
- 7. PRINTFLEET Goals and KPIs MEASURING MARKETING SUCCESS Email • Delivery rate (%) • Email opens • Link or CTA clicks • Click rate (%) • Unsubscribes Our onboarding email workflow will reduce the number of tier 1 support requests by 15% in the next six months.
- 8. PRINTFLEET Goals and KPIs MEASURING MARKETING SUCCESS Social Media (Paid and Organic) • Profile visits • Post impressions • Post engagement • Mentions • Number of followers • Cost of acquisition Our 20% off social campaign will run from July to September and generate $12,000 in revenue.
- 9. PRINTFLEET Goals and KPIs MEASURING MARKETING SUCCESS Blogs and Websites • Unique visitors • Unique sessions • Blog views • Blog subscribers • Click-through rates • Time spent on page • Bounce rate Our managed print services blog series will generate 30 organic leads between January and March.
- 10. PRINTFLEET Reporting MEASURING MARKETING SUCCESS Weekly Monthly Quarterly Annually Lead generation Social engagement Website performance Blog performance Advertising spend (PPC and social) Campaign check ins and adjustments Website performance Blog performance Overall campaign performance Strategic marketing goals
- 11. PRINTFLEET Setting Lead Generation Targets MEASURING MARKETING SUCCESS 1. Determine your revenue goals for the next fiscal year • Review forecasts and revenue projections for the last year – how close where you to your actual? How much would you like to grow in the coming year? • Determine the sales and marketing budget required to achieve this goal 2. Calculate the number of customers required • Determine your average deal size - how many opportunities do you need to win to hit your sales goal based on the average deal size? 3. Understand your win/loss ratio • Using past sales, find out how many leads you need to achieve the number of customers required • If you don’t have a win/loss ratio or can’t determine it, use an average win ratio (e.g. 1 in 5)
- 12. PRINTFLEET Example MEASURING MARKETING SUCCESS Goal Value Comments Revenue goal $250,000 Based on forecasts and financial projections Average deal size $50,000 Based on pricing strategy Customers required 5 Revenue goal/average deal size Win/loss rate 1 in 5 Try to base your win rate on historical data Leads required 25 Number of customers multiplied by 5
- 13. PRINTFLEET Calculating Your ROI MEASURING MARKETING SUCCESS (Gain from Investment – Cost of Investment) Total Cost of the Investment
- 14. PRINTFLEET Example MEASURING MARKETING SUCCESS ($2,000 Revenue from Campaign – $800 Spent on PPC Campaign) $800 Spent on PPC Campaign 1.5 The revenue generated from closed- won opportunities that can be attributed to the campaign The actual spend for the campaign you are trying to measure the return on
- 15. PRINTFLEET Regular Performance Tracking MEASURING MARKETING SUCCESS How can you incorporate tracking into your day-to-day marketing activities? • Weekly reports for your manager or Sales team • Quarterly business reviews with leadership team • Quarterly marketing reviews with the Marketing team • Campaign postmortems to review the overall performance of a campaign after it is finished • Book time in your calendar to focus on reports so you don’t forget • Always, always, always use UTM tracking codes Resource Google Campaign URL Builder
- 16. PRINTFLEET Reporting Tools MEASURING MARKETING SUCCESS • Native social analytics platforms • Analytics and reporting in your marketing tools (e.g. HubSpot) • Keyword ranking tools • Google Analytics (free) or GA360 (paid) • Excel spreadsheets KPIs • Workflow tools with kanaban boards (e.g. Trello) • Task and project management tools (e.g. Asana) • Time tracking tools (e.g. Toggl) • Messaging applications Productivity
- 17. PRINTFLEET • Measuring MPS Success Learn how to organize your sales and marketing efforts, and develop realistic goals for your business. Get worksheets for SMART goals, ROI calculators and more. Download the eBook here. • Digital Marketing Blog Series • Is email marketing dead? • Using Lead Forms for Targeted Content • SEO for Beginners • Social Media 101 • Creating Your Buyer Personas • Strategic Planning: Your Mission, Vision & Values Resources MEASURING MARKETING SUCCESS
- 18. PRINTFLEET Contact Visit www.printfleet.com or call us at 1.866.382.8320 Let’s have a conversation! Contact us today to learn more about PrintFleet. Get Connected Follow us on social to stay up-to- date with PrintFleet. MEASURING MARKETING SUCCESS
- 19. Thank You