Marketing metrics, in simple words, are a quantifiable way to track performance. Marketing metrics and analytics help you make well-informed decisions to boost sales.
However, credibility remains a big factor that determines the number of sales. How do these analytics build it? Let’s find out!
What is Credible Marketing?
The team outside the marketing and creative department grasp the understanding that marketing is there to either support sales, or it is a creative department that manages events, makes some hashtags go viral and gives the design ideas.
In one way or the other, marketing deserves to be appreciated and admired.
How to Gain Credibility?
Marketers have to prevail on the Return on Investment (ROI) metrics in order to gain respect and reward at the revenue table. It is common knowledge that BODs and CFOs are not fond of the click through rates or impressions on your latest media campaign or views on the previous video.
In today’s world, CFOs and BODs only care about the development of growth and revenue.
- How swiftly are we growing this quarter?
- How much money and growth are we making this quarter?
- How much revenue generation is speculated for the next year?
Measure Performance with Marketing Metrics and Analytics
Marketing metrics measure the effectiveness of your campaign on the target audience.
Measuring metrics like awareness, engagement, search results have scope but if they are not quantifying the conversions, growth and cost per acquisition then they are not good enough.
However, communicating in the same quantifiable language as the BODs and CFOs, we as marketers express the value and influence of marketing in a more effective way.
In order to build credibility with the CFOs, a marketer can make some sense through cutting down some programs. Like de-funding such programs that are either not giving expected results or are not in line with the organisation’s goals.
Knowing What You Want
The goals serve as the compass which can impact the budget, audience, tactics, tools and resources in a company.The marketers start off by recognising the goals and strategic content to hit the right audience at the right time.
Marketing credibility is Restricted
Identifying the quantifiable parts of your marketing campaigns is a necessity. If you are unable to unveil the goals that are in line with substantial ROI, marketing’s credibility will be restricted within your organisation. The company can make the right strategic decisions on the basis of key metrics research of marketers.
Sales and Marketing Go Hand in Hand
In order to forecast future revenue and results, Sales and Marketing sit together to discuss the strategic investment decisions. It takes time and effort to gain new leads and nurture those leads to put them through the sales funnel. With this type of meticulous and diligent tactics marketers are able to uphold their financial results which can win them credibility.
According to Forbes Marketing Accountability report:
“Marketers who invest in measuring and managing performance create more value, achieving 5% better returns on marketing investments and over 7% higher levels of growth performance.”
Planning for Marketing ROI in 3 steps:
Developing Objectives, Strategies and Tactics to Plan ROI Scenarios
Your first step is to develop objectives that can give quantifiable results. Often, marketers plan different projects and assign budgets to them without defining the goals and influence they anticipate the projects to have. The remedy is way too simple, that is to allocate objectives, goals and KPIs for every marketing campaign.
Outline Strategic Programs to be Measurable
A critical part of planning the marketing programs is to follow the metrics which include target audience, content, channels, budget and click through rates. Marketing performance can be measured by these metrics and marketing automation software.
Knuckling Down the Investment Decisions to Boost ROI
The analytics will give you the clear picture of which channels and strategies work the best for fulfilling the highest marketing turn over, so you will be able to implement all your resources into the right direction. In this way, you will surely work out how to reach your goals and objectives keeping in mind the numeric data.
Utilising marketing metrics and analytics is a good way to improve the credibility of your brand. If used right, your business is destined to reach the skies. It is not a question of if, but a matter of when!