Spend more on digital ads? Spend less on SEO? Do another webinar? Add a tradeshow in Q3?
Doing any of these tactics could be a good decision. Unfortunately, any of them could also be a bad decision. The only way to know for sure is to use data to help you make the decision, and the only way to do that, is to have that data in hand.
A great tool for having data in hand is a Marketing Results Dashboard.
If you are like many mid-market companies, you may be starting from a place with very little marketing data. It may seem daunting at first, but the key is to just start. Your Marketing Results Dashboard won’t be anywhere near perfect or complete at the outset, but as you gather more data and gain insights, you can make adjustments that make your dashboard a powerful decision-making tool.
Some things to think about:
- Start by identifying data sources. What data is available today? How can you access it? You probably have access to more data than you think. This will likely include data from your website analytics, social media platforms, email marketing software, and CRM systems.
- Next, start pulling the data together. At first, you may need to do this manually.
- When the timing is right, begin setting up automated data tracking and reporting tools. Implement tracking codes, tags, or scripts to collect data from various sources and ensure data accuracy and consistency.
- Draft an ideal dashboard. Decide on the format and structure of your marketing reports. Consider the audience you need to present the reports to and tailor the presentation accordingly.
- Determine reporting frequency. Think about a frequency that is doable and makes sense based on your marketing activities. Monthly is a good place to start.
- Collect, analyze, and interpret whatever data you have. Look for trends, patterns, and correlations that can provide insights into the effectiveness of your marketing efforts.
While you will likely start with a more tactical approach to reporting and data analytics, once you have a foundation set, move on to a holistic view of measuring the impact of your marketing system.
Remember, the five things to consider when measuring the impact of your marketing system:
- Start with a funnel view – from awareness, to interest, to commitment, to relationship
- Know your goals – overall and for each stage of the funnel
- Build your strategies & tactics aligned to your funnel goals
- Measure the appropriate KPIs at each level of the funnel – including both sales & marketing KPIs
- Review those measures over time and adjust tactics as needed
For more information on topics mentioned above, here are additional resources:
If you found this insightful, be sure to read our other Easiest Marketing Wins and our 5 Marketing Pitfalls:
- Easiest Marketing Win #1: Be Very Clear on Who You Want to Serve
- Easiest Marketing Win #2: Conduct a Source of Business Analysis BEFORE Creating Your Marketing Plan
- Easiest Marketing Win #3: Stay in Touch with Current Customers
- Easiest Marketing Win #4: ONLY Share Relevant, Helpful, and Interesting Content
- Marketing Pitfall #1: Not Being Clear on Business Goals
- Marketing Pitfall #2: Not Having a Clear Brand Strategy
- Marketing Pitfall #3: Not Tracking Metrics or Tracking the Wrong Ones
- Marketing Pitfall #4: Doing a little bit of everything and expecting it to work
- Marketing Pitfall #5: Expecting A Lot with Little Support