3 ways to measure marketing success
Even though measuring marketing success is essential to establish operational discipline, assess campaign effectiveness, and validate the achieved business outcomes, according to Forrester, less than a third of marketers can meet all the standards of a mature marketing measurement practice.
In a recent WoolfHodson LinkedIn poll, we asked marketing leaders about ways of measuring their success, and here are the three top criteria they focus on:
1. Revenue contribution
Our poll showed that for most respondents (47 percent) success is measured based on revenue contribution. Whilst revenue contribution is the most impactful success factor, tracking marketing contributions is not always as straightforward as it seems. Coupled with the data problem most organisations have and without the right technology, people and processes in place, it can be challenging to see the overall impact on revenue.
To drive the growth agenda and to evidence marketing contributions, dashboards can provide transparency and relevant data throughout the customer journey. Without them, it can be challenging to report on goals being achieved and communicated, or to make informed data-based decisions. The challenge is to ensure the data, processes and assumptions driving the dashboard, connecting marketing activity to revenue, provide an accurate view.
2. Qualified leads
For 32 percent of respondents, qualified leads represent the measure they use to evaluate their marketing efforts. Marketing is integrally tied to sales, and the generation of marketing qualified leads requires an alignment between the two. Without alignment, there is a risk of lost opportunities and diminished trust if the leads generated are not meeting the criteria required to be moved to the next stage of the sales process.
LinkedIn’s research shows that 90 percent of sales and marketing professionals report misalignment in terms of strategy, process, culture, and content in their organisations, and they believe it harms the business and its customers. This misalignment is often caused by the disconnect between people, processes and technology and calls for a holistic approach to connect the dots.
3. Customer engagement
Customer engagement is seen as the key success criteria for 21 percent of our poll respondents. As effective customer engagement is reliant on getting the right content and offer to the right people at the right time, it requires a detailed mapping of the customer's journey – both for new prospects and existing customers.
As marketing gains a deeper understanding of data and how to leverage it to improve the customer journey, keeping customers engaged throughout their buying journey can also develop customer loyalty and collect valuable customer information. In return, those insights can then inform future marketing decisions such as retargeting, as well as sales processes.
Marketing can only be recognised as a driver of business growth if it can evidence performance and contribution - and that relies on knowing what is working and what isn't. By defining what reporting is required - at a KPI, analysis and operational level - our teams work together to ensure that the right data and insights are both captured and made accessible across all relevant functions and teams. If you would like to find out more about how we can enhance your marketing performance and improve business operations, why not contact the team today at information@woolfhodson.com.
