Thursday, October 30, 2014

7 Marketing Reporting Metrics That Really Matter

Marketing data reporting is one of the newest and most effective areas in the field of marketing. Through analytics, massive amounts of information can be gathered. It can be specific to any aspect of a channel, such as location, time of day, device, clicks, and keywords. That data can then be pulled into a variety of reports to indicate the health of the overall marketing campaign, or a specific channel. It is made even more efficient by using organizational tools, such as software for a marketing dashboard, that allows easy and regular views of all results. While the reporting can be robust and answer a number of questions, there are key metrics that have a bigger impact on the company, and should be monitored more closely. Learn a few of those options, so they can be implemented today.1. Cost per leadThe way to find the cost it took to get each lead in a determined period is a fairly simple method for marketing data reporting. First, determine the total expenses it took to bring in all leads, through all advertisements, salaries (including commissions and bonuses), overhead, and marketing costs of a particular time period. Then, divide that number by how many new clients were gotten in that time period. The cost per lead lets the company know how much they've invested in each new lead for the year.2. Total conversionsTypically, the term refers to the number of leads that entered the company as a new customer that made a purchase. However, it can also be narrowed to reflect the success of a specified campaign, such as one targeted at increasing the mailing list, or to increase usage of a social media site. Marketing data reporting can be used to track a variety of project sizes. Tracking total conversions is important to know the success of the campaigns.3. Conversions attributed to marketingThe ability to provide quantifiable results for the efforts of a marketing department are essential to any business owner or Marketing Director. The number of marketing conversions is typically an accurate indicator of how effective marketing methods are.

4. Customer retentionCustomer retention is important because it means a high return on investment for the company. Marketing data reporting proves that the initial time spent to attract the client and acquire their business is paid down and earned over again through repeat business that requires minimal effort from the marketing team.5. The value of each customerIt is necessary to determine how many and what kinds of customers to target. A customer's value is the estimated sum of all the revenue they will generate over the course of your relationship. It is good to have an understanding of your average, top, and low, customer. With that information, the marketing and sales team have a better understanding of how to structure their efforts when working for a conversion.6. Total visits to a websiteAn effective and healthy website should be the biggest focus of any business. Too much of today's business is gotten or lost due to a website. A smart, easy to navigate, and pleasing design can mean a lot of time and money, but the likely return on that investment is high. Website optimization, integration of key search words, and formatting for mobile-friendly use all lead to increased sales through the website.7. Project ROIEvery single activity by the marketing department has a cost and a return. The goal is to track those numbers through marketing data reporting, so that attention can be put on those things with a high return and less time spent on the sometime necessary tasks that have a low return. With metrics built into each project, the ROI can not only be tracked, but with real time reporting, immediate changes can often be made to increase the effectiveness and decrease the cost.

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