When you’re completely obsessed with something, it can be difficult to appreciate that not everyone feels the same way. I, for example, am currently obsessed with RuPaul’s Drag Race – but that does not mean my friends, who have never even heard of it, want a complete blow-by-blow account of what happens every episode, and if I want to be invited back to Sunday brunch, then I need to learn how to edit myself.
The same goes for your marketing dashboard. You might be ecstatic that your last post managed to get hundreds of likes, but that in and of itself might not mean much to the rest of the executive board. What they really want to know is, what do those likes mean in terms of money in the bank? In other words, what is the true value of your marketing efforts?
But when there’s so much information on your dashboard, and all of it seems important, how do you choose what to report?
To help make sure you report on what counts, here are 5 marketing reporting best practices. Learn it, live it, love it.
1. Know your audience
A report that is just for you and your team is going to cover a lot more nuances than a report that you are going to present to your executive team. The first marketing reporting question to ask yourself, therefore, is, “Who is this report for?”
If it’s for your own purposes, you’ll want to delve deeply into every tool you’re using at least weekly, if not daily, to assess their effectiveness and be able to inform your future decisions. You might want to know, for example, how many times your blog post was shared on Twitter, or what your email open rates were like (though the metrics that are considered important will differ from business to business).
This type of information, however, will be too granular for executives, who really just want to see the big picture.
This leads me to my next point:
2. Work backwards
When assembling your report, it can be helpful to start with your company’s objectives and work backwards from there to ensure you’re covering all the key metrics that really show the value you’re contributing to the organisation in your report.
How many new customers are required to meet the monthly revenue target? In order to reach that number of conversions, how many marketing-qualified leads (MQLs) need to be generated? And so on …
In this way, you can work through all the stages of the buyer journey – awareness, consideration and conversion – and zero in on those metrics that really help you to show how customers are moving through the journey. For example, a key metric that demonstrates awareness would be your monthly website traffic, which can be further broken down by source to show you which of your marketing channels are the most effective.
It’s a good idea to narrow it down to your really crucial key performance indicators (KPIs) – five to ten is ideal – and focus on these, so that you can really tell a story and show how well you’re progressing from month to month.
3. Set SMART goals
So you’ve decided which KPIs you’re going to use to measure your success, and that’s fantastic – but the work doesn’t end there. Once you’ve got your data, the next step is to create SMART (Specific, Measurable, Attainable, Relevant, Timely) goals based on that data. What’s working, and how can you build on that success? What isn’t working, and how can you tweak your strategy to improve your results?
For example, if your paid search strategy isn’t quite generating the web traffic you’re looking for, a goal might be to direct your budget from low-performing keywords to high-performing keywords to get more visibility.
These SMART goals should then be addressed in the following report – were they achieved or not? This helps you track your progress and maintain focus on your strategy.
4. Keep a relentless focus on ROI
According to HubSpot’s 2017 State of Inbound report, 39% of marketers said their top priority for the next 12 months was proving the return-on-investment (ROI) of their marketing activities.
Nothing proves the value of your activities quite so much as a dollar amount, particularly when it comes to those who are not so familiar with the ins and outs of marketing. A good rule of thumb is: for every $1 spent on marketing activity, there should be a return of at least $4 in the first year following your activity - however, don’t just set this in isolation. Check your operating margins with your C-Suite to find out what their requirements are, and make sure you also model out the lifetime value of a customer to see that number increase in subsequent years.
Not only does ROI prove marketing’s value to the organisation, it also serves as another metric to help you refine your strategy. For example, are you spending an inordinate amount of time on social media, only to find those efforts are not generating high-quality leads? In that case, you may want to redirect your efforts to those channels where you get the most bang for your buck.
5. Rinse and repeat!
When you’re caught up with campaigns, content creation and the myriad of other things that takes up a marketer’s time, it can be easy to let reporting fall by the wayside. It’s crucial, however, that you continue to generate reports on a regular basis, so that you can keep kicking your marketing goals.
This means making sure a formal reporting process is just part and parcel of your everyday workflow. We recommend generating reports at least monthly for your higher ups, and at least weekly for yourself and your team (though there are certain metrics you probably want to monitor daily).
These marketing reporting best practices help to make marketing accountable, and really prove that they are creating value for the company and that they deserve their seat at the table – and once you can prove that, who knows, you may even find your marketing budget gets a bump!
Finally, regular reporting makes annual marketing reporting a snap. And you know what would make it even easier? Our awesome Annual marketing reporting template and guide, which shows you exactly what you need to include, and gives detailed examples that save you time and stress when the time comes.
What are you waiting for? Download it now!
Brand chemistry is a strategic inbound marketing agency that goes the extra mile to deliver results for our b2b clients. Our inbound marketing specialists are HubSpot certified and use the latest techniques to provide our clients with a steady stream of relevant new leads.