Adding Campaign Influence to Your List of Critical Marketing KPIs
- AUTHOR Josh Rosenberg
- March 13, 2013
- No Comments
Recently, I came across an article on Impact Branding and Design‘s website called The 10 Marketing KPI’s You Should Be Tracking, discussing which KPIs (Key Performance Indicators) marketing departments need to track. There are some great metrics in there like Cost per Lead, Lead to Customer ratio, Traffic to Lead ratio, and more. The one that caught my eye though was Inbound Marketing ROI. This got me thinking about more then just inbound marketing – what about outbound marketing, events, social media, search engine marketing, or every other type of marketing program? Then what about ROI for sales campaigns (inside sales calls or emails, telesales, etc.)?
All of these efforts need to be measured and accounted for, but doing this properly is much easier said then done. So how do you determine accurate campaign ROI? To put it simply in today’s multi-touch sales and marketing world you have to use campaign influence to determine which campaigns actually played a role in closing deals.
Marketing and sales ecosystems are getting more and more complex as companies invest in CRM solutions, Marketing Automation (MA) solutions, and solutions to augment the services that CRM and MA offer. All these technologies provide the ability to generate an incredibly large amount of data, but all too often we are unable to successfully find the answers to the KPIs you need, especially ROI, to determine what is working and what needs to be fixed. Most of these solutions don’t provide the ability to attribute revenue generated from individual opportunities to multiple campaigns, which is critical because it is very rare to find closed deals that were only touched once.
If you are unable to see everything that influenced a closed deal or helped turn a lead into an opportunity how can you possibly hope to get the most out of your marketing budgets and create programs that will continue to impact revenue in the future?
If you are interested check out our blog post on Measuring Campaign ROI to read more about this.