Campaign measurement options change all the time, and the right tools can mean the difference in a campaign’s success. How can businesses set up for a profitable 2020? We asked a digital expert to weigh in with her top three tips to prep for the new year.
Use funnel and attribution metrics to understand how your marketing and sales teams are working together.
“It’s critical to gain visibility into the completed sales and marketing funnel and to understand how leads are nourished and the rate at which they progress through stages of the buyer journey. Funnel metrics include volume (number of leads in every funnel stage), velocity (days spent in each stage) and conversion rates (percentage of leads that move from one stage to the next). Attribution metrics link pipeline and revenue with specific campaigns and actions. Marketers need transparency into both sets of metrics to plan effectively and identify breakdowns, like marketing-to-sales handoff issues,” said Bonnie Crater, CEO, Full Circle Insights.
Leverage results from this year to predict results for next year.
“Current year performance provides crucial insights into future results. By analyzing funnel metrics and attribution data from this year, marketers can identify which campaigns are performing well in terms of revenue in which segments and verticals and make decisions accordingly. With pipeline analysis and visibility into how campaigns contributed to deals, marketers can use the insights gained from the previous year’s performance to forecast 2020 results. Predicting results for the next year also provides an opportunity to improve campaign mix allocations which can significantly improve the return on marketing investment (ROMI),” said Crater.
Ask your marketing and sales teams to study their current year results and propose new growth initiatives.
“In addition to their value as a predictive asset, current year results can be a rich source of inspiration. When marketing measures everything and presents current results in the context of CRM data, the marketing and sales teams are reviewing the same information and they can meet and discuss new initiatives. Clear, accurate insights into performance results also make it possible to shift investment into known winning programs to drive quantifiable growth. Full funnel transparency allows the teams to map out the desired volume, velocity and conversion rates to achieve 2020 objectives and create achievable targets informed by current year performance,” said Crater.