As a marketer, your results are directly dependent on strategy and budget. But—to gain buy-in from executives and decision makers, you must be able to confidently demonstrate your ability to contribute to the company’s bottom line.
Enter ROI. Measuring marketing ROI is no longer optional—and while most marketers understand this, it’s a lot easier said than done. In fact, 50% of B2B marketing executives find it difficult to attribute marketing activity directly to revenue results as a means to justify budgets (source).
Continue reading to learn how to identify and fix ROI tracking problems so you can better prove that your marketing efforts are paying off.
5 Signs You’re Not Tracking Marketing ROI Effectively:
1. You let marketing trends dictate your strategy. Do you often follow popular marketing trends without much thought about how they stack up to other campaigns and tactics? It’s time to jump off the bandwagon—at least until you have a firm understanding of how much these activities cost and what you expect to gain from them.
Tip: Do your research.Before investing resources in a specific strategy or tool, determine how much you’re going to spend, what you expect to get in return, and how it compares to other channels you’re currently using.
2. You can’t make sense of your marketing reports—or even worse, you don’t have marketing reports. Do you find yourself struggling to interpret your marketing results? Do you have a hard time making connections between metrics or even guessing what certain numbers mean? This could potentially indicate an ROI problem.
Tip: Invest in analytics tools. You need to find direct connections between campaigns and sales. Lead conversion software can help provide valuable insight into where your leads are coming from and which marketing activities are returning the most revenue.
3. You aren’t sure where your leads are coming from. As long as leads are coming in, it doesn’t matter where they’re coming from, right? Wrong.
It’s easy to lose track of lead sources—but, when you don’t know where your leads are coming from how can you judge which marketing activities are the most effective?
Tip: In addition to using a lead conversion tool, you should also analyze incoming form submissions, call logs, and emails. Carefully note the dates and times that certain campaigns deployed and try to match them to surges in phone calls and emails. Increased inquiries can indicate a campaign’s success.
4. You aren’t sure where your customers are coming from. It’s one thing to know where your leads are coming from, but you also need to know which sources are driving paying customers. One campaign could generate thousands of leads but not a single sale.If you’re not tracking ROI correctly, you may miss it and continue to pour money into an ineffective strategy.
Tip: Ask customers how they first heard about your company. While this may seem old fashioned, it’s a good way to get a general feel for how your marketing efforts are paying off. Combine customer feedback with analytics to gain a clear understanding of which initiatives were successful and how to scale that success going forward.
5. Your team is using different methods to track ROI. If your marketing department is already tracking ROI, make sure the individuals on your team are using the same methods and calculations to do so. If not, you may be in trouble.
If ROI is calculated differently each time, comparing metrics will give you very little insight into the effectiveness of your campaigns.
Tip: Establish how you want to track ROI and stick with it. Hold regular meetings and distribute reports to keep everyone in the department on the same page.
It’s easy to get overwhelmed by day-to-day activities and neglect the numbers, but doing so will only make your job more difficult. Don’t let this be you! For more information about developing a b2b marketing strategy check out the ZoomInfo blog or contact us today.