3 Signs You Are Not Ready to Calculate the ROI of Your Marketing Efforts
Can you tell me what channel performs the best for quality of lead? How about quantity of leads? Do you know the cost to acquire a customer overall? Can you tell me what I will get in return if I added a couple of 0's to your marketing budget?
Many marketers simply don't know. I'm not here to insult any of you because I was there too. And I'm still learning every day. So let's look at these 3 signs so we can get you started on a very good path to being a marketing metrics wiz!
1. You are not tracking the original source of leads
How are your leads coming into your system? And when they do, what is the process for stamping the source? Are you ensuring the source is not able to be overridden so that you preserve the original source regardless of how many other interactions the lead may have?
2. You are not tracking the cost per program
You may have a budget sheet somewhere where you record the amount you are spending on programs and campaigns. But how are you connecting these cost line items with the results themselves? You need to track the cost per program in relation to what the program produced.
3. You don't know how much pipeline or what opportunities are attributed to your programs
Leads are coming in from many sources, your programs are generating leads and/or accelerating leads through the prospect life-cycle but what happens when they get to sales and turn into opportunities and ultimately customers? A key piece of calculating return is to be able to know the revenue impact.
TIP: Wherever you are with your ROI efforts, there is always an opportunity to improve. Start with the source and ensure you are capturing that before you do anything else.