Archive | ROI RSS feed for this section

Plan to Measure What Matters

13 Apr

 

StockSnap_NN2EIQQYEA

The “measure what matters” phrase has been around for a long time, but as marketers we can put it into practice more today than in any decade or generation in the past. I have recently had the opportunity to help a prospective client navigate their options when being aggressively pursued to renew a yellow pages agreement. It is a classic example of an outdated marketing tactic, with pressure and confusion being pushed on a small business owner. It’s important to take full advantage of the many effective tactics that can be measured for results in our current era of digital marketing.

You likely have a website and are exposed to at least the basic analytics. Beyond that, you probably have the ability to dive deeper if you want and have access to advice or interpretation of the analytics. However, data doesn’t mean anything without specific goals and analysis – it is just a collection of numbers. If you want to improve the value of your digital marketing and understand how it is impacting sales, there are four specific metrics to track.

 

1. Traffic

Website traffic is critical to seeing measurable success. The problem is that many companies consider it the end goal. Traffic should be the precursor to the goal of the conversion, which depending on the type of business, conversion can mean a lead submission form, a tracked phone call, a white paper download, an email signup, or other identified desired action. If you desire X number of conversions to generate revenue, then you need Y number of website visitors to get there. The conversion rate of your website dictates the number of visitors you need. However, this isn’t a crapshoot. You have control over variables that drive traffic to your site through the various traffic sources.

If you globally have a 2.5% conversation rate, then you can quickly get to the number of website visitors you need to reach your goals or you can invest time and effort into improving your conversion rate (bonus if you can do both). You can see through basic web analytics what the number of visitors is by source and work to further optimize or advertise to push more visitors from each source category.

 2. Activity

Activity is what you’re doing to generate impressions, traffic, and conversions. This is the broadest category to track, but is important. To be able to calculate ROI, you need to measure the cost and resources invested in the activities that drive the other measureable aspects of your digital marketing. This is the time you put into SEO, PPC, social, content marketing, content creation, and other efforts that you invest in through time or through an outsourced vendor. Without measuring this cost, then you can’t fully understand what your true cost of goods sold is or what your cost per lead is.

3. Impressions

Getting less tangible, but still important to gain traffic to drive to conversions is impressions. This can broadly be classified as the number of people who see an ad, see an organic search result featuring your listing, receive an email from you, or otherwise are exposed to your brand. Impressions aren’t guaranteed to be seen by your audience, but is a measure of reach and intended exposure. By pushing to increase your reach and impression-share, you can see what campaign tactics and channels are most likely to drive traffic an ultimately, conversions. Not all traffic channels are created equal and you can quickly see what is driving quality traffic versus just wasting your time and budget dollars.

 4. Goal Conversions

This is the total number of specific conversion actions taken by users driven to your website. Like stated previously, depending on the type of business, this could be a lead submission form, a tracked phone call, a whitepaper download, an email signup, an ecommerce sale, or other identified desired action. These are tracked through several sources and can be tied to “goals” in Google Analytics that will allow for reporting by source. You can determine whether organic search, direct, referral, social, or traffic from specific campaigns drove the desired action. For ecommerce sites, you can also pass through sales revenue data so you can see in nearly real-time what you’re making from each traffic channel.

Beyond Google Analytics, you can get granular data from pay-per-click advertising campaigns through Google AdWords, Bing Ads, and other paid campaign sources to know what is working and what isn’t. If you don’t know this data, know that it’s “knowable” and work with trusted partners to get it set up for your site, advertising account, analytics platform, etc.

Before launching any campaign–and even during well-established campaigns–we recommend taking a step back quarterly to review metrics in these primary categories and shore up any areas where they are not fully known or detailed. If you can’t measure it, then it can’t matter.

 

Share via email

Our Take From Cleveland: #CMWorld Day Two

9 Sep

image

Corey and Kate spent two days at #CMWorld in Cleveland. This is the second of two posts sharing their quick takeaways from the event. If you haven’t seen the first, check it out

Our second and final day at #CMWorld. And, like day one, it was a whirlwind of fresh ideas, new friends and awesome swag. (No stress balls!)

Airborne to KC, we’re chatting about what stood out on our final day. Here’s what comes to mind.

First, a stat: For every $5 spent on content creation, marketers are spending just a buck on distribution.

Does that surprise you? It sure caught our eye. Seems like we should be investing more than four quarters to maximize ROI.

Day two gave Corey the opportunity to talk with Jeff Julian on the Enterprise Marketer podcast.

Jeff and Corey chatted about the efficiency of content being pushed through digital channels, rather than dictated by SEO. They also talked about Google updates and how the company continues to show it’s learning context, which is yielding better content as a whole.

We’ll be sure to share Corey’s interview once it’s live. So, stay tuned.

It’s easy to leave a conference like this brimming with new ideas but unsure where to start. Fortunately, Thursday’s opening panel gave some encouraging words on how to take your content strategy to the next level. Here’s a hint: start.

Stephanie Losee with Visa, fresh from Rio for the Olympics, said it just takes one piece of content to begin. Not a launch party. Not a seven-figure budget. Just one piece of content from one SME conversation.

In the same vein, Jenifer Walsh with GE reminded us that content strategy is a marathon, not a sprint. And, that it takes time to build content traction. So, take a deep breath. You don’t have to have a community of a thousand followers on day one.

Finally, Raj Munusamy with Schneider Electric, told us the mind digests visual content six times faster than text. Six times.

What we heard: Goodbye 10-page white papers. Helloooo visual content that wows! (Apparently we should be drawing you a picture, not writing this post.)

So there you have it. Our initial take on two days of all content all the time.

Would we go again? Absolutely. Would Corey remember Cleveland is hot and humid? No doubt. Would Kate pack less? For sure. (Okay, that’s a lie.)

Keep an eye out for future posts from us. In the coming weeks, we’ll share more in-depth learnings from the show.

Share via email

Measure Value, Not Activity

30 Aug

Are You Measuring the Right Results?
Business People Meeting Growth Success Target Economic Concept

Open rates, click through rates (CTRs), and conversions are just a few of the metrics most B2B marketers tend to use when determining the results of their work. But are those really the best metrics for determining success?

According to new data from Forrester, not necessarily. More and more B2B marketers are now struggling to tie these results to revenue. The truth is that while the metrics described above do a good job in a vacuum of helping marketers determine whether their marketing is working, they don’t necessarily shed light on whether or not the marketing efforts are generating real dollars for the business as a whole.

Increasingly, it’s not just CMOs who are looking at marketing results, it’s the CEOs. They want to see a direct correlation between marketing spend and sales generation. If the numbers don’t work out, then the marketing department or creative agency might not work out either.

Despite the demand for revenue-based results looming above them, B2B marketers are still struggling to deliver these types of results. So what is complicating their efforts? According to the article, there are several main challenges:

  •  Internal data is difficult to collect, connect, and analyze given the silos that exist in many workplaces.
  • Too much data! Marketers have access to more than ever before, and sometimes it is difficult to cut through the clutter.
  • Marketers aren’t always “numbers people.” Think of the best ones you know—they’re usually creative types who may not have developed the analytical skills necessary to excel—no pun intended.
    Marketing is a subjective field, but by looking at the right numbers and presenting them to the right people, B2B marketers can convert numbers into usable information that can drive real results for the business. (For some fabulous tips about presenting results to others, read this blog by an account service professional at ER Marketing, Matt Bartlett.)

Testing subject lines and measuring open rates and CTRs is great, but only insofar as it improves your approach to your marketing goals. If it helps you fine tune your approach, all the better. To prove your worth as a B2B marketer, you need to start measuring the value of what you do, not just the activity.

To read the full article about the Forrester findings, click here.

Share via email

Separating Media Usage Fact from Fiction

8 Jun

New Media Usage Surveys Provide Insights into the State of Marketing

dma-response-rate-report-2015

With all the marketing-related tips, tricks, and think pieces floating around the internet, it can be difficult to separate fact from fiction. Whether it’s in the realm of B2B, B2C, content marketing, or any other subset of marketing, you’re bound to find a few hot takes out there claiming everything from “direct mail is dead” to “email is passé” to “data trumps creative.” Most of these opinions are meant to push people in the direction of digital-only marketing strategies.

Maybe some of those opinions are true, and maybe some of them aren’t. The point is that trying to find the truth in an ever-changing industry like marketing can be difficult, especially with so many voices and thought leaders speculating about it. We all want to be the edgiest and latest to adopt new trends, and sometimes that pushes us to take edgier stances on what’s next for marketing.

I recently read through some stats on different marketing communication tactics, and as it turns out, the truth might lie somewhere in the middle of all the rhetoric. (Shocking, isn’t it?) Here are a few of the findings that stood out:

Fact or Faction: “Direct mail is dead.”

Fiction. Direct mail is alive and well. In fact, 69% of marketers are actually holding their direct mail budgets steady or increasing them. (Source: Target Marketing’s 2016 Media Usage Survey)

Fact or Faction: “Print is dead.”

Fiction. Marketers spend 28.5% of their marketing budget on print and direct mail related campaigns. 8 out of 10 American adults said they prefer to read a printed piece than an online piece. (Source: Target Marketing’s 2016 Media Usage Survey)

Fact or Faction: “Digital marketing is more cost-efficient than direct mail.”

Fiction. Here are some numbers about the cost-per-acquisition for various media categories: (Source: DMA’s 2015 Response Report)

  • Direct Mail: $19
  • Paid Search: $21-30
  • Internet Display Ads: $41-50
  • Email: $11-15

So what’s the takeaway? Simply put, marketers need to temper some of their more bombastic predictions about the future of marketing. Moving forward doesn’t mean abandoning the tactics that have worked well for years; it means combining those tactics with smarter, more insightful approaches that integrate the old with the new.

For example, a strong data approach will empower “outdated” tactics like direct mail and print to drive success. But neither an all digital nor an all traditional approach is likely to be the answer—smart marketers need a blend of the two.

Share via email

Content Marketing & SEM: Stats Any B2B CMO Should See

5 May

Why Content Marketing Should Be Part of Your Digital Strategy

SEO and Content

Content marketing. Heard of it? If not, you probably haven’t been reading much Navigate-the-Channel. We’ve spoken a lot about how content is an incredibly effective B2B strategy to provide more information to customers at the early stages of their buyer’s journey, establish companies’ trust and expertise, and ultimately, drive more sales.

That’s all well and good, but there are other issues that B2B companies need to consider when it comes to their content strategies. Issues like Google’s Panda and Penguin updates, in which major search algorithm updates will affect the way search engines deliver the highest-quality results to their users. If your website can’t offer relevant content to those users, you can bet that your website will literally be bumped down the page, hidden under a pile of search results from companies that were just a little smarter than you about integrating content marketing into their strategies.

A recent article from Search Engine Land drew my attention because of its insights regarding content marketing and SEM. Here are a few standout facts that B2B companies should read before planning their content strategy:

  • More than 60-70% of content goes unused, meaning companies need to work to better understand who they’re writing for and why by conducting an audit of buyer personas and journeys.
  • B2B companies should prioritize utilizing a Content Management System (CMS) that integrates authors, topics, and keywords. For Adobe, switching to an SEO-friendly CMS resulted in a 307% increase in organic traffic within a year and a 287% increase in rankings on Page 1.
  • Don’t forget design—content needs to capture attention to be effective. Images, video, website design, and aesthetics are important contributing factors when it comes to “moving the needle” and shouldn’t be underestimated.

As Google continues to demand more and more from websites, it will become critically important that B2B companies fill their sites with the high-quality, relevant content users are searching for. You need to make sure that you’ve not only done the research to find out what your audience is looking for online, but that your content is written and created to deliver to those needs. SEO, therefore, is a critical component of your content marketing strategy.

Or it’s not. But if it’s not, you better enjoy Page 2.

 

Share via email