3 Steps to Prove Marketing's Value With Analytics
Oct 17, 2018 Emily Brungard
74% of marketers can’t measure or report how their efforts impact their business, according to ITSMA and VisionEdge Marketing.
If that isn’t a scary thought, we don’t know what is.
Your CEO and board of directors care about revenue metrics, not vanity marketing metrics. At the end of the day, the number of likes you got on a post doesn’t matter very much if those likes don’t somehow support greater goals.
According to a recent CMO Site survey, almost 50% of lead marketers devote less than 5% of their time and resources to marketing analytics. Unless marketing leaders develop an effective, analytics-driven strategy, there’s no way to prove that marketing programs being financed are worth it. Analytics help frame marketing as a revenue creator, not a cost center. At the end of the day, that’s the key to proving value and securing budget. So how can you show that your marketing team deserves its fair share of the budget?
Find Data Most Relevant to Your Needs
The first step in getting the data you need to prove marketing’s worth is setting clear expectations. How can you get the information you want if you don’t express what it is you’re looking for?
For example, if your marketing team’s goal is to generate leads, your best bet is to track data points that lead up to someone becoming a lead, like visitor numbers, time, cost metrics, conversion rates, and per-channel information. This information will provide you with evidence to determine whether you should continue spending time on a certain channel, which types of content generate the most leads most quickly, and more.
“The true value of analytics isn’t just to prove the value of marketing to your boss; it’s also to help you improve and optimize your marketing performance — on both an individual channel-by-channel basis as well as an overall, cross-channel machine.” –HubSpot
Report Regularly and Track Progress
If someone on your team requests a specific insight, don’t forget to follow up with them on the data you’ve provided. Is your team member receiving the right information? Are they able to solve the problem or learn what they need to learn from your data? By tracking your digital marketing analytics on a regular basis, you’ll be more equipped to notice trends and pivot as needed. Depending on your company, tracking analytics might be something you do several times each week, or it might be a monthly occurrence. The amount of data that you bring in via analytics, as well as your team’s objectives, will dictate how often you should check in.
Turn Data into Actionable Insights
According to a recent ANA survey, “only 10% of marketers believed they were very effective at feeding insights into customer behaviors back into the organization to improve performance.” The most successful marketers focus on activating insights rather than just generating them. This requires working with people both on and outside of the marketing team to identify what insights are needed. It also means delivering insights in a way that’s easy to understand, with simple language and easily digestible graphics.
Turning data into actionable insights is arguably the most important part of measuring your analytics. If you don’t translate them into action, you’re just the proud owner of a bunch of numbers — and while we love numbers, we’d way rather have insights.
Feeling overwhelmed by all of the analytics options available? Let one of our vetted marketing analytics experts take over.