How to Measure Your Marketing (Let’s See Action – Part 2)

Posted by Douglas W. Richardson on Jun 27, 2018 1:14:04 PM

measure what matters in marketingIn my last blog, I wrote about the strategies and tactics you can use to generate results for your Digital Marketing and Sales efforts. The quest to see action in your efforts in digital marketing is one of the great challenges in business management today. The most successful companies of our time like Google and Apple are part of this Digital Marketing Ecosystem you need to tie your business into if you want it to reach its maximum growth potential.

Volumes of information have been published about how to become “more online now” but how to plan for and understand what types of interaction and engagement constitute meaningful results for your company’s products and services are something very unique to each and every business. Learning what to measure is an acquired skill-set that is developed by wrapping your mind around the data from your online presence when it is effectively captured, reported-on and acted upon.

There are way too many websites, blogs and social media pages out there that contribute little or no value to their owner’s business goals.

Think about your online presence …

  1. Do you know how many unique visitors visited your website last month?
  2. How many of those visitors became sales qualified leads (SQL) for your business?
  3. Can you currently calculate your cost per visitor, cost per lead and cost per sale?

If you have a website and don’t measure and monitor these key performance indicators (KPI) of online marketing and sales, you really should be. You could be wasting budget dollars and missing market potential. I want to help you change that.

whitepaper-Marketing-Sales-Customer-Experience

As I have said before, measuring results generates insights into your customers, markets, products and services that are now at the core of every successful Marketing, Sales and Customer Experience strategy today. Full-scale digital marketing and sales require this and there are far too many data inputs and interactions for you to manually keep track of and measure. This why technology has become an essential driver of all aspects of finding, impressing, and retaining your client base.

Take a look at the list of services MORE Online NOW offers and think about how many of these elements of growing a sustainable business digitally have an inherent measurement component.   

I am surprised how few companies have truly implemented start to finish cost accounting for the products they sell. Without this, it is very difficult to place accurate values on both the quantities and qualities of your goals for traffic, leads, opportunities and won and lost deals.

Marketing working with sales and accounting has become a key step in understanding, planning, and assigning “agreed values” along the buyer’s journey to complete a purchase.

For example, what value do you assign to a new visitor to your website who downloaded your most recent guide to “Selecting the Right Waterproof Widget.”  You could come up with a guesstimate but think about how much more valuable that number (aka insight) would be if you followed the math and found that on average every fifth download of the Waterproof Widget Guide led to the sale of $100 worth of widgets. You could calculate that every download contributes $20 to the product line’s bottom line.   

This one calculation could help you calculate the plausibility of an Annual Sales Goal or how much to spend on creating and promoting the guide online. Like I said, you would be surprised how few organizations apply this level of detail to leading many aspects of their business.

Measure What Matters is the title of a new book by the legendary venture capitalist John Doer. In the book, he explains how companies like Google and Intel manage their entire businesses through writing and grading quarterly “OKRs”, which are specific, strategic and measurable key objectives from the largest to the very smallest level of detail of their gigantic global businesses.       

Methodologies like OKRs allow you to set the growth objectives that are conjoined with measurement before, during and after any investment in generating new products, revenue and/or resources for the organization. Marketing Automation and Customer Relation Management (CRM) technologies are purpose-built for developing, implementing and measuring the business development sides of these goals.

You need to make a capital and time investment in these Digital Marketing Ecosystems to realize their vast potential for your organization. Most companies will see the full value of these systems come online in three 6-month phases.

You can think of the three stages of a Digital Marketing Ecosystem as:

  1. Research, Planning, and Development
  2. Implementation and Optimization
  3. Transformational Results (more on this in a future article)

With an application like HubSpot, you can connect and launch an almost infinite number of business development initiatives (on and offline) and produce the type of measurable insights that matter most to planning and growing your company. Each month new results and insights build on top of the prior month's data and lead to ideas for innovative strategies, campaigns, and tactics that are ever more accurate and cost-effective in most cases.

So, yes, measuring results is very important, but from my years of experience in Digital Marketing and Sales, measuring and gaining insights from how you produced those results through many different interactions along the way is really where the action is at in leading-edge marketing strategies. MORE Online NOW can be your partner and architect for these Information Ecosystems that will connect your business to your customers through the larger ecosystem of the internet.       

Topics: Digital Marketing, HubSpot, Sales Lead Generation, Online Marketing

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The KNOW MORE NOW! Blog

As the official company Blog of MORE Online NOW LLC the KNOW MORE NOW! blog offers its readers advice, know-how and recommendations for ways to advance your own Online Marketing and Sales capabilities.  

Topics Include:

  • Planning Digital Marketing Strategies
  • Selecting and Implementing MarTech
  • Building Your own Lead Generation Machine

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