Reporting should be one of the main priorities for marketing departments to determine campaign success.
The only way marketers can confidently prove what they do actually works is through reporting. It not only helps you determine the success of a campaign, but also helps identify what campaigns you should run going forward.
In the past, campaign success was determined by open rates and click rates, sometimes conversion rates. These methods worked, kind of. What they don’t tell you: how much revenue is generated and how does that relate back to the company’s investment, so ROI.
With today’s technology, you have the ability to dive one step deeper and determine actual revenue generated from the campaign. This allows you to spend your valuable time and energy on campaigns that increase total revenue and accurately quantify marketing’s contribution to the pipeline.
A lot of marketing departments focus solely on that first, old-school, part of reporting and hand over revenue reporting to a completely different department. As marketing becomes more intertwined with the sales funnel, it becomes more responsible for revenue contribution, and the success measures for each marketing campaign needs to be evaluated.
You, as a marketer, need to be clear on what success is, and to become invested in the ultimate company goal: revenue generation. You have to evaluate your campaigns and find out which are designed to generate revenue and which are just to influence.
Before launching a campaign, you should ask:
- Will this campaign add to the pipeline?
- What’s the total cost of the campaign?
- What’s the expected revenue?
- Will this campaign influence?
- Are we spreading awareness?
- Are we spreading knowledge?
- Is the goal lead generation?
- How will this campaign affect existing leads, if at all?
- Is the purpose of the campaign to move leads to the next stage? (SAL > SQL)
- Will this help move them through the funnel?
Once you have the goals and purpose outlined, you can develop the most appropriate reporting tools to define your success. Campaign design and reporting clearly go hand in hand.