Data Intelligence for Marketing
Marketing is a great place to find deep BI insights. With so much of the marketing landscape being digital and traceable the question is not “do I have the data,” but “what are the best questions to ask of the data?”
Here are a few Key Performance Indicators you should consider adding to your dashboard to track the effectiveness of your team and marketing.
Leads by Channel If I asked you, “what is Business Intelligence in the marketing arena,” you would probably think about this key metric. Which marketing channels get you the most visibility - Facebook, LinkedIn, Google? If you are running awareness campaigns, where is the best place to do this? Furthermore, is the place that was the best this year the same as last year? Which channels are trending upward that you can jump on and dominate as a first adopter? And just because Gary V says you should get on TikTok doesn’t mean it’s the best for you.
Customer Acquisition Cost This KPI answers the question, “how effectively are you using your marketing dollars as a whole?” How much did you spend on marketing versus number of new clients you got from marketing? Is that number trending up or down?
Customer Lifetime Value This may seem a little odd grouped under marketing but it is an important metric to consider versus cost of acquisition. How much revenue does a client generate in a lifetime v cost to acquire? Are there any types of clients that cost more to acquire than the revenue they produce?
Conversion Rate This is your marketing funnel. How many web users responded to an offer (newsletter, whitepaper, demo)? How many of those led to a sales call? How many of those sold? Which campaign has the highest close rate?
Return on Investment by Channel Marketing can get really expensive really quickly. Leads per channel may be a leading indicator of success, but the real question is for every dollar you put into a particular channel, how many did you get back? To make this work you have to make sure you can identify the sales channels people are coming through especially if not all of your marketing is online.
If you need help collecting, cleaning, and visualizing your data, reach out to us to get started on your data project.