Ah, wintertime. ‘Tis the season to bring out your best cold-weather boots, jackets, scarves, and dust off the ole’ annual marketing report, right? As marketers, you probably spent a good chunk of your time throughout the course of the year running weekly, monthly and quarterly marketing attribution reports to get a sense of which campaigns and channels are or aren’t working for your business.
Depending on what model or method of marketing attribution you and your team uses, running and analyzing marketing reports can take quite a bit of time, so it’s no wonder it can seem like a daunting task to put together an annual report that clearly and concisely summarizes an entire year’s worth of marketing. Not only that, but the success or failure of your past year’s marketing campaigns can also have a big impact on next year’s budget.
So what’s a marketer to do to keep from getting on their CMO’s naughty list for skipping out on reporting? In this article, we’ll share 4 key KPIs you should include in your annual marketing report.
At year’s end, it’s important to understand where your traffic is coming from in order to have clear visibility into how buyers are finding and interacting with your business. By using a free web tool like Google Analytics, you can easily see what’s driving traffic to your website.
First, look at the high-level overview of which channels are driving the most traffic. Is it, organic search, direct traffic, emails or social media? The Google Analytics acquisition report will provide these answers, as well as let you dive into each top-performing channel to see the specific pages visitors are landing on from that channel. Be sure to run a comparative report to last year when including website traffic in your annual marketing report. This will give you a better sense of which channels and pages work better for your business over time.
Take it to the Next Level: If you’re using a multi-touch attribution tool like BrightFunnel, you can add a layer of visibility to the website traffic report by looking at the Velocity of Campaign Groups. This handy report provides you with the time it takes for a lead to become an opportunity and for that opportunity to become a deal. Combining the two will give you the Lead-to-Deal velocity: lead-to-opportunity in # of days + opportunity-to-deal in # of days.
For instance, if you see from Google Analytics that emails are a high traffic driver, and they have a low lead-to-deal velocity like 50 days, this would signal to your marketing team that it’s time to increase the number of emails you send that refer back to your website since they’re a high impact, low-cost channel.
Essential to any end-of-year reporting for marketing is a revenue report that ties back your campaign ROI to the amount of pipeline and revenue that your marketing has both sourced and influenced. While there are several different models of marketing attribution reporting you can use at year’s end, we suggest taking a look at your data from a multi-touch attribution perspective to better understand which exact touchpoints took a lead from acquisition to close.
Take it to the Next Level: To gain an added layer of clarity into the effectiveness of your marketing, run a campaign report that looks at ROI from an evenly-weighted attribution model and position-based attribution model. So, what’s the difference? In an evenly-weighted attribution model, each touchpoint along the buyer’s journey has the same weight to create a balanced, even model. In comparison, in position-based attribution, or a 40-20-40 model, 40% of the credit goes to the first and last touches while the remaining 20% is distributed evenly amongst the middle touches.
It’s important to look at both models when you’re running a campaign report on an annual basis so that you can understand not only how your marketing is impacting the sales funnel, but also which channels specifically have a higher impact on lead generation and conversion. Be prepared to use these numbers heavily when it comes to budget planning and determining which programs to repeat next year.
Campaign Specific Analysis
Dive into your year-end reporting by having each of your marketers report back on the ROI of their individual marketing campaigns. Let’s take content marketing for example. Tracking down the ROI of your content can historically be elusive, but as any good marketer knows, content is an important channel for fueling the rest of your marketing programs!
Start by running a campaign-specific analysis to see which content collaterals performed best. In this case, it’s best to look at your content from multi-lenses — use first-touch attribution to see which content brings people into your funnel, last-touch attribution to see what buyers read before converting and multi-touch attribution to see what’s influencing deals.
Take it to the Next Level: Up your campaign game at the end of the year by segmenting your data. With a tool like BrightFunnel, you can easily apply Global Filters such as target account tier or company size to get even more granular with the data. In this case, your content marketer could utilize these filters to see which content pieces work best with specific audiences so that they can better plan out their 2018 content marketing calendar.
Account-Based Marketing Metrics
Last but not least, if your company is running a hybrid mix of traditional demand gen and account-based marketing campaigns, you’ll want to show your off the effectiveness of your ABM efforts. To get a sense of how your ABM efforts worked against your various target accounts, start by looking at your marketing activity within those accounts to see how much engagement was generated.
Take it to the Next Level: One of the benefits of using BrightFunnel’s ABM report is that it quickly tells you which % of contacts at the company are engaged. We even have handy Action Lists that either sales or marketing can use to see the number of engagements from both teams. You can then sort by which accounts “need marketing” or “need sales” to determine if it’s time to send a marketing email or if a salesperson should reach out to a hot target account.
Ready to save time when it comes to pulling these reports? Let us show you how BrightFunnel can run these reports in minutes and make your marketing attribution easier than ever before!