As ProSites’ CMO Ken Robinson told the audience during our “Effective Metrics from CMO to Specialist: What You Need, What You Don’t” webcast, marketing can unfortunately be viewed as the “arts and crafts” function of a business. It’s creative, it’s inspired—and it’s not always easy to measure. If the department known for its bright and shiny ideas wants to earn an influential seat at the executive table, it must find a way to quantify its results. Or, as Ken put it, “without data, you just have an opinion.”
When it comes to reporting, it’s essential to look at both how the team and each individual team member impacts pipeline and revenue with their efforts.
So, are marketers measuring their teams’ success? Our in-webinar poll revealed that 40% of respondents’ teams have KPIs for every role, 27% of respondents’ teams have KPIs for a few roles, and 7% haven’t made the switch to metrics-based reporting. This tells us that while there is a trend towards role-based reporting, we’re still not there yet.
So if we are trying to get to a place where the whole team is reporting, what exactly should everyone be reporting on?
In our webinar, Robinson—who runs ProSites’ marketing team—runs through his top-level reporting advice for almost everyone, from ops to events.
In this blog, we deliver a quick hit list of these best practices to help you get started on your team-wide reporting plan:
Strengthen Your Foundation
According to Ken, the demand generation manager or team functions as the “core” of your marketing organization, and is responsible for the full-funnel reporting—from lead all the way down to revenue. This type of reporting helps inform future plans. Your demand generation team should report on not just the volume of leads, but also the quality of those leads. Are they becoming MQLs? Are they becoming Opps or closed deals? How many leads are being disqualified and how many are being put into nurture? They should also be looking at marketing’s contribution to pipeline and closed-won business, essential metrics that show the team’s true impact on the business.
Tighten Up the Nuts & Bolts
Marketing Operations is “the engine that drives marketing for the organization.” This person or team should be responsible for managing the overall tech stack, ensuring that stack is capturing all of the necessary data to provide KPIs for other members of the team, and helping to set up campaigns. Examples of reports that should be coming out of operations include information on whether prospects are moving through the funnel or getting stuck and database health reports like email deliverability. How many unsubscribes or hard bounces are there? Are email sends getting out to the prospects and customers?
Build Out a Better Library
Your content marketers should report on the types of content that are working best, and they should know where they’re working. By looking at initial touch-points that have created leads, along with all of the later touch-points that have influenced closed-won deals, your content marketers can better identify the wins and missteps that will inform a more successful content strategy down the road. Not only will these reports show the impact that content has on prospects and customers, it will show the team, as a whole, which themes, topics, and messaging resonate well with your audience.
Prep for Next Year’s Roadshow
Event marketers should be digging into the conferences and tradeshows that are most profitable and tracking data to measure whether or not it’s worth it to sponsor a specific event. By looking at how much pipeline or opportunities an event sourced or influenced, an event marketer can help determine what events to commit to next year. First-touch and multi-touch attribution reporting is a key element to building out your event plan.
By breaking up report types by role—and ensuring every report plays into the larger business strategy in some way—you’ll end up making smarter decisions for your team and the company. You’ll better understand how each part of your team impacts a deal from lead to MQL to closed-won, and be better equipped to predict where your biggest successes will come from.
And then, you get to be creative and confidently show the value that your team is providing every step of the way.
For more marketing reporting best practices advice, be sure to check out the full recording of our webinar with ProSites’ CMO Ken Robinson.