Editor's Note: Today’s post comes courtesy of Dave Liloia, Director Sales Operations and Marketing Automation at Vertafore. Dave is sales and marketing geek who believes that any problem can be solved by asking the right questions first. With an academic background that started in Horticulture, he has taken the scientific method as his approach for tackling any and all business challenges. His experience spans product management, inside sales leadership, e-business, marketing automation and sales strategy.
It’s been a while since grade school for me, but let’s face it, analytics is all about basic math. With any math equation, subtle nuances in any aspect of the formula or inputs can change the outcome of your entire result. Imagine a fraction where the numerator, denominator or unit of measure changes in the slightest. Any difference in one of these elements completely changes your result.
Building out a great analytics program is based on reporting out key metrics for your organization, but is by no means defined solely by those numbers. Extensive thought and planning needs to go into your program before, during and after implementation to ensure you maintain your “rock star” status.
Here are three critical points of measurement for marketers that yield important insights beyond numerical data:
1. Relevance- Everyone reports on close rates, campaign ROI and lead generation but are those the right metrics for your organization? What you report on needs to not only show how sales and marketing are contributing to the bottom line, but also be relevant to your industry, market segment and specific organization.
Along with keeping the metrics aligned with your own universe, it’s critical that your leadership who relies on the metrics to report on success are in lock-step with the approach. Save yourself a lot of headaches along the way and bring everyone into one room to plan out what will be measured and to align expectations. Are your key stakeholders reviewing these numbers, using them to drive behavior or taking corrective action in the market as a result of your work? No? Then toss them and come up with something more impactful for them. Once you have clarity on what’s important and buy-in from those who will make use of those metrics, you can feel confident about what you’re measuring.
2. Consistency- Now that you’ve got the most relevant metrics being measured, it’s all about setting a pace for when and how your organization conducts a check in on the health of their business. Do you produce these results quarterly, monthly, daily or present them real-time on a dashboard?
Setting the expectation and establishing your frequency and formats gives a consistent and reliable output for your organization. Are the results delivered automatically via a scheduled report or imported into another system like your CRM or MAP? Getting the details worked out, documenting the process and clearly communicating with your stakeholders allows everyone to build a level of trust around the process and your work.
3. Data Integrity- Last, but definitely not least, is your data integrity. An analytics program is only as good as the data used to feed the engine. If you’re working with incomplete, inaccurate or poorly structured data, you might as well not report anything at all. Have unstandardized titles? Using non-ISO compliant states and countries?
Neglecting to clean out deceased or retired contacts? All of these items and more will drive a gap between your data results and reality. Keeping a close watch on your data and taking corrective action before it becomes a problem is paramount to keeping your analytics program and it’s reputation within your organization intact.
There are many topics and conversations to be had around the concept of analytics. My hope is that with these three ideas, you can kickstart the conversation inside your organization and drive improved results making you a true, modern marketer.
Proving ROI with your boss breathing down your neck can be nerve racking, which is why I will be hosting a Twitter chat on Friday the 30th of May at 4pm GMT/11pm EDT. This is your chance to ask me anything about analytics - be as specific about your company and your campaigns as you like!
· Make sure you are active on Twitter on Friday the 30th of May at 4pm GMT/11am EDT.
· The Q&A session will last for 1 hour.
· Use our unique hashtag #Eloquestions so that your tweets get the most interaction and shares.