Are you reporting on the right information to support your organization's efforts, and more importantly, maximized experiences with your brand?
While it may seem like there’s no silver bullet path to determining the right mix of marketing analytics, there are some key decisions that you can make to move down the right strategic path. While these may seem like simple tasks, they are often overlooked and neglected because everyone is too busy reporting on random activities that yield little insights.
Changing your mindset to become more “stage attribution” focused can produce significant insight into what is actually powering your demand generation efforts, all you need to do now is be methodical about the entire approach, from goals, to activities to optimization.
First, you should be sure to check off the following of your strategic planning list:
1. It must be functional. There are many methods. The Sirius Decisions Demand Waterfall™ is a great place to start. With methodologies and best practices for converting from Inquiries to MQLs, MQLs to SALs, SALs to SQLs, and finally Closed Deals. Many companies have realigned their processes, resources, strategies and tactics based on it. But this is just the start.
2. It must be supportable from a budget standpoint. There is no sense committing to goals that your budget, headcount, and skills cannot support.
3. It must be actionable. Following the Demand Waterfall mentioned above, determine on which of those stages you would like to see attribution reporting. Imagine the power that can come from knowing the value of your engagements, and which activities, offers, and investments attributed to that specific stage, such as MQL or Opportunity creation. If you can then find patterns, you can better control the value and velocity of your funnel by optimizing your marketing efforts and spend.
4 It must be accepted. You must agree upon, live with, and communicate these key metrics with your sales brethren. Don’t just look at actuals numbers — also look at time in stage, conversion rates, and trends of this data. Most importantly, search out the valuable pearls that help improve the velocity of a prospect to an opportunity, and an opportunity to a closed sale.
Check out how “Modern Mark” and his team are managing the analysis process along the organizational Journey to Modern Marketing here:
Looking for more sensible ways to make sense of all your insights? Download our new Analysis Guide, a how-to guide to creating a logical reporting and analysis strategy that can be adapted for your organization!