Tuesday, November 11, 2014
Just What the Teacher Ordered: The Business-Building Benefit Marketing Reports Provide
While few would list report writing as a "highlight" of their academic career, those hours spent compiling reports were not spent in vain. Sure, report writing helped many of us learn how to plan out a project and conduct research, but they also taught us a bit about the topics we were researching, too. By forcing us to look in depth at the various subjects we were studying and analyze them from a number of different angles, we gained a far better comprehension of the subject matter than we might have if we had just read the textbook.
It's important to remember those benefits, especially when it comes to marketing your company.
How marketing reports are like your old school reports
Like their high school and college counterparts, marketing reports can also feel frustrating. People often view such assignments as time wasters that are only done because they're demanded by the c-level executives upstairs. In reality, however, marketing reports can offer considerable insight and help everyone better understand the company's marketing strategies and how they can be improved.
When you sit down and really invest the time needed to complete a thorough marketing report, you'll walk away with a much better understanding of your company's current marketing practices, how well each campaign is performing, and how it all relates to your company's bottom line. Without a well-researched report, it can be easy to gloss over weak spots and overlook opportunities for continued growth.
What a marketing report should exam
There are an infinite number of metrics a marketing report can examine, but some have more appeal and a greater ability to shed light on the success of your marketing strategy. Here are a couple to consider.
How much does it cost the company, on average, to obtain each new customer?
Take a look at your total cost in sales and marketing over a given period of time. Then see how many customers you obtained in that same period. Divide the cost by the number of customers, and you'll have your average cost of obtaining a single customer.
Determine what percentage of that cost is related directly to marketing, so you can see which campaigns worked and which ones didn't. Such insights can prove valuable in helping the marketing team improve their regular performance and illustrate the success of any changes made.
How many leads were generated directly from marketing?
Your marketing team should also be able to report how many successful leads were generated specifically from marketing efforts. Begin by calculating the percentage of customers who began as marketing leads. Then look at how many leads started elsewhere (e.g., in sales), but were influenced by the marketing department before making a purchase.
For added benefit, try to break down specifically where these marketing leads are coming from. Are prospects downloading certain ebooks? Do they subscribe to your blog? Did they take an online webinar?
Marketing reports offer valuable information about the state of your company's marketing programs and what can be improved. Although they might be viewed with the same frustration as the school reports of your youth, they can also offer incredible insight and education. So don't overlook the opportunity reports provide to regularly analyze the success of your marketing efforts.