Thursday, December 11, 2008

6 Really Simple Marketing Metrics for your Execs

We've all seen a similar cycle.... if you ask a marketing exec in a B2B company what metrics they'd want, it ends up in a complex description of ROI, funnel velocity, or influence measurement. Great goals, for sure, but not exactly quick wins. So, the reports aren't created for them and they end up with nothing. Let's start from the other direction, and look at 6 very simple measurements that you can provide them that they give them some simple insight into what's actually going on in marketing.

If you already provide this, fantastic, but I suspect there might be more than a few execs who don't have this data about marketing, and who would truly appreciate it. I get the pleasure of chatting with lots of present and future Eloqua clients, and from them I commonly hear that even high level data like this is very much appreciated.

-Contact database growth over time; gives a good sense of new name acquisition, unsubscribes, and overall size of list.

- Web traffic (new and returning visitors); this is where you're driving most people to if you're successful, it never hurts to have execs know about traffic levels. Knowing that x-thousand people are viewing your site on a daily basis never hurts in ensuring budget for the site redesign doesn't get cut, either.

-Raw Inquiries (form submits); I'm a huge proponent of lead scoring, but if you're not at the point where you can provide an executive dashboard of leads, properly scored and tallied, at least put out a list of raw inquiry counts to show inbound interest

-Total Campaigns; How many unique campaigns have been sent in the last month. This shows the level of activity of your marketing team in creating and promoting content, events, and webinars

-Communication Frequency; How often are you communicating with your database, are you under/over communicating

-Top Search Terms; How are people finding you? What are they most interested in, and is it more awareness, discovery, or validation?

So why these metrics? Well, for one, they're easy to do. Not much work with data or business processes involved, and you can have execs looking at them quickly. But, the more important reason is that they begin to focus attention on the right issues. It's only a beginning, but the direction is the right one.

As the world moves from outbound marketing and promotion to inbound marketing and demand generation, you need your execs to be asking things like: How do people find us? How many people are we educating? How frequently do they come to us for more information? Are they only passively reading that information or willing to provide their information in order to get it?

The more that execs ask this type of question, the more they will be bought in to the concepts of inbound marketing and demand generation. They will push for better nurturing of leads, more investment in social media to generate market awareness, more lead scoring, and better coordination with sales on which leads to hand off, and when. Those are the right directions for them to push, and if you can provide them with some of the right data at the start, you'll inspire more of those questions.

If you're already an Eloqua client and just want to build this out, there's some info on dashboarding on Eloqua Artisan - the user blog: Enjoy - I'd love to hear some of your best dashboards that people can get started with quickly and easily.
Many of the topics on this blog are discussed in more detail in my book Digital Body Language
In my day job, I am with Eloqua, the marketing automation software used by the worlds best marketers
Come talk with me or one of my colleagues at a live event, or join in on a webinar