Revenue Attribution: The Science Of Measuring Marketing Efforts – Part 3

The Right Approach to Analyzing Data and Campaign Optimization
The biggest challenge a marketer faces is when the data starts to come in after data capturing system is in place. One can be overwhelmed by the amount of data and may simply be stunted as to how to make sense of the data. Here are some best practices and strategies one may implement:

Understand Process and Output Metrics
In order to fully optimize a campaign based on analytics and reporting tools, one has to understand both process and output metrics. The process metrics deals with email activities that includes total clicks, unsubscribe requests, opens, spam hits etc. These are measurements that help a marketer in improving the hygiene, deliverability and creativity of a campaign. The output metrics deals with revenue, cost savings, leads generated, order size etc. all of which help in fully optimizing a campaign. It also helps in gauging the performance of a marketing campaign against an organization’s goal.

Wait and Watch
Upon implementing revenue tracking system, a marketer will start seeing data pouring in. The natural urge would be to jump on the optimization immediately. This is to be avoided until enough data set has been captured before making any changes to marketing plans. Now, the next step is to know when one has enough data to begin optimization. To begin with, a marketer has to see if campaign activities have garnered enough interactions with prospects and long enough. Also, it is advisable to wait until multiple types of marketing is in, example – campaigns, events, mailings etc. to be compared and evaluated to know how effective they are within the buying cycle.

Tweak and Optimize Future Campaigns
Once a marketer has run marketing activities long enough and captured sufficient data, the next step is to analyse it and then put the analysis to best use. Quite naturally, activities generating most interactions should be given more emphasis and the ones with least performance should be reduced or eliminated. Some of the ways a marketer can gauge this is by observing website traffic sources that result in most consumer conversion, emails that influence prospects, offers that generate maximum leads and offers at last touch points that may be driving conversions, web pages that may be leading prospects to least or most conversions, campaigns that drive prospects to conversion faster than others etc. It is always best to compare the data outcomes of current campaigns with past ones for best optimization of future campaigns.

Focusing on Existing Customers as much as New Sales
Traditionally, a high growth rate is conceived to be achievable by generating and converting new leads, which although being true for accomplishing surging growth for companies, experienced marketers would agree that it is much easier and efficient to retain and upsell existing consumers. While it is imperative to optimize and tweak marketing activities, it should be done without affecting repeat buying and upsells.

Higher Budgeting and Resourcing with Data
ROI is often not used effectively to justify an elevated marketing budget for future by marketers. However, data output from a campaign activities can be used to cite how a certain marketing activity has effectively generated leads or conversions in terms of revenue and cost savings, which further can be used to justify future marketing budget requests.

You have just read Part 3 of ‘The Science of Measuring Marketing Efforts’. Read Part 2 here

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