Can you confidently report on your analytics?
In today’s data-abundant and digitally-advanced world, measuring the potency of your marketing campaigns from conception to completion is not only absolutely necessary, but completely possible. There is no excuse for not being able to provide detailed ROI (Return on Investment) reports.
In an ideal world, you must be in a position where, at a minimum, you can accurately report on the conversion ratios at every stage of your sales funnel, the percentage of leads generated through any particular activity, and how this activity contributes to your business’ bottom line.
Marketing Managers are routinely asked: “What is the return on investment for our digital marketing activity?”, “How many leads have we generated?”, and “How many customers has it brought?”.
Some may be in the position where they can provide an answer to those questions, but far too few have confidence in either their data quality or analytics setup to provide the level of clarity required by the business.
There is however, a vast amount of data available for marketers to evaluate and report on - and that sheer volume of statistics can be overwhelming. If you are unsure of what metrics to measure, track and report on, it can be difficult to know where to begin - or even where to end!
You may be wondering:
- How do I decide what metrics are relevant to the business?
- When and how should I measure those metrics?
- What channel should I attribute to a final sale?
- How do I ensure my reporting clearly demonstrates the performance of marketing?
If you are using or considering acquiring marketing software such as HubSpot - you are in luck. HubSpot collects a tremendous amount of data, all of which can be leveraged and utilised by your marketing department. You can create highly customised reports and everything is tracked - and as a result, enables you to clearly demonstrate the ROI of your marketing activities.
First and foremost, HubSpot’s marketing automation platform provides an all-in-one solution for your reporting needs. It includes a powerful analytics system which can monitor and analyse traffic to your website, broken down by channel, along with customised attribution reports which allow you to understand the journey your prospect takes from first touch to last touch. Combined with Google Analytics, you can create forensically accurate reports which clearly detail the efficacy of your marketing.
HubSpot allows you to… (but is most definitely not limited to)
1. Create attribution reports which allow you to understand the journey your prospects take:
From the moment they arrive on your website to the moment they become a customer, HubSpot’s attribution reports allow you to see and measure the complete conversion path and on that basis, reallocate your resource to target the most effective channels for conversions.
2. Create highly-accurate, custom reports:
Based on your SMART goals (Specific, Measurable, Attainable, Relevant and Timely) and KPIs (Key Performance Indicators), HubSpot allows your team to create detailed custom reports to measure virtually any metric in the HubSpot marketing platform or HubSpot CRM - and develop detailed ROI (Return on Investment) reports.
3. Measure your entire marketing funnel:
From acquisition to close, with HubSpot’s marketing automation platform, you can easily visualise the potency of your marketing at every stage.
Featuring incredibly detailed analytics, report breakdowns, closed loop reporting, attribution, revenue reporting and much more, HubSpot enables you to quickly and easily determine what marketing activities contribute to your bottom line – and provide that information in customised reports.
4. Be consistent with your reporting standards
By creating custom reports in HubSpot, you can readily extract the information you need and want to report on - removing time consuming manual reporting and enabling consistent reporting to upper management.
However, in order to leverage all these functionalities and maintain a consistent level of reporting, you need to make sure everything is set up and managed correctly. Implementing HubSpot is relatively straightforward, but getting what you want out of the platform requires an in-depth understanding of the reporting objectives you need to achieve - and how capable the platform is (and it’s very capable).
Also, you need to establish what metrics matter to your business (your KPIs), your reporting standards, reporting frequency and the goals of your activities.
Evidently, there is a considerable amount you need to address before you are truly ready to measure the ROI of your marketing activity. But ultimately, it is all about developing the right processes, aligning your marketing and sales efforts, working towards the same goals and reporting consistently.
Find out more about how HubSpot’s reporting capabilities can improve your business’ ROI measurement by downloading our HubSpot Analytics eBook today.
The B2B Marketing Lab is an international Inbound Marketing consultancy and the only HubSpot Certified Platinum Partner to be based in London, UK. Founded in 2012 as part of the itpr Group, the business has grown exponentially by helping B2B organisations to transform their digital marketing strategy, through Inbound Marketing and HubSpot.
The B2B Marketing Lab provides services and consultancy in lead generation, content marketing, lead nurturing, website design & build and demand generation services from its offices located in Central London and Singapore.
The B2B Marketing Lab is 100% Inbound, 1,000% HubSpot!
Phone: +44 (0)20 7183 0288