Cost per lead, conversions per month, leads per show, white paper downloads, time on Web site, Web site visits, webinar attendees, webinar registrants who did not attend, user conference attendees, click-through metrics, return Web site visitors… I can go on and on. These are all interesting metrics, but does Marketing really get credit for a positive increase when it’s budget time? In most cases, no.
I am continually amazed at the creativity of our customers in generating interest in their products through their marketing efforts, whether it is at a trade show or user’s conference, or in Web site content or webinars. Through these efforts new opportunities (leads) are identified and delivered to Sales for closure. Credit usually stops here, though with Marketing value implied and Sales value recognized. It’s not fair! It all comes down to revenue production, and today marketers are not getting the credit they deserve.
There are three metrics that should be readily available to Marketing and executive management on a campaign-by-campaign basis: projected revenue, pipeline revenue, and actual revenue. Also, the metric that all C level leaders are interested in seeing is Campaign Cost per Order Dollar (CPOD). By accurately capturing this metric, an organization will know whether the revenue generated from a particular campaign warrants the cost and effort or whether it is better off spending its marketing dollars elsewhere. How do you accurately capture this metric?
It requires a collaborative effort on Sales and Marketing’s behalf, a good closed-loop marketing solution, and CRM implementation. Also, there are many smart people available to help. Lead Management guru Brian Carroll comes to mind. Chris Koch does as well.
Please let us know if you are interested in learning more.