[In researching and writing this article (and in full transparency), we referenced a good bit of Hubspot content because, well… they’re a solid source of good data and they’re just good peeps! Besides, it’s all available for you to check out and read yourself at Hubspot.com]
A recent Forbes Insights study cited ‘Demonstrating ROI’ as the #2 pain point among the 300+ CMOs surveyed. A Hubspot report went one step further and showed the contrast between successful marketers that consistently demonstrated positive ROI vs. those that did not.
The #1 factor of success can be boiled down to one word… track. Hubspot’s report proved that companies who consistently track their ROI and are able to prove it’s growth, are able to secure an increase in budget as a result.
A rather troubling statistic was uncovered that showed the disparity in budget increases between those that did track ROI vs. those that did not track ROI.
The report states:
“Respondents were 20% more likely to receive a higher budget in 2015 if ROI was tracked in the first place, and twice as likely to see an increased budget if that tracked ROI was shown to be higher than in [previous year].”
Conversely, the likelihood of receiving a lower budget for failing to prove ROI increases 900%!
So what’s the solution? Check analytics frequently and consistently. The most successful companies check marketing analytics 3 or more times per week and are 20% more likely to achieve ROI.
Which leads to the question, which analytics should you monitor? The answer depends on your business and your goals.
For example, if your goal is:
– Brand Awareness: monitor traffic, Google ranking, and social media reach
– Increasing Leads: monitor blog visits and landing page traffic
– Generating Qualified Leads: monitor call-to-action (CTA) clickthrough rates
By looking at these analytics, successful marketers are able to refine their tactics and improve their results. Hence, what get’s measured gets managed. If you are a CMO or Marketing Director looking to prove ROI and increase budget, start by frequently and consistently monitoring analytics and reporting the results.
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Also published on Medium.