How do I measure marketing ROI?
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 absolutely possible. This was not always the case. Today, there is no excuse for not being able to provide detailed ROI (Return on Investment) reports for your enterprise, whether large or small!
Modern marketing analytics mean that 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 produced?”.
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 set-up to provide the level of clarity required by the business and its board of directors.
There is however, a huge array 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?
- How do I ensure my reporting clearly demonstrates the performance of marketing?
- What is the marketing ROI for my business?
And if you are, you are asking the right questions.
To truly measure the ROI of your marketing activity, you first and foremost need a platform which not only enables you to capture the necessary data, but also helps to demonstrate the conversion activity at every stage of your sales funnel.That’s why we use HubSpot.
You are here because you want to be in a position where you can confidently report on the conversion ratios at every stage of your sales funnel and demonstrate the ROI of your marketing activity.And that’s why you need HubSpot.
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. And, when combined with Google Analytics, you can create forensically accurate reports which clearly detail the efficacy of your marketing.
To help you understand how effective the HubSpot and Google Analytics combination is for measuring marketing ROI, we have compiled an in-depth and comprehensive eBook which covers the capabilities of HubSpot’s analytics and reporting features - and how you can utilise them to measure your marketing ROI.