5 Tips for Using Campaign Data to Build Your Next Marketing Budget
3. Use campaign influence to determine accurate return on investment. Most marketers calculate ROI as a ratio of spend and revenue generated using a formula that credits the first or last customer touchpoint for the sale. The demand-generation process is more complicated than that because prospects respond to multiple campaigns. Using multitouch campaign influence to ensure that every campaign gets an appropriate amount of revenue credit provides a better understanding of the ROI of your marketing programs.
4. Use weighted campaign influence for the most accurate understanding of campaign performance. Crediting all campaign touches equally for a sale yields a more accurate view than tracking only the first or last touches, but that's not enough. Marketers who want to achieve greater accuracy need to measure weighted campaign influence. Use data from your unique business practices to weight the different elements of your campaign touches (e.g., campaign types, user roles, when the touch occurred in the sales cycle, etc.) to get a better picture of which campaigns are most effective to better allocate future spend.
5. Use campaign data to improve marketing and sales processes. As savvy marketers know, post-campaign follow-up plays a huge role in campaign performance. With marketing campaign data and sales data tracked in the same place, you can spot issues with lead handoff and identify bottlenecks, then you can address them and improve performance without increasing your marketing or sales budgets.
As you assess completed campaigns and apply lessons learned, use that data to create a realistic marketing budget and improve future campaign returns. Use your own data augmented by industry benchmarks to help you develop accurate performance targets. Leverage weighted campaign influence to measure the revenue generated by your marketing programs to get a realistic big-picture view. In addition, use data to identify process issues that once fixed can elevate performance even higher. Use these five steps to build your next marketing budget — and create a better marketing organization.