When companies consider measuring campaign ROI, they almost always jump to how they’re going to measure the hard costs associated with implementing the campaign. While marketing automation and CRM software does that, it’s also valuable for companies to see that there are actually phases in ROI measurement that lead up to determining the returns in terms of dollars spent/dollars received.
There are many factors rolled up into these phases and your lead management solution should help you pinpoint and track those factors. It should help you determine where prospects are in the marketing sales funnel. It should guide you in tracking behavioral trends, responses to dynamic content and what tactics elicit both. Your lead management program should include a lead scoring mechanism that takes all of these factors into consideration and lets both the marketing and sales teams know where the individual is in the buying cycle so individuals can be delivered content that is unique to their current position. All of these concepts show how a lead is progressing through your marketing sales process so that the ROI can be measured at each phase.
1. The first phase of campaign ROI defines cost-per-inquiry and the value you bring to a prospect’s world. The best lead generation programs measure drivers that increase phase one traffic acquisition. This may include pull tactics such as blogging and search engine optimization, or push tactics such as press releases or co-branded email campaigns to a co-sponsored opt-in list. Measure hard costs, such as press release syndication services and email transmission fees, as well as soft costs, such as employee time or social media share-of-voice relative to content. The success of these tactics should be measured by how effective they are in pushing leads to phase two of the process.
2. The second phase of campaign ROI defines inquiry-to-lead drivers and the lead nurturing tactics that increase participation. Lead definition in phase two directly determines costs associated with prospects who are sales ready and should be contacted by your sales team. Configure your lead management technology to measure cost per tactic for each vertical, then compare response rates and consumer feedback surveys to understand if your dialogue is building an emotional connection. Consumer surveying can help profile your ideal customer and understand if your lead management process is successfully qualifying your inquiries.
Training seminars to improve your team’s phone skills are worthwhile inquiry-to-lead costs that drive sales if your channel management strategy is accurately executed. Direct mail executions to pre-qualified audiences are effective and can move prospects through the marketing sales funnel.
3. The third phase of campaign ROI measurement determines lead-to-close rate. Finally, your campaign management software should calculate lead-to-sales close metrics. This final phase includes tactical costs, but also engagement metrics that can help you predict time-to-close. This maximizes your sales marketing plan and return on marketing investment. Create a lead scoring report in your campaign management system that measures stages of funnel prospect. Three simple levels may include nurturing, qualifying and proposing. Eliminate opportunities that have expired through lead filtering tactics or continued thought leader content per opt-in consent.