We all want to get the most out of our investment from our marketing efforts, but marketing departments can be seen as overhead costs in many companies. So, as a marketer, how do you prove your worth, and measure the impact your work is having on the bottom line of the business?
Working smarter and not harder with your sales team to convert the leads you bring in is a huge first step. But, knowing which activities have the highest returns and doing them in the most effective way possible is also a necessity to maintain a strong ROI for your marketing activities.
Aligning Marketing and Sales
Being in sync with our co-workers is important as we actively try to move together towards the same goal, but that might not be happening as much as it could be in some areas. One of the biggest issues faced by marketers is converting leads into actual sales. Doing that requires coordination between the marketing team and the sales team. Yet, 35% of marketing and sales departments either don’t know if they’re aligned at all or are rarely aligned in their approach. Companies that reported having good alignment with their sales and marketing teams had far much more positive results in their business, with 81% of companies saying that their marketing strategy has been effective. While 69% of those businesses that did not have well-aligned marketing and sales groups said that their marketing plan was not effective at getting and closing leads. Talk with your sales teams, set goals and ways to reach those goals together.
Knowing what each department needs to do their job as effectively and efficiently as possible is a huge step in the right direction. Having shared goals between marketing and sales and an open line of communications will work wonders for your return on your marketing goals.
A June 2016 survey of U.S. marketers conducted by the Data & Marketing Association and Demand Metric found that email had a median ROI of 122% – more than four times higher than other marketing formats examined, including social media, direct mail, and paid search. That’s a really intriguing number! There is no doubt about that, but just because you send emails doesn’t mean you will achieve numbers like that without a little information and work behind it.
Calculating your marketing ROI isn’t always as straightforward as it sounds, but it’s critical for you to understand your ROI. Emailmarketingroi.com has a great calculator for you to see how your ROI is on your current email marketing activities and can give insight on what might need to change to have the biggest impact possible.
Using a marketing automation platform will go a long way. A well thought out roadmap of sends based on an individual’s behavior will bring more people down into the sales funnel. Using marketing automation will send the right message based on behavioral tracking of how they interact with the emails you’re sending them. Giving you more data to use in the future and giving your potential new customers what they’re asking for, when they’re asking for it.
For email marketing to work effectively you need to have clean data! Clean data will not only get your message to the people who care most about it more often and more effectively, but it will also save you money. When you execute on clean data you won’t be spending on sends to people who don’t interact with the content you’re sending them, which can be up to 40% of your send list!
Using all Marketing Platforms
Don’t let the allure of email marketing’s ROI distract you from using other ways of interacting with your audience, though. A coordinated, multi-channel approach will always yield the best results. Your prospective customers aren’t just looking at their email for information about you. They’re looking on various social media platforms, talking to their peers, and visiting your website. It’s important to have a consistent message across all platforms.
They might like your emails and open them frequently, but if you are absent from other platforms you will be less likely to convert them to a sale than if you had a consistent message about your brand across all platforms.