1. Create Clear Objectives
The best objectives include specific measurable milestones (achieve sales of $1MM, increase conversion rates from 65% to 75%, etc.); are meaningful to your end goal; and are set at a realistic level that is motivating to your sales and marketing team.
2. Use Appropriate Analytics
Establish a metrics protocol that maps back to your objectives. Challenge every initiative to have a meaningful objective and means for measurement. Develop a process for reporting performance on a regular basis and share the results with your team and other stakeholders.
3. Measure what matters most
Data is everywhere. It’s easy to get lost in the analytics. Prioritize what you are measuring and make sure it is clearly aligned with your objectives. You’ll elevate your entire team’s focus and momentum by identifying and prioritizing 2-3 primary Key Performance Indicators (KPIs).
4. Possess a test and learn mentality
Marketing plans are often built from the prior year and based on what worked in the past. But emerging technology is driving new ways to reach your customers. Allocate a percentage of your marketing budget toward a test-and-learn investment. Then, use these efforts as a low-risk way to try new approaches and keep your brand fresh and relevant.
5. Embrace Agility
Marketing is a fluid process and the ability to quickly adapt to learnings and changing conditions is critical. Measuring your communications with A/B testing in paid ads, using multiple subject lines in email and optimizing keywords will lead to a greater ROI on your investment.
Read more in Elliance’s May newsletter.