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How to Calculate ROI in Marketing [Free Excel Templates]

Business Insights, Marketing Reporting
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How to Calculate ROI in Marketing It's a brand new month, everyone! It's a time for new beginnings. New email campaigns, blog posts, and social media strategies are on the horizon. But, aren't we forgetting something? With last month's activities done, we need to pause for a second to examine what worked and what didn't. You can't do that just by saying last month's activities were "great" — because "great" doesn't pay the bills. If you can prove that your marketing activities actually made an impact on your business, you'll have many more opportunities at your disposal. More budget to play with, potential hires to bring on board, and more ideas to put in action. Sounds like every marketer's dream, right? So how do you go about first, finding the right metrics to use, and second, proving your marketing's ROI to your boss? Why, with a monthly marketing report template, of course. Download our completely revamped PowerPoint and Excel templates by clicking here, Keep reading to learn how you can calculate your ROI in marketing through Excel, and use them in real life. For example, if you've been running a $800 campaign for three months, and you're seeing a average sales growth of 5% per month and $10000 sales growth from the previous month, then your ROI calculation can assess that trend: (10000 - (.05*10000) - 800)/800 Additionally, if you're a HubSpot customer, you can access an ROI calculator programmed with the same formula in our...

Waterfall Charts: The Marketing Graph You Need to Hit Your Goals

Business Insights, Marketing Reporting
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Waterfall Charts: The Marketing Graph You Need to Hit Your Goals Last November, my husband and I were on our honeymoon in Maui. One of the main activities we wanted to do was a hiking tour near the waterfalls. We dreamt of swimming in the cascading water at sunrise. When you hear the word “waterfall,” that’s typically what you imagine. However, today, we're going to talk about a different kind of waterfall — the waterfall chart. Waterfall charts are a data visualization resource that can help you gather and track important data such as traffic goals and lead generation. Below, let's review what a waterfall chart is, how to read one, and how to create one. In marketing, a waterfall chart could display the number of leads, traffic sources, or blog views over a period of time. More specifically, you could use a waterfall chart to showcase how your blog traffic has increased or decreased in the last year, giving values month over month. You could potentially use line charts, bar charts, and even bullet graphs to show this type of data. But waterfall charts have the advantage of showing your gains as they’re impacted by losses over time. Why use a waterfall chart? You should use a waterfall chart instead of other types of charts when trying to visualize data that experiences both gains and losses. It’s especially useful if you want to see how a loss affects a subsequent value. One of the reasons that waterfall...

Tired of Waiting for IT to Generate Your Reports? Try Ad Hoc Analysis

Marketing Reporting
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Tired of Waiting for IT to Generate Your Reports? Try Ad Hoc Analysis In midsize to large companies, it's standard to have business intelligence (BI) analysts generate reports on behalf of employees. Having a designated team is great, as it signifies you have the resources to process large volumes of data. However, it can be a roadblock to decision-making. Generating a report can take several days and if your team is already receiving many requests, it can take their focus away from higher priority tasks. This is where ad hoc analysis comes in handy – you can run your own queries as you need them. Discover the benefits of generating your own reports and the tools that will help you do it. Non-technical users – who may be unfamiliar with structured query language (SQL) – can use it to answer questions that require immediate answers. With the ad hoc model, everyone is empowered to dig into the data and find exactly what they're looking for, without having to go through someone else. Why is this helpful? It: Saves time – When everyone is able to run their own analysis, they don't have to wait days or weeks for IT to get to it. It also allows your IT team to focus on top priorities without being distracted by one-off tasks. Speeds up the decision-making process – This also enables your team to make decisions quickly, as they can access data to support their decisions. Empowers...

7 Best Marketing Attribution Software for 2021

Marketing Reporting
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7 Best Marketing Attribution Software for 2021 Determining which parts of your marketing efforts drive conversions and sales can be one of the messiest areas of marketing. But it's also one of the most important — assuming you want to increase ROI, revenue, brand awareness, conversions, campaign success, and more. This is where marketing attribution comes into play. In this blog post, we'll cover the definition of marketing attribution, the three main types of marketing attribution, and seven marketing attribution reporting software. Here are four examples of the benefits of marketing attribution: Determine the most effective areas to focus your marketing efforts and budget. Understand your target audience and their needs. Improve your chances of reaching and resonating with your audience with personalized experiences. Increase ROI. Three Types of Marketing Attribution and Software No matter which benefit you're trying to derive from marketing attribution, there are three main categories of marketing attribution — keep these in mind when setting your attribution goals and deciding which software is ideal for you. 1. Multi-Touch Attribution (MTA) Multi-touch attribution identifies which of many possible customer touchpoints is responsible for a sale. It’s important to realize that while most MTA programs include some channel data, they’re designed to test specific touchpoints. For instance, a multi-touch marketing attribution tool may evaluate your touchpoints in the following ways: First-Touch Model: A first-touch model assigns all of the credit to the first webpage or digital asset that...

9 Custom Reporting Tools For Your Marketing Team

Marketing Reporting
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9 Custom Reporting Tools For Your Marketing Team When it comes to creating reports for your data, sometimes a pre-built dashboard, table, or template will do the trick. But what happens when your current tool doesn’t have a pre-built report that meets your needs or includes the metrics and dimensions you want to use? Well, that’s when a custom reporting tool comes in handy. What are custom reporting tools? Custom reporting tools provide the ability to create personalized and unique (or customized) reports for your data. In addition to selecting the data you’ll display in your report, you can also customize a report’s metrics, dimensions, appearance, and more. There are a number of custom reporting tools available today including options that come with other perks like no necessary coding, easy installation, different pricing plans, support, and integrations (e.g. for data analysis and one-click sharing). Many custom reporting tools, like HubSpot, often come with pre-built templates and dashboards as well for instances in which you don’t need or want to customize your report. Here are 9 custom reporting tools to help get you started. 1. HubSpot Marketing Analytics Software Source HubSpot helps marketers surface a combination of customer insights and data to better understand what’s working and what’s not among target audience members. All of these insights and reports are available at your fingertips — alongside your CRM — without SQL. The custom report builder offers access to all of your data in a single location...

15 Key Performance Indicators to Help Improve Your Marketing

Marketing Reporting
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15 Key Performance Indicators to Help Improve Your Marketing When I was cooking steak the other day, I had to use a meat thermometer to check and see if the meat was cooked all the way through. In other words, I had to look for an indicator to see how the cooking process was coming along. Marketing is fairly similar. As a marketer, instead of a meat thermometer, you're going to use key performance indicators (KPI) to measure success. Below, let's learn more about KPIs and review some examples of marketing KPIs that can help you improve your marketing. Essentially, KPIs are measurable metrics that gauge overall performance over time. A great way to analyze and report on your KPIs is to create custom dashboards in your automation software. So, now that we understand what a KPI is, let's look at some examples. For today's purposes, we'll focus on marketing KPIs, but to learn more about sales metrics, check out our ultimate guide. 1. Customer Acquisition Cost (CAC) Customer acquisition cost (CAC) measures the amount of money it takes to convert a potential lead into a customer. This metric can be used to improve your marketing because it helps you make important budgetary decisions. For example, you don't want to spend too much money acquiring a customer if it won't result in a profit. Basically, this helps businesses decide how much money to spend on attracting customers. 2. Lifetime Value of a Customer (LTV) Another metric that can...

14 Reporting and Business Intelligence Tools For Your Marketing Toolkit

Marketing Reporting
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14 Reporting and Business Intelligence Tools For Your Marketing Toolkit Whether you're conducting a blog traffic audit or analyzing the success of your most recent social media campaign, it's undeniable that data is an integral part of any marketing role. As HubSpot's Director of Analytics, Bridget Zingale, says, "Reporting and attribution haverevolutionized marketing in every industry. Marketing data allows businesses to make more informed decisions about their audiences’ needs, challenges, and interests." Fortunately, there are dozens of analytics tools for marketers with the ability to collect data from different sources, crunch it effectively, and deliver helpful campaign analysis. Ultimately, reporting tools should do more than just calculate — they should also make the marketer’s job easier, and more productive. Creating attractive and readable reports is key to ensuring that the results of your work are clear for your entire team. Here, let's dive into some of the best data reporting tools, as well as some effective business intelligence (BI) platforms, to enable you to properly analyze your work. Best Business Intelligence & Data Reporting Tools As Zingale notes, "Data points such as age, ethnicity, gender, location, education, and employment have informed marketing teams and heightened the impact of campaigns across the board." Good tools you use should give you the above metrics — but greattools give you more. If you're one of the 75% of marketerswho report ROI from marketing campaigns, you're going to need reliable, accurate data. Let's explore the 14 best tools to help get you the...

19 Ways to Spend Your Marketing Budget Next Quarter

Marketing Reporting
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19 Ways to Spend Your Marketing Budget Next Quarter The tough part is over — your budget's been approved for the next quarter. But now, another challenge looms how to spend that money. You might be a little lost about how best to allocate your budget. Consider the resources and tools your team needs to do their jobs well. Additionally, leave a little room for celebrating your team for their wins — both big and small. So, how do you accurately plan out that perfectly balanced budget? Whether you have “use-it-or-lose-it” funds left over from the quarter, or are putting together a budget for the first time, here are some guidelines for allocating that money effectively. 1. Test new versions of calls-to-action that are performing poorly. Estimated cost: $50 per call to action In your analytics software, sort calls to action by click rate and conversion rate. Then, redesign ones with the lowest performance and test them. One way to do this is by performing an A/B test, which will show you which design your audience prefers. Perhaps a simple design change is in order to attract more visitors, like choosing a different photo. Or, maybe tweaking the wording can strengthen the connection you make with leads. This test will be useful in identifying the best ways to further prospects along in their buying journey. 2. Identify improvement opportunities on your homepage. Estimated cost: $150 Install heat map tracking software, like Hotjar or Crazy Egg, on your homepage....