Metrics, metrics and more metrics.
Is it sales, leads/conversions, e-mail subscribers, social fans and followers, website traffic? It depends. Metrics can be endless.
That’s why you will benefit from asking these five questions to guide your marketing metrics, according to a recent Marketo report:
- What are your specific objectives for marketing investment and how will you connect your investments to incremental revenue and profit?
- What impact would a 10% change in your marketing budget (up or down) have on your profits and margins over the next year? The next three and five years?
- Compared to relevant benchmarks (historical, competitive, marketplace), how effective are you at converting marketing investment into revenue and profit growth?
- Which are appropriate targets for improving revenue leverage (defined as dollars of profit over dollars of marketing and sales spend) over the next few years? Which initiatives will get you there?
- What questions do you still need to answer about your knowledge of the return on marketing investments?
So what questions are you asking to get clear and confident about your marketing investment metrics?
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