Today, most companies are getting better at measuring their productivity if for no other reason than there are so many marketing channels. The mantra of, “your customer can be anywhere, so your message needs to be everywhere,” has changed.
To be cost efficient, measuring channel results is the first step in becoming a data-driven marketer – a title we should all aspire to become.
How do you measure reach or impact? These seem extremely vague, yet they are quantifiable.
E.g. You attend a conference and have a booth. How many new prospects stopped at your booth? How many talked with you for a few minutes? How many requested a demo or a meeting? Those are easily sorted into: Prospect, MQL and SQL.
In person prospects pose the problem of getting their contact data into your database and marketing tools. In the old days, tech savvy salespeople had business card readers which were essentially mini-scanners that haphazardly entered the contact’s information into the CRM. Usually, it grabbed all sorts of data and still required a lot of editing.
Today, we have badge scanners and iPad apps that work with your systems. The manual processes have been eliminated…here. How do you measure reach or impact? These seem extremely vague, yet they are quantifiable.
You probably have heard of Data Hygiene. It’s the marketing data analyst’s version of your mom yelling at you to, “Get your shoes out of the middle of the hallway before someone trips and breaks an ankle.” I’m a mom of a teenager, so I’ve been known to say that at least once a week.
The data equivalent of not picking up the shoes is when your data goes into a system but doesn’t get attributed to the correct lead generation activity.
You need to follow that lead through your systems and make sure it picks up it’s shoes! Find the disconnected fields and fix them. This could be as easy as mapping one system to another or it may require editing the field conventions that were originally set up in your CRM.
You cannot measure the impact of the event on that lead without it having a value. This can be linked to average product cost, deal size or sales can further qualify it.
A process needs to be in place so each lead has a value placed on it as early as possible in your sales cycle. These values can change over time, using lead scoring and further qualification, but having the data in early is very important.
Garbage In, Garbage Out?
Not exactly. The data going in is not where the garbage is created. If it’s honestly a lead you generated or classified properly as a list or cold prospecting attempt, then its fine.
The garbage is often created when the digital thread isn’t continuous. When the lead enters your very first system, it needs to carry on through all your measurement systems.
Take time to keep the digital thread from getting knotted and your data hygiene will only suffer when humans deviate from the parameters set.