How to measure ROI and reduce growing stress levels

A recent study by Workfront found that the issue which marketers dread most about their role is ‘proving their value to people who don’t understand what they do’ (as chosen by 55% of respondents). With more than half of marketers seemingly concerned about this matter, it’s certainly something that must be addressed. Thankfully though, there is already a solution in place, it just needs to be adopted and implemented by marketers.

 

The basis of the issue

The basis of this issue stems from the C-suite and board members being unable to quantify what marketers bring to the table. For many years, marketers used the communication channels that were available to them to generate leads and then handed these leads over to sales. At that point, sales then converted these leads to customers and proved their worth to the board. The outcome though, was that marketers went almost unnoticed and unappreciated. This oversight resulted in businesses being unsure of exactly what the marketing department contributed in regards to business growth and therefore required them to justify their existence. But in the last couple of years, things have started to look up…

 

Proving ROI

The arrival of marketing automation gave marketers the opportunity to measure a variety of metrics like never before. Due to the automated nature of the software, many of the important measurements were tracked by the system, with no need for human input. The result was that marketers could create in-depth reports on individual customer journeys, identify which channels they engaged with and which they didn’t. By retrospectively reviewing the purchasing journey of all new customers converted by sales, the marketing team were able to attribute their activities to the sale and measure their ROI. With this new ability to effectively measure ROI, things began to change…

 

Highlighting their value

With the ability to create clear and concise ROI data across all communication channels, for all new customers, and for all marketing campaigns, the C-suite couldn’t question marketing any longer. When new budgets were being discussed for the following year and each team would submit their proposals for budget allocation, B2B marketers were able to show the board exactly what value they brought to the business, how they were accountable, and how they could help the business grow. For these marketing teams, having to constantly justify their activity and prove their worth was now a thing of the past – and it can be for you too.

 

To find out more about measuring your ROI and proving your worth to the board…