AMA Webinar: 50 Marketing Metrics That Matter
Do You Measure Up?
Are you able to make data–driven decisions on your marketing spending? 50% of marketers can’t. Modern marketers are faced with making sense of the ever-increasing amount of data they have access to. What should they be tracking? What are their peers measuring? What key performance indictors really help push campaign performance to the next level?
Here’s what you will learn from the webinar:
- What KPIs your marketing team should be tracking
- How to make better marketing decisions
- A detailed exploration of several common marketing channels
TOM: Alright, good morning everyone, thank you for joining us here today. We will be covering a reliquial subject and I’m glad you guys are in attendance. For all those that will be watching later, we’re going to be talking about 50 marketing metrics that matter and you’ll have the opportunity to ask yourselves, “Do we measure up to these metrics? Are we tracking them? Are we getting value from them?”
Today’s presenters will be myself, Tom McConnon, and I’m the Senior Director of Product Marketing at Domo. You can follow me on Twitter @tmcconnon, and I am sitting here with the, I don’t know, the inestimable, ever handsome Devin Parker who’s our Senior Director of Enterprise Solutions at Domo. We’d love for you to engage with us on Twitter with the hashtag “domo”, so we look forward to seeing some conversation there.
So let’s jump into this. I like to think that I’m what I call a middle brain marketer, where I kind of span that divide of being left brained and analytical and right brained and more creative. But, I’m passionate about today’s subject because it really flexes my left brain where sometimes you know if there’s any imbalance I feel like it would be in that direction, which you know this analytical discussion I think is really important for marketers and something that we could all use.
DEVIN: And I’m fond of this quote from the folks at Forrester, where they’ve identified that nearly half of all marketing organizations identify that using analytics to guide decisions is one of their weaknesses. I think it really is because marketing is attractive to the creative people, but I think that the science, the mystical art of marketing has evolved in recent years to include a lot more data and a lot more data from various sources, which leads us to the need of being able to make decisions based off of that data.
TOM: Absolutely, I’m seeing this, you know, in every work place that I’ve been in the push toward analytical is really strong right now but I’d actually like to hear from the audience now. Let’s move onto our first poll question, let’s get you guys engaged and ask this question here. We want to ask: “What is your biggest challenge with marketing metrics?” The first option, option 1: they aren’t found in a single location. 2: they require a lot of manual upkeep. 3: they don’t answer the right questions or 4: the data that you’re getting, your marketing data, isn’t trustworthy. So we’d invite the audience to submit some answers now. What is your biggest challenge with marketing metrics? And, I’m willing to bet, I don’t know what you think here Devin, but I’m guessing that folks are struggling with all four of these to a degree.
DEVIN: I would agree, you know I think that in my experience, working with a lot of organizations to get their arms wrapped around the data that they have, there are a lot of challenges and I believe that these are all very common. Just looking at those responses I’m having a difficult time identifying one that I think is really going to be the overwhelming front runner. I’m interested to see the results from our audience as they come through. So I’ll give you just another couple of seconds here to finish up voting, those of you who have, we appreciate that, those who have not please take just a moment to share with us your thoughts.
TOM: I don’t want to influence the results here, but my money’s on number 2, I would say. Shall we push this out to the audience?
DEVIN: Sure. Let’s go take a look at the results and Tom, well insightful. It looks like the 2nd result that they require a lot of manual upkeep does seem to be the leader with nearly half of our votes coming in there. And the 2nd one is that the challenge being that the information is not found in a single location that we have to jump all over the place to try and get at that data, definitely is a challenge for many organizations.
TOM: Fantastic! That actually tees us up for a great discussion moving forward. We’re going to be covering, as we said before, 50 KPI’s that matter. KPI is the Key Performance Indicator, it’s a metric that’s used to measure a business objective of some kind. So, Devin, how are we going to break this down?
DEVIN: So what we’ve done is we’ve really broken these KPI’s down into several different categories. First the tracking analytics, second the analysis KPI’s (the analysis metrics) and the third are the return metrics. And we’ll certainly go into more detail as we cover each one of those sections. But you’ll also notice that within each of those sections we’ve broken specific KPI’s into different functional areas, those relating to things like web analytics, email, paper click, etc. Now, we certainly recognize that this doesn’t represent the entire gambit of all of the disciplines that exist within marketing, but we’re tried to cover a broad swash so that we can provide some distinct value to our audience today.
So let’s start with the tracking KPI’s and let me ask: when we’re talking about tracking KPI’s what exactly,do we mean by that?
TOM: A good question, so if I were to group the tracking KPI’s I would call these the what? This is the basic information, the basic fundamental building blocks as it were in terms of metrics that you’re collecting so that you can then later on down the line analyze the information that you’re getting. These tracking KPI’s aren’t that sexy, they’re nothing that you probably haven’t seen before. Often times they’re provided out of the box from different marketing applications and systems, but they’re absolutely essential to arriving at the type of marketing analysis that you need.
DEVIN: Well, let me ask related to that is, what are the challenges that we often times see with tracking KPI’s?
TOM: So another good question. I would say that the biggest challenge around tracking KPI’s is that the information that you need to create these tracking key performance indicators, they’re distributed as I said tiers before that they’re distributed across multiple systems and applications. To get some web analytics KPI’s you need to jump into your web analytics platform, or to understand what’s going on with your customers, maybe you need to jump into a CRM platform. Or, if you’re looking at how you know your email is performing you need to go to an email marketing or marketing innovation solution, so it’s spread, flung, across your entire marketing organization really.
DEVIN: Well let’s jump in and take a look at some of the KPI’s that we recommend for tracking purposes.
TOM: Fantastic. So as we mentioned before, they’re broken down by functional role in this basic category of tracking KPI’s. The first one that we’re going to look at, this blue category here, is web analytics. Now as I said before these won’t shock anyone, but we really have to have a basic understanding of what we need to track so you have a performance base, otherwise you’re really flying blind when it comes to making marketing decisions. So, with web analytics we’re looking at basic things like total visits and unique visits, we’re looking at how many visits come from social media, and how much time are people spending on the site when they do visit your website. Another interesting one, in the bottom right there, we have ‘traffic by device’. Your analytics platform can probably track this and you might want to know whether the majority of your traffic is coming from, let’s say mobile, for example. I had one experience where there was a company that received, they were an e-commerce company and they were receiving lots of mobile traffic but they weren’t optimized for mobile, which meant that they were missing out on a lot of potential revenue. Once they fixed that in fact revenue really shot up, they had a better shopping experience and better conversions as a result.
Moving on into some web analytics and also we’ll dabble into email here. Let’s look at the first one, the top left. What are your total website conversions? Hopefully, with your analytics platform, you’ve defined what a conversion is to you, maybe it’s a form fill, maybe if you’re B to C maybe it’s a purchase from your website or maybe it’s a resource download. All of these are conversions, and you can set up in your web analytics to track when a visitor makes or completes a conversion in your mind. You want to look at page use, look at maybe the number of chats that are initiated on your site.
Moving into email, some basic tracking KPI’s. How about “sends per email campaign?” How many emails are you blasting out into the universe here? But more importantly, how many people are opening those emails that you’re sending, you want to look at open rates by campaign and, really, you should be breaking it down by campaigns. I mean instead of sending the same message to the entire audience, focus in and have a niche message per audience. Let’s move through and finish up email.
Another cool one, the top middle one. I like to track this one, this is “database size.” If you’re growing your email database that means that you have a larger potential audience to speak to further down the line as you segment your message and get more targeted with your messaging; so, that’s a really important one to look at. Jumping into these pink or red KPI’s here, we have “paper click” or “display advertising,” these are the ads that are served maybe in search results or in banners and we’re just going to keep breezing through some of these basic tracking KPI’s. 00:10:00 You want to look at things like impressions, you want to look at clicks and the great thing about it, is that a lot of page search campaigns is they give you the cost per click right out of the box, which is fantastic. When you look at things like search engine optimization, you want to be looking at keyword rankings by position, where do your top key words sit in the search engines, how easy is it for people to find you and we’ll delve into that a little bit further.
On the next slide here we have, how many total pages have been indexed of your website there? You might have you know 500 web pages but of those 500 how many has Google crawled in and indexed and made available for potential organic search traffic? That’s something you might want to keep an eye on as well as ‘”nbound links’” which you know can boost credibility of your pages and site overall and might help you rank better.
Jumping into social media. What are some basic tracking KPI’s? Well “follower growth by channel” you might want to know how many Facebook friends you have or how many Twitter followers you have or whichever social media platform resonates most with your audience, keep an eye on that, and keep an eye on all of these channels. But that’s not the most important metrics followers, but we’ll get into that further. You want to know how many social interactions you’re having, or how many clicks you’re having per social media channel. If you blog, how many blog comments are on each post?
Moving on. Let’s now look at the functional role of PR in your organization. Maybe one thing you want to track is the number of press releases that you’re sending out, or how many impressions, online impressions you’re getting from those press releases. And even better you know how many people, how many media outlets or organizations are picking up the news that you’re broadcasting and syndicating it out to a larger audience. In events here, in orange, you might want to know how many attendees are slated to attend the events that you’ll have a presence at. And how many contacts have you made per event. You know maybe it’s the number of booth scans or the number of business cards that you’ve collected. Another cool one is what did it cost to attend an event? You know the total cost for the event and you know how many people were there. You can come up with a dollar figure as to what the cost per attendee is and sometimes it might be worthwhile to have a higher cost per attendee because you have more qualified audience, but when it’s, high volume, low quality, you might want to get a whole lot of people so that you can find the diamonds in the rough there.
So these are the basic tracking KPI’s, hopefully these are familiar to the majority of folks in attendance today, but that tees us up for some more interesting discussion in the analysis KPI’s.
DEVIN: So let me ask, what do we mean by analysis KPI’s and how do they differ from the tracking KPI’s that we were just talking about?
TOM: So if the tracking KPI’s are the “what,”, I would say the analysis KPI’s are the “so what,” why do these matter? It’s really fundamental to have these tracking KPI’s nailed down so that you can then return and perform some analysis to figure out who cares, and then ask yourself, I have all this data, so how is it going to make me a better marketer?
DEVIN: So if the tracking KPI’s were primarily generated by the tools that we’re using, the web analytics etc., how do we create these or how do we generate these analysis KPI’s?
TOM: Well that’s the real challenge with these analysis KPI’s is that it takes a lot of manual collection of data to determine them. In this case you might be pulling some out of the box data but you might need to look at a different data source and pull in you know, a different set of data to really make sense of the value of the data that you have. And we’ll drill into that further and give you some examples of what we’re talking about.
DEVIN: So you’re saying the real challenge there is that generating these often times requires some leg work, some actual manual effort in order to generate the particular metrics that we will be discussing?
TOM: Exactly, it’s good to know. So jumping into the analysis category here and back into web analytics, let’s look at some of these cool analysis KPI’s. So maybe let’s start with the top right. “Page views per conversion.” Back in the tracking KPI’s we determined that you should know page views per visit, but that doesn’t really tell you anything you know, who cares how many pages people are visiting.
DEVIN: Like one of those signs on the freeway that says you know “2.5 million cars pass this billboard every year.”
DEVIN: So what?
TOM: Right, so are they taking any action? Are they taking the desired action that you would want them to? So you know pages views but how do they relate to conversions and what can you do about that? Maybe you know that for every conversion that you get whether it’s a purchase or a resource download or a lead, maybe the average visitor views thirteen pages; that could be a good thing, maybe that means that you are doing a good job engaging them on your website. But that, I guess could be a bad thing as well; maybe they’re really digging, they’re having to search through thirteen different pages to find some media content before they’re willing to take that call to action. So knowing this information, how many page views per conversion can be really valuable for you to take action.
DEVIN: Certainly, certainly.
TOM: Another cool one. Maybe the bottom right in this case. What is your visitor value? So you know the total number of visitors to your website, you should also know the number of visitors that convert into the, you know become conversions or that take your desired action. So the way that you can calculate your visitor value or the formula is you would want to divide the total unique visitors by the visitors that convert. And then you would multiply that by their conversion values. So let’s say you had 1,000 total unique visitors and ten of those visitors ended up converting, and the average conversion value is $500, that would let you know that each unique visitor is worth roughly five dollars.
DEVIN: And that becomes a very useful metric to understand because in looking at the levers that you have to pull, what are the options? Well we can you know, we can increase the number of people, or we can optimize so that we’re increasing the conversions per individual, or we can just somehow convince them to spend more. The ultimate desire being that we want to increase revenue and so we want to identify which of these particular potential actions we can take in order to drive the desired effect from our potential customers or respondents to our website.
TOM: Yeah here at Domo we were going through a similar thing, we were analyzing whether we should spend more money getting people in the top of the funnel or spend more time trying to improve the experience on our website to increase conversion. And we found that in a lot of cases it’s a lot cheaper to improve the experience and to boost conversions rather than pay to get additional folks in the top of the funnel. So that’s a very important metric to be tracking.
TOM: So let’s move on into some analysis KPI’s for email. One that I really like is the “click to open rate by campaign.” So you know how many emails you’re sending, you know how many people are opening those emails, but are they taking the desired action that you want them to, are they perhaps clicking on a call to action or are they downloading a resource? You might find in some cases that your open rate is great but your click to open rate is terrible, what do you do about that? Or you know if you weren’t tracking your click to open rate you wouldn’t even know that there was a problem to begin with, so perhaps you want to rotate the content that’s in the emails that you’re sending or change up the subject line. Maybe the subject line isn’t teeing up the call to action very well and there’s a disconnect and people aren’t taking that call to action. So that’s an important one to track.
Another one to look at in the top right there is “email deliverability by campaign.” You want to look at things like are you getting a lot of bounce-backs with your campaigns? Are you getting a lot of unsubscribes? If you are, that might tell you know your ISP or other folks that your emails are more like spam and you might get blacklisted as a result. So you really want to tell your campaigns so that they speak to a targeted audience so that you don’t get a lot of unsubscribes and a lot of bounce-backs to improve your deliverability right.
Another one to look at and that I really like is in the bottom right. This is campaign influence. So if you’re looking at this in the context of email, how is your email marketing or marketing on a mission affecting sales by stage, and this is really for a B to B audience here, but perhaps you have you know, your sales organization has a lot of leads that are very close to becoming customers but they’re right at the cusp of signing a deal. You as an email marketer or your email marketing efforts, you can help push those folks across the finish line with the right content or accelerate the sales cycle in some way. So you might want to look at how you’re affecting the progress of your prospects through the different sales stages, and that’s something that you can track with your email marketing efforts. It also, by the way, makes you very credible when it comes to the people that you report to. If you can tell them that, “Hey, I took this deal from you know kind of sitting on the fence to across the finish line” that will win you a lot of good will, a lot of brownie points in your organization. And we’ve seen that here at Domo, we’ve got some great folks on that.
Sorry, analysis KPI’s for paper click and display advertising. So let’s start with the top middle here with conversions. So it’s great for you to know how many conversions you’re getting with page search or display advertising, maybe your retargeting campaigns, but you want to look at the KPI next to it, the cost per conversion, that will tell you if, or that will give you some insight into whether your paper click campaigns or display campaigns are sustainable. So yeah you’re getting a million conversions, but what is your cost per conversion? And if it’s too high what can you do about it? Maybe optimize or change up the key words that you’re targeting, maybe change the ad copy, maybe change your ad groups or maybe you know refocus the campaigns. All of those are levers that you can tweak to really get a better return on your paid search or display advertising spend.
Jumping into the SEO one in the interest of time. You could look at the the percent of pages that are indexed on your site. So you know before we were looking at, in the tracking KPI’s, the total number of pages indexed, well what is the percentage of pages to pages indexed, that might let you know that there’s a site architecture problem, if there’s you know a low percentage of pages to pages indexed, maybe you’re misusing your economical tags or maybe there’s you know a bunch of no follow mark up on your pages. That might cause search engines to not be you know indexing your site correctly which can be a real problem; you’re missing out on a lot of potential search traffic which is never good.
There are a couple more SEO metrics that I absolutely love, I have a strong organic search background. You might want to look at the ratio of branded to unbranded traffic and what I mean by that is let’s say somebody’s searching for you, are they searching for you by your brand name, like, in our case you know are they jumping into Google and searching for Domo or are they searching for you know “business dashboard” or something like that? You can probably gauge the effectiveness of your SEO expert by how much unbranded traffic you’re getting. How many people are finding you without even knowing who you are? I mean that’s really what you want is to cast a wide net and bring in a lot of folks.
Another great KPI, the one next to it. What is the number of key words referring traffic? The unique number of key words referring traffic. Let’s say this month Google or people find you through 400 unique key words, you know they search 400 different queries and end up on your website. Well, if the next month you up that by a 100 and people are finding you by 500 unique queries, that probably means that your SEO expert is doing a really good job, that they’re optimizing more pages or helping you produce more content that you can be found for. So that’s one thing to keep track of, to gauge your SEO effectiveness.
Jumping into social. The bottom middle one there. You want to know how many conversions you’re getting by channel. A lot of people are saying that social media is very hard to track, that it’s kind of a fuzzy area of marketing, but I testify that you can track your conversions in social media. Maybe you’re initiating a conversation that has a call to action with a link within a, maybe a Twitter post or a LinkedIn update, make sure you’re using a URL shortener that’s trackable so that you can see how many people are clicking through social media to your call to action and you know then converting down the line, that ties back into web analytics as well. You should be able to know how many conversions you’re getting by channel to justify ORI spend and ORI budget, really. And you can look at, you know, things like average sentiment by channel in the bottom right. Are people speaking positively about you, are they using positive key words when mentioning your brand or your services? If you’re seeing a poor sentiment in one of your channels, that might give you a very early heads up that there’s something wrong going on here.
So let’s move into, well yeah let’s finish off one more in social. Look at the, in the top left, at the interactions to conversions ratio. A lot of people use social media as a broadcasting platform but they aren’t interacting a whole lot, they aren’t engaging in conversation. You might see that for every social media conversion there’s an average of, oh I don’t know, five interactions. If that’s the case, you might want to replicate that across other platforms and really engage people knowing that you have to talk to them a few times before they take the desired call to action. And we find that building relationships and really engaging people in social is absolutely critical.
Jumping into PR here. You, you know before in tracking we were tracking the number of press releases that you’re sending out, but how many conversions are you getting from those press releases? That’s one step down the line and more beneficial but so what. Or how many conversions are you getting by media pick-up? Let’s say you send out a press release and it’s syndicated by five really cool media organizations. Hopefully you’re using analytics to track referral traffic from those media outlets and you can track which one of those convert. You might find out, for example, that TechCrunch sends you some phenomenal qualified traffic but that you know ReadWrite doesn’t, so you might want to start pitching the TechCrunch guys a little bit harder or something of that nature. So it’s important to track your conversions by media type.
Jumping into events. What is the ratio of contacts to attendees in the bottom right there? So, you know how many people are at an event but how many of those people that attend are you getting contact information from? That might tell you a few things. Are you talking enough? You know maybe you have a booth presence, but nobody’s opening their mouth. You should know how many people you’re talking to or how many contacts you’re getting by the total number of attendees. That might clue you into whether you’re sending the right folks, you know are these the best people to send to events, are they the ones that engage the attendees? Maybe it’s an issue with your booth presence. If you have a low contact to attendee ratio it’s maybe because you have a 5 x 5 over in the corner of the expo hall and nobody’s seeing you. Maybe you don’t have cool swag. Last year Domo went to Dream Force and we handed out these sweet Skull Candy headphones for everyone that watched the demo of our software and we had lines wrapping around and around the booth, I mean it was really cool. So all of those can influence the number of contacts to attendees.
You might want to look at, in events, the cost per contact by event. You know how much it costs to go, how much does it cost per every contact that you make? Not per attendee but for every person that you spoke to and that takes mashing up a couple of data sources again to get this analysis KPI. You also want to know the cost per conversion even further down the line per event. So you know how many people went, you know how much you spent, you know how many contacts you made and how many people took a desired action. From those data points, you can pull your cost per conversion by event.
Jumping into these management KPI’s in blue now. You want to know things like what is your customer acquisition cost, how much are you spending to get someone to buy? Now this is a real expense, so you want to keep a close eye on it. Maybe if you’re a new start-up and you need data clients in your software platform, maybe it’s okay to have a high customer acquisition cost because you need people in there kicking the tyres and giving you positive feedback; but, if you have a tight budget, a high cost acquisition cost is not a good thing, so you don’t want that.
Wrapping up a couple more. One cool one is, you know, can you see your customer concentration by state? That might tell you if you should focus more efforts there or maybe you’re saturated and you should jump into new markets elsewhere. But in the interests of time let’s move onto the next bucket. The, I would say the most critical, the crowning KPI’s of marketing.
DEVIN: Well okay, so return KPI’s. What do we actually mean by that? And again how are they different than the tracking and analysis KPI’s?
TOM: So, if the tracking are the “what” KPI’s and the analysis KPI’s are the “so what,” the return KPI’s are the “is it worth it?” KPI’s. So we’re tracking this stuff, we’re analyzing it, but the return KPI’s will tell you if you should continue to invest in those areas, what is your return for all of these efforts. And, this is absolutely critical to get to, it’s the hardest thing to do in marketing metrics but that’s the direction that you want to go, that’s where you want to be.
DEVIN: Well you mentioned it’s one of the hardest things to generate, why is that?
TOM: Well, in addition to all of this data being distributed across different platforms, and in addition to having to pull it off together manually to find out what your return is, an additional challenge with these return KPI’s is that this data is also often siloed by departments. So, this data might not only reside in marketing, maybe it lives in sales, maybe it’s found in the finance department and you’re having to you know cross these departmental walls to find out “what is my return on marketing investment” in a lot of cases.
DEVIN: So let’s take a look at some of those five.
TOM: Okay so there are really three that I want to focus on here and we’ll jump into these. So the first one in the top left is what is your marketing return on investment by category? So we looked through all these categories like web analytics, email, display, SEO, social, PR. For every dollar that you put into those activities how much are you making? Now this is hard to calculate because in a lot of cases, let’s say you’re a marketer and you’re, maybe it’s a B to B organization and you’re generating all of these leads, well congratulations you generated 500 leads. But, what you have to know to calculate your returns on your marketing spend is how these leads are performing through the sales funnel and ultimately whether they become you know revenue for your company. That’s not easy.
DEVIN: So back to that whole question of crossing those boundaries, yeah there’s the challenge of getting all of the information from these different categories that probably starts off in marketing, but then transitions over into the sales funnel, you know which of these things are actually progressing and ultimately in the finance how many dollars did they spend, what’s their lifetime value? So I can certainly see why some of the challenges that you introduced a moment ago are taking place with even that particular KPI.
TOM: Absolutely, and if you find that you have a low return on social, either change the way you’re doing social or cut it. I mean you’re willing to allocate your budget wisely and up until yesterday, I would have said the mother of all marketing KPI’s is this one in the top right, the return on marketing investment. For all of these different channels, for all of these different marketing categories or leads sources or traffic sources, what in aggregate, if you roll up all of these, for every marketing dollar you spend what are you getting back? That is the holy grail of marketing metrics I would say. Knowing that is extremely important because you know across your entire marketing department if you are effectively using your marketing spend. If you’re spending a dollar and making 87 cents, you need to go back into each one of those channels and look at where you need to cut.
But then there’s another cool one that I want to jump into. This came from foursource.com. It was actually our CMO that tweeted it out the other day and I looked into it a little further. This is taking return on marketing investment, or ROMI, to the next level, not only do you know your return on marketing investment but tracking this information here will help you know where to allocate your marketing dollars more intelligently I would say. So what you’re looking at here. Actually before we do that, Devin why don’t you explain the theory of diminishing returns?
DEVIN: The law of diminishing returns is really a finance term where we’re looking at some point, and that’s really the magical science, is identifying what that point is, but at that point we can spend more and more but the benefit that we’re getting becomes less and less because we’ve either saturated that particular market place or we’ve contacted really everybody that we’re going to contact in that particular venue. Again, we can spend more money, but the benefit that we’re going to get for that spend decreases dramatically.
TOM: So maybe all of these lead sources in this bottom graph here are ROI positive but you’ll notice the ones that plateau over time, their incremental sales are plateauing. What you would want to do in this case is to reallocate your marketing spend towards sources that are not plateauing, that have a really strong trajectory still because they will produce more dollars for every, for your investment in that category. So this is advanced, this is PhD marketing—you know dollar attribution really.
DEVIN: And the reason it’s important, if you take a look at something like their return on marketing investment by category, we say that we’re performing extremely well by email, well the natural inclination is to say, let’s throw more dollars in that particular area right? I mean if it’s working let’s do more of that. The problem is again ultimately we’re going to saturate that particular approach and even though we may double our spend in that particular area, we’re very unlikely to double the results that we’re receiving. So being able to identify that point and be able to essentially call it, say we’ve accomplished what we can accomplish here, not that we’re going to discontinue our efforts but we’re not going to continue to further increase our efforts in this area, we’re going to increase our spend, our efforts in areas where growth is still possible.
TOM: Exactly. But none of that is possible until you know your return on marketing investment by category or overall. So let’s jump to the audience again and get your feedback. I’m curious to know how quickly folks in attendance today could calculate your ROMI, your return on marketing investment. The first option is you can calculate it on demand, it’s at your fingertips or number two, under an hour, so you’ve got all the pieces you just need to do a little bit of manual work to pull it all together. Number three, you can calculate it in a day, maybe you’d have to go to some other departments, wait on some reports. Or number four, a week or beyond I would say. Things are you know kind of messy, or maybe you don’t even have this data available, it’s not being tracked for you to calculate your return on marketing investment and it’s going to take you a week or more to get that. Let’s find out what the audience says, go ahead and submit your responses now. Devin what do you think will happen here?
DEVIN: Well I think we’re going to get a little bit more of a bell curve on this one, I don’t know that I’m confident that everybody has all of that information at their fingertips. I would certainly hope that people are saying that they’re not capable of getting at that information, I think it’s really going to to take some effort. And I’m going to say that it’s probably going to be split between the day and the week options, that people can go and get this, but man there’s a lot of effort that’s involved and a lot of work that’s necessary in order to be able to generate that kind of information.
TOM: But folks let me tell you, it is worth it, it’s worth taking the time to calculate. So let’s look at the results here.
DEVIN: So let us move on and see what we have got. So, and actually and I have to stand a little corrected here, it looks like nearly half of our respondents are saying that they’re not actually able to generate those types of metrics at this point in time.
TOM: But folks you are not alone, don’t feel too bad about it, the majority of marketing organizations are in this situation. What we’re saying here today on this webinar if you need to track the basics, you need to then take those basics and perform additional analysis so you know “so what.” I have all this data, “so what?” But then you know where you should be heading and what you should be striving to do is figure out not just why this is important but I need to know whether it’s worthwhile for me to continue doing, you know whether it’s email or page search or what not, it’s important to know your return.
DEVIN: And for those of you that are struggling, particularly in that area, we would like to say that there is hope out there. One of the reasons why we’re involved in these types of sessions is that we believe we have a solution that can benefit you extremely well in being able to accomplish and overcome the challenges in consolidating that information and generating those types of insightful analytics that will help answer the questions that are driving your organization. What Domo does is it gives you the opportunity to consolidate all of that information from all of those different sources, not only your different marketing tools, but the different sources of information throughout the organization, the CRM tools, the finance tools, things that cross those departmental boundaries, you can bring all of that data together and provide a single view of your entire world.
TOM: And now I’ll interject you, every KPI that we look at and I have a confession also, we pitched this as 50 marketing KPI’s but I couldn’t help myself, I actually crammed 72 KPI’s in here so we, we’re hoping to under promise and over deliver in that sense. But every KPI that we looked at from tracking all the way through to return, all of those KPI’s we can track, I can see in one view in Domo. You know it’s pulling all that information, it’s automatically updating it and giving me all that data right at my fingertips as soon as I need it, which is awesome, it’s so exciting as a marketer.
DEVIN: And the aspect of managing, that, automating that process you know for those of you that in the first poll question were challenged by the manual component of consolidating all of that information, of bringing it together, Domo absolves you of that responsibility, it automates that entire process of collecting that information and updating it as often as you like. So if you need to see data as of a couple of minutes ago or yesterday as opposed to what happened last week or last month, Domo gives you that type of insight. As well as the fact that it scales to meet the growing needs of your organization. If you think about your company, what social media outlets were you employing significantly ten years ago? I would venture to say probably not many. Technology changes, your organization grows as new venues and avenues appear in the market place and including all of that additional information as part of your analysis can be difficult and again Domo gives you the opportunity to connect into all of those different data sources. It’s extremely scalable, so as your organization adds new tools, those can be incorporated into the dashboards, into the perspective that’s offered to the various stake holders throughout the organization.
TOM: Right, without having to employ a whole bunch of developers to build you a custom marketing dashboard that always needs more customization.
DEVIN: And, of course, what we’re really striving towards is one version of the truth, by bringing all that information together, by putting everyone on the same page so that we’re all looking at, we’re all talking about the same things, we’re all basing our decisions off of the same seven numbers, the same data, really results in one version of the truth. And I think that the reason that, that is powerful for many organizations is that it puts you in the driver seat.
TOM: And that’s what I personally as a marketer love about it, is that you know if I need to see a certain metric the data’s in the system and I can you know figure out what I want to see and then go ahead and build it myself, I don’t need to go to the IT team or find a business intelligence professional. It’s really designed for the business user like me so that I can go in and visualize the data that I need to make smart marketing decisions. That’s what so exciting for me about it.
DEVIN: And so for those of you that are interested in moving beyond just a reporting capabilities that are available within the tools that you’re currently using, just tracking KPI’s to get further analysis and be able to understand the return to your organization for your efforts, but are being challenged in doing so because of the limitations or because of the time that it takes to generate those types of results, we would certainly love to talk to you and give you a little bit more insight into how Domo can provide value to your organization in accomplishing those ends and meeting those needs.
TOM: Absolutely. So contact us to see a demo, you might even connect again with Devin, he loves showing people around the tools. Thank you to everyone who joined us today, we hope you got some great takeaways and have some marketing metrics to either re-evaluate or to establish what’s in your organization. I just want to note that this webinar will be available on demand, you can return to the same URL at a later time to watch it at your leisure, so thank you to everyone and let’s see, do we have any time for Q&A? We have about a minute.
DEVIN: So let us turn our attention to the question, we’ve discussed whether there will be availability. One of the questions that was asked is, I’m very new to tracking KPI’s, how and where do I start?
TOM: That’s a great question, so I would start by choosing what are the objectives that your marketing organization is trying to achieve? Then pick the metrics that will help you measure your ability to execute on those objectives. That’s what you should be measuring. So there’s no magic number, there’s no magic KPI’s for an organization, but you want to figure out what’s right for you and start there.
DEVIN: Yeah and for me it usually begins with what are the questions that people are asking you? If you can proactively give that information to them then that is an excellent place to start, it saves everybody some significant time.
TOM: Thank you for joining us today. Unfortunately we don’t have more time for Q&A, but it was a pleasure being with you, thank.
DEVIN: Thank you very much for your time.