Accountability is the new black for B2B Marketers these days. And, there’s nothing more powerful than a Web-based dashboard with gauges that are “in the green” and trend lines that are “up and to the right” to give you instant credibility. It certainly helps you secure approval for that $30,000 t-shirt order.
For the small to mid-sized company with tight budgets and resources, however, Marketing performance measurement presents unique challenges. Unlike larger enterprises, these organizations often lack the budget and resources to conduct sophisticated analysis and tracking. Yet, with a proven roadmap and Software as a Service offerings such as Salesforce.com, it is possible for Marketing and Sales to work together to produce impressive dashboards to monitor key performance indicators including the efficiency and velocity of leads as they move through the Marketing and Sales funnel.
As part of a CMO Council Marketing Performance Measurement certification course, I documented a multi-phased approach to building an effective Marketing Dashboard. Here’s an example of Phase 1:
Establishing Marketing Campaign KPI:
- Development of timeline and project plan.
- Marketing department meetings to determine goals and define measures of success. This includes both top KPI for real-time reporting and other metrics for detailed Campaign analysis and twice yearly reporting.
- Meetings with CRM business analyst to determine availability of data that was needed to determine measure of success and capabilities of CRM system for displaying this data.
- Interviews with functional stakeholders to ensure agreement and buy-in for top Marketing Campaign KPI. These stakeholders were from the Sales and Marketing department as well as executive management including:
- Vice President/Director of Marketing
- Vice President of Sales
- Director of Inside Sales
- Product Marketing
- Business Analysts
- Marketing Communications Department
We will discuss more on Phase 2 of this project later. But first, what are we missing here? Do you have an example of how you secured agreement on core Marketing Dashboard elements and KPI that improved Marketing Performance Measurement for your organization?