In the dynamic world of marketing, staying ahead requires not just implementing strategies but also consistently analysing and optimising them.
Monthly reporting serves as a compass to navigate the ever-changing landscape as it provides valuable insights into each campaign, the target audience and the way they engage with the content.
In this blog post, we’ll delve into why you need to be reporting regularly, what you should be reporting on when you do, the key channels to focus on, and the best practices for your reporting.
Why is reporting so important?
The last thing you want your marketing plan to be is a shot in the dark! Reporting consistently allows us to turn on the lights and have a real time view of our marketing mix. Making sure we allocate our resources effectively, to the channels that are performing best for our brand! It plays a crucial role in helping businesses assess, refine, and optimise their marketing strategies based on the data.
What should you be reporting on?
Now we’ve covered just how important regular reporting is, we’re going to walk through some of the areas we’d recommend to focus on, highlighting those key channels to look at the specific metrics to look out for.
Key Performance Indicators (KPIs)
First up, KPIs – arguably the most valuable metrics – particularly when sharing the reports outside of the marketing team. These are the things that everyone will understand and paint the picture of how a campaign is performing. It’s important any KPIs are set out at the start of a campaign to ensure they can be properly reported on.
Some examples of KPIs are:
Conversion Rates: Track the conversion rates across various channels, such as website visits to sales or leads generated to conversions. Identifying high-converting channels can help allocate your budget more effectively.
Customer Acquisition Cost (CAC): Calculate the cost of acquiring a new customer for each marketing channel. This metric is crucial for evaluating the efficiency and return on investment of your marketing efforts.
Key Channels and Metrics to Focus On
With each unique channel/platform used in a marketing mix, there are key attributes that need to be reported on. Different platforms have different functionalities that we can use in order to get the clearest picture so we’ve outlined some of the key channels and metrics to focus on:
Digital Advertising Channels
Google Ads and SEO: Monitor the performance of paid search campaigns (Google Ads) and organic search efforts (SEO). Understand which keywords drive the most traffic and conversions, and adjust your strategy accordingly.
Social Media Advertising: Evaluate the effectiveness of social media campaigns on platforms like Facebook, Instagram, LinkedIn, and X, formerly Twitter. Analyse engagement metrics, click through rates, and conversion rates to optimise ad spend.
Open and Click-through Rates: Examine the performance of email campaigns by analysing open and click-through rates. Tailor content based on what resonates most with your audience, and experiment with different subject lines and visuals.
Conversion Tracking: Attribute conversions to specific email campaigns to gauge the impact of your email marketing efforts on overall business goals.
Traffic and Engagement Metrics: Analyse website traffic generated through content marketing efforts. Track metrics like time spent on page, bounce rates, and social shares to gauge content effectiveness.
Lead Generation: Identify how content contributes to lead generation. Track the number of leads generated through gated content, whitepapers, or other lead magnets.
Analytics and Reporting Tools
Google Analytics: Leverage Google Analytics to gain insights into website performance, user behaviour, and traffic sources. Setting up custom reports to focus on specific KPIs and trends.
What are our reporting best practices?
With so much data available these days, it is important for us to sift through the noise and collect those key insights as they help us make more informed decisions. These are our reporting best practices in order to make fast and effective edits to your campaign in real-time.
Holistic View: By analysing a diverse set of KPIs and channels, marketing managers gain a comprehensive understanding of the overall marketing performance. Remember: it’s important to keep a holistic, birds-eye view, as well as getting into the nitty-gritty.
Data-Driven Decision Making: Monthly reporting allows for data-driven decision-making, enabling marketing managers to allocate budgets, resources, and efforts strategically.
Continuous Optimisation: Regular monitoring and analysis pave the way for continuous optimisation. Marketers can identify trends, successes, and areas for improvement, ensuring ongoing success.
Be Consistent: Once your report is all set up, be consistent with collecting and analysing that data to stay on top of how things are changing and optimise frequently.
Reporting on key channels and performance metrics empowers marketing managers to make informed decisions, allocate resources effectively, and drive sustainable business growth. Focusing on the right results allows us to navigate the ever-evolving landscape with confidence and agility, rather than flying blind.
If you want to maximise your business and develop your reporting, get in touch with Clockwise today. Our team of experts can help you build a reporting system to help your business grow.
Let’s do something good together
Clockwise Marketing are your reporting experts. Contact us today to get clued up on your campaign and elevate it to the next level.