Congrats on installing a marketing automation tool! You undoubtedly saw the value, or at least possibilities, that a marketing automation tool brings. Marketing automation tools are fantastic ways to increase team cooperation, track work being done and measure success. Hopefully by now you have already installed it successfully, taught all your staff to use it, and have had sufficient time to fully integrate the tool into your, and your team’s, overall marketing strategy.
Now—let’s teach you how to use it.
If you’re like most of our readers, you learn by doing (aka trial-by-error). And you’re likely doing some things incorrectly (no worries—we all did in the beginning). The best way to find and fix those errors is to treat your marketing automation tool like your analytics tool, meaning you use measurable metrics to measure your success (or lack thereof initially).
There are four main metrics to look at when gauging your marketing automation strategy:
Activity measuring is a no-brainer. Before you start delving into the abyss of marketing automation metrics lets figure out how much your staff is actually using it. This is critically important because you need to ensure you have a good cross-section of data to ensure that your metrics are meaningful. Your ‘activity’ is comprised of two things: the quantity of emails sent and the quality of behavioral triggers,
The amount of activity is what sets the stage for your response metric. Activity is the effort and response is the effect. Your response can be measured via your open rate, click-through rte, conversions, reconversions, site traffic and unsubscribe rates—pretty much all the stats you are already familiar with as an internet marketer.
If activity is the effort and response is the effect, then efficiency is the result. This is the metric that will likely be most important (but can’t really be measured without the first two metrics) as it gives you the ROI for your marketing automation tool. This can be measured via: cost per customer, qualified leads generated and overall marketing-automation induced sales.
Value is the sum of all the metrics listed above as it measures the overall effect, efficiency and ROI of you tool. These metrics will help you determine your overall value: generated revenue. Cost of investment (compared to generated revenue) and closing rate on marketing-automation-tool sourced leads.
In terms of how to specifically run each metric, this will be different depending on which marketing automation tool you are using. Most software makes this super easy and will have a drop-down menu of options, but if yours doesn’t then you will need to consult the software manual or creator’s website.
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