More and more, marketers are being tasked with proving the return on investment (ROI) of their marketing initiatives. This can pose a challenge, because there are many ways to determine the results and value of each campaign. For our most recent Marketing Maven survey, we wanted to know more about how industrial marketers handle proving ROI and what challenges they encounter.
For our most recent Marketing Maven survey, we wanted to know more about how industrial marketers handle proving ROI and what challenges they encounter.
First, we asked them for which marketing channels they measure ROI. Traffic to the company website was the most popular answer, with 62 percent of respondents measuring ROI. Other popular answers are email marketing and tradeshows. 12 percent of respondents don’t measure ROI at all. Only 22 percent track ROI on webinars, 19 percent track e-newsletter advertising, and 17 percent track display advertising.
Industrial marketers that measure metrics focus on clicks first and foremost, with 60% reporting that they look at that metric when comparing the performance of their media spend and making purchasing decisions. Engagement rate (CTR) was the next most popular metric, followed by cost per click and cost per lead. Acquisition channels and cost per sale were the least commonly tracked metrics.
The majority of industrial marketers (53 percent) run campaign performance reports monthly. 19 percent choose to run them quarterly, and 10 percent check every week. Two thirds of respondents don’t have an outside partner that handles any part of their reporting and tracking.
When it comes to challenges in reporting, industrial marketers report a variety of issues. 24 percent of industrial marketers say their greatest struggle is that their data is too siloed. 21 percent have trouble showing ROI for their investments/marketing programs. 12 percent aren’t sure which factors to pay attention to.
Overall, these results show us that many industrial marketers aren’t digging extraordinarily deep into their metrics. Only three marketing channels are tracked by over half of respondents. In the same vein, clicks are the only metric that
over half of marketers track. Additionally, ROI might not be top of mind for all marketers, who tend to run reports monthly. We understand that marketers today wear many hats, and tracking analytics can be overwhelming and easy to put on the back burner. However, tracking the ROI of your marketing programs will only lead to more successful and efficient portfolio of campaigns. Consider transitioning some of your programs to a media partner that can help you track and interpret their results.