Tips for Measuring Marketing Campaign ROI with Marketing Cloud

We all want to be able to measure our MROI (Marketing Return on Investment), but there are so many metrics available. Which ones are right for your company and the project at hand? 

Having so many options can be paralyzing, but you can use a few basic steps to select the metric you need. 

In the end, it’s as simple as making sure you have the right data collection tools in place, taking a moment to understand your options, and then matching your tactics with your goals. Once you realize which marketing metrics you really need and which ones you can leave behind, you’ll find clarity and confidence in measuring the success of your campaigns.

Step 1: Start with the Basics of Marketing ROI

Before you can effectively track your MROI, you need to do some upfront prep work:

• Set a Clear Goal – What are you hoping this campaign will accomplish? Generate leads? Increase sales by a certain amount? Re-engage dormant accounts? Your goal will ultimately determine the metrics you use to measure success.
• Put the Right Technology in Place – A digital platform like Salesforce Marketing Cloud has the ability to track and analyze a wide range of marketing metrics. You need versatility to feel prepared to measure results against any goal.

Step 2: Research Your Options for Marketing Metrics

Once you understand your goals, take some time to understand all of the options available for measuring your success.

Here’s a list of common metrics you should know about

1. Click-Through Rate (CTR)– CTR is the number of clicks an ad or link receives as percentage of the impressions. This is one of the key metrics for determining if your audience is engaging with your content by clicking on it, versus a user only sees an advertisement. Some marketing tools that monitor CTRs even track results in real-time allowing you to adjust your campaigns as you go.

2. Lead Generation Metrics – AI-powered solutions like Marketing Cloud aggregate leads generated from different marketing channels into one dashboard. Then, they even provide metrics which prioritize leads based on the likelihood of their conversion. Here, algorithmic analytics begin to look past engagement to measure intent.

3. Cost Per Lead (CPL) – This is the amount spent on gaining a new lead from a campaign or channel. CPL measures the ROI of each campaign and focuses resources towards those that garner the best results. 

4. Cost Per Acquisition (CPA)– CPA is the cost it takes to gain a new customer. You either calculate the total CPA of all of your marketing efforts or drill down to examine each channel individually. 

5. Customer Lifetime Value (CLV)– CLV is the amount a customer is predicted to spend on your company during the time they’re with you. CLVs can be predicted based on historical data from similar customer profiles. 

For an even more detailed breakdown, check out this great piece that takes a deep dive into Marketing Metrics.

Step 3: Match Your Marketing Metrics to Your Goals

Once you’re familiar with the metrics available to choose from, determine which ones will help you measure your progress towards your campaign’s goal? Here are a couple examples.

GOAL:	MARKETING METRICS:
Get People to engage with my online posts	Click Through Rates, Action Completion
How to achieve more benefit while expending lesser efforts/investments	Cost Per Lead, Conversion Rate, Customer Lifetime Value

We hope this brings some relief. Though the options for measuring the value of your marketing efforts can be overwhelming at first, the approach for sorting them out is simple.

If you’d like to learn even more about how to measure your marketing ROI, check out this article from Salesforce.                                                                                         

Salesforce Marketing Cloud has all the tools you need to successfully measure the effectiveness of your marketing campaigns. At ListEngage we specialize in the full suite of Salesforce products and are ready to guide you through setting up the right metrics for your marketing goals. Contact us to schedule a conversation with one of our experts today.

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