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Every Monday morning, two marketing groups in two different companies get a standard report.
One marketing team reads the report and then usually convince themselves that the data is wrong because their campaigns are working. What other reason could there possibly be for this quarter’s 10% growth in revenue?
The other marketing team devours the report by noting trends in web interactions, analyzing attendees’ reactions to their last podcast and checking the number of sales-closed opportunities. Their revenue is also growing by 10%.
Then, something happens (merger, stock market decline, pandemic, war – fill in the blank). Which team do you think recovers the quickest by adjusting their marketing plans?
That’s an easy question. Of course, it’s the team analyzing their data every week. They will know which market segments will be most impacted by the “event” and what tactics will need to be adjusted. They will see declines or movements in their trends, allowing them to validate their tactic changes and fluctuations in results with data.
These five steps help ensure that your data provides you with actionable information and enables you to guide your marketing efforts.
1. Start with the basics
Before you dive into your weekly or monthly marketing report, here’s what to consider as you become a better champion of reporting and analytics.
Source: Know where you are getting your data. Your data source should include your transactions for clicks, searches, website registrations and sales interactions. A CRM system should give you numbers for marketing
Read more here: https://martech.org/5-steps-to-make-the-most-of-your-reporting-and-analytics/