Overview
Tracking and developing a process for Campaign ROI is an important part of a marketing team. It helps to identify what is working well and resonating with your audience and making a larger impact on revenue and pipeline by tracking ROI, marketers are able to gain more credibility by providing data-driven insights into validating costs. However, analyzing ROI can be extremely time-consuming. This is where campaign and program templates shine!
Benefit #1 Optimize Campaign Consistency:
Program/campaign templates optimize campaign consistency, which makes it easier to manage them and ensures that they follow a standardized approach.
Benefit #2 Save time by maximizing campaign velocity:
With templates, you can save time by reusing successful campaigns and making minor modifications to suit different target audiences or goals. This allows marketers to maximize campaign velocity without spending too much time on planning and execution.
Benefit #3 Data-Driven Insights:
Campaign templates can be designed based on data insights to help improve the ROI of future campaigns.
The scientific method isn’t just for science class
In school, everyone learns about the scientific method during some sort of science-related class and never thinks about it again. What most marketers don’t realize is that the scientific method is an incredibly important part of their role and can be used every day to make meaningful decisions/discoveries, including template creation for the optimization of campaign ROI!
Make an observation or ask a question.
This is where the team should come together to make an observation about the current state of your team’s campaign ROI tracking or ask a question that isn’t being answered today. For example:
Observation: “We do not have a way to track campaign costs in our current campaign template and thus not able to track ROI at the campaign level”
Questions: “Does a webinar campaign perform better than a tradeshow for ROI?”
Gather background information.
This is where you, as a marketer, should identify:
- What are your campaign ROI goals?
- What is your target audience?
- What assets are needed for your campaigns?
- What type of programs or mediums your team will be utilizing for initiatives?
- Identify successful campaigns and create templates based on them. This will ensure that the templates are proven to be effective and provide a framework for future campaigns. A key part of this is gathering baseline data to compare when changes are enabled.
- How will you track costs and at what cadence? Understanding how your MAP tracks cost and how that information will be passed to your CRM is incredibly important.
Form a hypothesis.
This requires your team to understand past data in order to identify what you believe is the best approach forward to revamp or build your templates. Make sure that your hypothesis is specific to the audience and program type, as no two initiatives are the same! This will help to ensure that campaigns are relevant and engaging and that your testing is accurate.
Hypothesis example: Webinars are the most cost-effective at generating pipeline and revenue.
Test the hypothesis.
Build the templates based on your discovery and hypothesis! This requires a clear plan of action and data collection beforehand to accurately understand results after the templates are built. Document, document, document. It’s imperative that your team documents this process for future updates and use cases and to better analyze the results.
Analyze the results.
Track how the programs are performing and how your marketing team is managing the templates. Ask questions like, “Is the template easy to use?” or “Is the template supporting a positive program performance?”.
Share the results!
This includes building the template and providing training and support to ensure that everyone involved in the campaign creation process is familiar with the templates and understands how to use them effectively.
Template building for campaign ROI doesn’t stop there. After implementing the templates, monitor their usage and effectiveness. Collect feedback from your team members, analyze the data on campaign performance, and continuously refine the templates to ensure they remain relevant and effective for ROI tracking.
Conclusion
Creating templates for tracking campaign ROI can seem like a daunting task, but by breaking it down into tangible steps you can uncover more meaningful insights along the way, develop documentation that will support better process change management in the future, and start to optimize the relationship between marketing and sales by proving the worth and success of marketing costs.
