In the fast-paced world of marketing, optimizing your campaign’s ROI is crucial to the success of your business. A well-organized project management (PM) tool and a well-defined intake process can help you boost productivity and ROI without changing your current team dynamic.
The benefit of a PM Tool as it relates to ROI
Using a PM tool can help you optimize your campaign ROI in several ways. The first (and most obvious) option is that if you optimize output, you can push more campaigns out the door each month. Pushing out 20 campaigns will inevitably bring in more revenue than 10. Please don’t take that as permission to blast people constantly. Your campaigns still need to be thoughtful, helpful and tailored to your audience. However, as a general rule, faster campaign launches can mean more campaigns that lead to higher ROI.
Next, a PM tool can help you track your marketing campaigns more effectively and consistently. Many tools allow you to add a variety of custom fields and formulas that can be used for ROI reporting. Consider adding fields such as “Campaign cost” or “Expected Lead count” to provide an easy reference point to include in reports later. Additionally, when you have templates and forms set up for your campaign intake process, you can require fields for UTMs with every submission so you won’t miss any reportable campaigns. Missing data is one of the biggest blockers to accurate ROI tracking. Don’t miss out on metrics due to an inconsistent process!
Finally, a PM tool can help you make your campaign improvements in real-time. You can quickly identify any issues that may be affecting your ROI and take corrective action before your next campaign deployment.
Why should you optimize campaign ROI with a PM tool?
Optimizing campaign ROI starts with improving overall campaign efficiency and effectiveness. A PM tool provides a centralized platform for managing project tasks, timelines, budgets, and team collaboration, allowing you to streamline your processes and reduce inefficiencies. By optimizing productivity with a PM tool, you can maximize returns and achieve campaign goals with minimal extra costs.
When should you optimize campaign ROI with a PM tool?
You should optimize campaign ROI with a PM tool as soon as you start planning a campaign. By using a PM tool from the outset, you can establish clear objectives, timelines, and budgets, and track progress towards those objectives in real-time. This allows teams to stay on track and make necessary adjustments to ensure the campaign is successful. The earlier you implement a PM tool, the more time you have to optimize your ROI and achieve your goals.
How should you optimize ROI with a PM Tool?
Before you can optimize ROI, you must review it regularly. To track ROI performance as it relates to your PM tool, you need to set up metrics to measure your campaigns’ success.
Start with benchmarks.
To know where you’re going, you have to know where you’ve been. In order to track ROI optimization, you have to know what ROI looked like when it wasn’t optimized. Get baseline metrics like average ROI per month vs. campaigns deployed to compare against future trends month-over-month or year-over-year.
Set a goal.
Once you have benchmarks, set realistic goals of how many campaigns you can execute with the same workforce. Once you have a few months of meeting those goals, set checkpoints to review any changes in ROI compared to times where your PM tool wasn’t running at optimal capacity.
Use your PM tool reports.
As mentioned above, various PM tools allow you to customize your data to your needs. Pull reports of campaign costs or campaigns deployed to plug into your business reporting tools and see how these campaigns have impacted your business.
Improve performance. Once you’re consistently tracking conversion rates, engagement rates, and revenue generated, you can start to identify areas where you need to improve. Then build out task options in your PM tool that will help you optimize campaigns like A/B tests or best times to schedule.
Who should optimize campaign ROI with a PM tool at a company?
Optimizing campaign ROI with a PM tool is a collaborative effort that involves multiple stakeholders. Typically, the marketing team, project managers, revenue operations (RevOps) and executives will need to be involved in the process.
From the top down, executives play a critical role in optimizing campaign ROI by providing oversight, setting budgets and objectives, and making key decisions. They use the information provided by the PM tool to make informed decisions that align with the company’s overall strategy and goals. They have to cast a strategic vision so the teams executing the day-to-day activities can build in the right data and processes that not only paint a clear picture of ROI but also help it grow.
By using an optimized PM tool, you can increase your campaign production output, track your progress and make necessary improvements quickly to achieve better ROI. Getting a jumpstart on the process of optimizing your campaign demand center may seem daunting, but you don’t have to do it alone! If you need help supercharging your workflow but your team can’t spare the extra bandwidth, our team of marketing operations experts can help. We’ve assisted many clients level up their campaign production so they can focus on increasing ROI. Let our team implement best practices so your team can start boosting ROI faster!