Marketers are accountable for the return on their marketing spend. This isn’t as easy as it sounds though – there is no one simple way of proving the success or failure of a marketing strategy.
However, a good marketing report can provide a clear insight into relevant Key Performance Indicators (KPI) of your marketing efforts.
In this article, we will look at some of the benefits that come with marketing reports. Before we dive in too deep, let us first understand what a marketing report is.
What is a Marketing Report?
In simple terms, a marketing report is a document highlighting a collection of data from different channels to show the performance of your marketing approaches. The purpose of this document is to help you understand whether or not your marketing strategies are going in the right direction so you can optimize them for maximum results.
Importance of Marketing Reports to your business
1. Help marketers make sense of the available data.
Today, even small businesses are constantly generating a massive amount of data. Whether it’s top traffic sources or conversion rates, this data may be of little or no help if you can’t view it within the context of your broader marketing campaigns and strategies.
Fortunately, a good marketing report converts raw and confusing business data into sensible and digestible information that even the layman can understand. However, it takes a good analytics tool to generate helpful marketing reports that will help evaluate the performance of your marketing efforts.
If you are not sure how to measure your e-marketing campaigns, you may want to consider eCommerce analytics software to simplify the process of compiling insightful marketing reports.
2. Keep track of business progress and growth.
Another significant benefit of marketing reports is that they record your business’s progress and help analyze it by providing valuable insights into its performance. The data collected over time is vital in formulating strategies to improve your business’s performance by comparing what worked under what circumstances and what did not.
Keeping track of your business’s progress and growth also ensures that you get to understand your target market and give you ideas on the markets you may have missed. Armed with this kind of information, it becomes pretty easy to create solid sales and marketing strategies and take your business to the next level.
3. Provide an audit trail
Besides keeping track of your business’s performance, effective marketing reports ensure that you keep records of all your business reports in one place without having to compile loads of paperwork.
These marketing reports help keep a digital paper trail of your business’s finances, which can be useful when filing tax returns, auditing your business, or during loan applications. Additionally, such information may be beneficial if you need to sell your business.
4. Redefining your businesses marketing strategy
Marketing reports help maintain transparency by highlighting strategies that work and those that don’t and the current market trends. With such insights, business owners and managers can redefine their marketing strategies to maximize productivity.
Paying keen attention to a marketing report can help you understand how your business responds to different strategies while at the same time getting insights into customer preferences and behavior. Once you identify what works for your business, it becomes easy to tailor-make your plan to achieve the best results.
5. Justify marketing expenditure
A campaign is only as effective as its results, and there is no better way of determining the success of a marketing campaign than through a marketing report. Marketing reports help identify the marketing channels that offer the best ROI, which can help you identify which campaigns to keep running or terminate based on their performance.
That way, you are assured that your business only spends money in campaigns worth the investment. Additionally, the reports can be used to justify your need for additional budgetary allocation if need be for your campaigns.
Now that you know the value of marketing reports, there is no reason why you should not invest in the right tools to ensure that you get it right. Remember, the success of your organization will depend on how well you measure and optimize your marketing efforts, and you do not want to make mistakes that may be costly.