In Episode #161, Eric and Neil discuss the 7 elements of an effective marketing report. The marketing report reflects the health of your business and is a great sending base to inform that next step. Tune in to find out WHAT you need to assess and HOW to gather that information, in order to have that clear assessment of how your business is doing.
Time Stamped Show Notes:
- 00:27 – Today’s topic: 7 Elements of an Effective Marketing Report
- 00:45 – First, have high-level goals
- 01:08 – Have a different kind of threshold
- 01:24 – “Have your targets laid out so it is easier for people to digest”
- 01:31 – Second, look at the growth
- 01:47 – Examine your growth weekly
- 03:25 – Assess how to calculate your growth properly—don’t just look at the total visitor count
- 04:28 – The growth rate should be staying the same, if not increasing
- 04:39 – Third, use simple, report tracking tools, like Cyfe, and connect it to your spreadsheet report in order to pull data
- 05:27 – GA data grabber helps you to pull reports, too
- 05:50 – Fourth, track the lifetime value of the customer and the cost to acquire new customers
- 06:15 – You need a metric
- 07:11 – Fifth, look at your revenue churn and customer churn
- 07:28 – Lincoln Murphy’s How Much Churn is Acceptable
- 07:47 – Ideal churn is less than 10% a year
- 08:30 – Sixth, Neil shares the time he talked to Ryan, from HubSpot
- 09:16 – Add your total headcount in your marketing report
- 10:18 – Lastly, the net promoter score allows you to measure the sentiments of the customers
- 11:12 – That’s it for today’s episode!
3 Key Points:
- Have a clear and simple goal which is easy for people to understand.
- Do NOT miscalculate your growth or it will lead you to a wrong impression of your business’ health.
- Quantifying customer satisfaction is IMPORTANT – know and understand your supporters and detractors.
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