How understanding marketing metrics gave this UK SME the confidence to grow their team, their factory and their business
Our Marketing 360 Assessment has found that there are three aspects of marketing that UK SME owners struggle with the most: marketing metrics, generating leads and executing marketing plans. In this post, we’ll focus on the first challenge: measuring marketing performance and understanding its ROI. We recently caught up with Tony Galloni, one of our Marketing Directors, to find out how he helped a UK SME with an annual turnover of £7m to go from not measuring their marketing at all to using sales and marketing data to plan future investments in their team and their factory. He also gave us some more general advice for business owners who want to get a better handle on their marketing metrics and ROI.
Last year we launched our revamped Marketing 360 Assessment to give business leaders a quick and easy way to measure their marketing performance and prioritise areas to work on. Since then, over 500 UK business leaders have used the tool to get a better understanding of their strengths and weaknesses - and one thing was abundantly clear from the data we’ve received. UK SME owners are struggling to measure and understand the ROI of their marketing activity. Marketing metrics scored lower than any of the other 12 categories in our assessment. Other common pain points included lead generation, executing marketing plans and enabling better sales team performance. However, it’s worth noting that these are self-assessments so the data represents people’s perceptions of their marketing and not necessarily an objective appraisal. In this post, we’re going to explore the data in more depth and share resources for any business owners that are struggling with marketing metrics, lead generation, executing marketing plans and more.
Like most organisations, we’ve had to change some of the ways we reach new customers over the past year. One of the things we’ve experimented with is webinars.
It’s great when potential customers seek you out. But most of the time, you can’t just sit back and wait for people to find you. You need to get out there and work for it.
Understanding ROI is crucial when you’re running a business. That’s why organisations spend so much time and money trying to measure it.