Marketing is often associated with promotions, market research and advertisement, but seldom with productivity analysis. Do you ever wonder whether marketing alone is sufficient to attract customers and increase revenue?
What if your marketing campaign is not working, but you are unaware and continue to pursue the strategy?
You’d be at a great loss- in terms of revenue lost and opportunities missed, had the marketing strategy been implemented incorrectly. Therefore, it is important to keep track of the efficiency of a marketing campaign, and that is what marketing productivity is all about.
Let’s dig a little deeper and understand what is marketing productivity, how do you measure productivity and how can it be increased
What is Marketing Productivity?
It is the quantifiable version of the performance and efficiency of a marketing campaign.
For example- Say, the aim of your marketing campaign was to launch your brand over social media. Normally, you would measure the success of the campaign based on a few factors such as:
- By the number of people who viewed your launch
- The number of users who followed you
- The number of shares you got on social media
But it is pretty obvious that a marketing campaign has more than 1 goal to be achieved. Hence it becomes imperative that marketers analyze the productivity to get the hang of the success status of each aspect of their campaign.
Metrics for Measuring Marketing Productivity
The idiom “What gets measured, gets managed” doesn’t fall off the tree here. There are 4 basic components of marketing around which the entire productivity metrics revolve-
- Input (includes content, backlinks, traffic on the webpage)
- Quality (includes Engagement, Conversion Rate, Customer Lifetime Value)
- Cost (includes Hiring Cost, customer acquisition cost, cost of the tools)
- Output (includes Revenue, social media shares, leads)
Quantitative data like sales and returns alone do not necessarily convey the actual value of the organization. It is important to measure productivity aspects and answer questions like-
- Am I targeting the correct audience?
- Am I getting desired conversions?
- Is my ROI strong enough? And so on.
The productive marketing metrics you want to measure would usually depend upon aspects like specific business context, company domain, business model, company growth stage, and market condition. However, some common metrics include
- Lead Generation from Organic Users
- Total Website Traffic
- Customer Service Reports
- Marketing Cost per Lead
- Customer Retention Rate
- Return on Investment
- SEO Keyword Rankings
You can use these productivity metrics examples individually or collectively to get a more holistic view of your marketing campaign.
Factors that Impact Marketing Productivity Tracking
Tracking is important 100%, but tracking the ability to track is also important. And if you think tracking marketing productivity is simple or there is a constant strategy for all campaigns, you are mistaken.
There are various factors that could affect the ways to measure productivity like demographic changes, delayed approvals, a new legal regulation, change in customer buying patterns or behavior. Now, while these external factors are unforeseeable, they are not very significant, thankfully.
What remains inherently critical in every situation is time and business model. For example, if you have a seasonal business, you need to wait until the active season gets over, and only then will you be able to measure the metrics.
The Benefits of Optimizing Marketing Productivity
Optimizing productivity tracking simply means tracking avenues your business utilizes and making changes accordingly.
Suppose you need to fix a problem, and you have two options:
- You guess the problem and then fix it.
- We tell you the problem per se, and then you invest all your time fixing it instead of first guessing it.
Which one would you prefer?
Option 2, right!
Optimizing marketing campaigns does the same thing. They take the guesswork out of the picture, identify the problem area for you, and let you focus entirely on fixing it. And optimizing will not only provide actionable insights but will also improve market ROI by giving visibility into what’s working and what’s not.
7 Ways to Increase Marketing Productivity
With an effective marketing dashboard in place, you’ll be able to score such things as new growth opportunities, enhanced ROI, a clear view of good investment opportunities, more potential customers, and great existing customer retention.
There are a lot of ways to increase marketing productivity, but we have shortlisted 7 strategies which can be considered.
1. Integrate Automation
Ever heard of Work Smarter, not harder?
Integrate automation as much as possible to get rid of tasks that are repeated and don’t require human assistance—for example, scheduling meetings and social media posts.
It is about looking at the bigger picture in the long run and scaling your time and efforts to something more productive. The recommended plan of action involves that you list down all the activities, segregate and focus on the ones that only you can do, and delegate or automate the others.
2. Bid Goodbye to Digital Clutter
Have you ever tried searching for important mail but got lost amidst the huge volume? If yes, it’s time you organize a little and clear up the digital clutter. Of course, individual instances of looking for 2-3 minutes don’t matter that much, but collectively they do!
A few common areas to minimize the digital clutter are as follows-
Start with giving relevant names to the folders still named “New Folder”. Also, delete the folders with nothing saved in them. The underlying aim is to create a good folder structure where a particular type of document is designated to a particular folder.
One might think of deleting the unwanted newsletters but a better and long-term solution is to unsubscribe to newsletters that are no longer important to you. But when it comes to sending newsletter emails to your audience, you have to make sure that you’re not spamming them and that nobody is misusing your email domain. Perform a quick DMARC lookup to ensure your email domain or similar domains are not used for fraudulent activity or spam.
Wrong Contact Information
Update the old contact information with the currently active ones and delete the contacts that you no longer need. This will help in efficient retrieval by the team members.
3. Engage Resources that are more efficient
With advancements in technology, programs and software that function faster and simplify tasks are easily available. Our recommendation is to employ these resources to increase the effectiveness while reducing the time for uploading the input.
For instance, you can fix a timeline for all your goals and keep the whole team aligned using Nifty Milestones. It automates progress when tasks complete and allows a timeline view, swimlane view and bird’s eye view of all your projects.
4. Set Your Goals Strategically
Productivity directly depends upon the marketing goal. It might be possible that your marketing campaign is super active, but the productivity is negligible. Often, the goal is so unrealistic and unattainable that no matter how hard your marketing team works, productivity is in a pit. 37% of the projects fail because they don’t have clearly defined objectives and goals.
Making the marketing plan bulletproof by setting specific and achievable goals is the key here.
5. Reallocate Human Resources
Regrouping people or teams to leverage the synergy seems to be another wise option in improving productivity without incurring extra costs.
For example, A is a graphic designer, currently allocated on a project where he sits idle. B is a content manager, working with some other team on a different project, also idle. A new project requirement comes your way to make a brochure. Teaming A and B together for the new requirement instead of hiring new persons is the course of action to improve productivity.
6. Leverage the Learning Curve
The learning curve effect which links productivity with experience can be leveraged to boost marketing productivity. In simpler terms, it implies that the proficiency of workers increases as they gain more experience performing a particular task repetitively.
Make use of this learning curve to improve productivity in marketing. Discourage contextual change of the workforce and encourage experienced employees to take initiative to supercharge your marketing campaigns.
7. Efficient Time Management
Your marketing campaign has several aspects to be taken care of and it is easy to feel overwhelmed with so much going around. The rule of thumb here is to plan in advance. A strategic time management plan stating the timelines for different activities will enable better results. And several pieces of research over the period have confirmed that in order to be more productive, you need to complete the harder tasks first. Therefore, the said time management plan should line up difficult tasks first, followed by the simpler ones.
Furthermore, managing the workflow using a project management tool like Nifty that consolidates, streamlines and automates communication and collaboration, will improve marketing productivity.
Marketing Productivity is the cornerstone to a successful campaign and tracking it is as crucial as marketing itself.
Tracking marketing productivity lets you see what strategy’s working well for you and what’s not, thus assisting in identifying the bottlenecks and getting rid of them. It is not just about whether you can complete the task faster, but how close you are to the set goal and what is the actual outcome of the work.
But even the most knowledgeable and experienced marketers face productivity blocks. However, with the productivity metrics examples discussed above, you can easily improve your marketing productivity, optimize opportunities and secure good ROI.
Nifty is an ideal manager tool that manages projects, communications, tasks and goals, thus increasing marketing productivity.
If you have any questions, don’t hesitate to reach out. Our experts are here to help you.