“No great marketing decisions have ever been made on qualitative data.” – John Sculley
Analytics and Reporting come into action when you need to analyze and document data in a systemized and concrete manner. Marketo’s smart list filters and customized criteria reporting help users in understanding the efficiency of your marketing operations. Read on to know how.
Let’s Understand the Difference Between Analytics and Reporting
It is a fact that analytics and reporting go hand in hand but there is a thin layer of difference between these two terms. The term “reporting” refers to the manner of organizing facts into informational summaries to screen how distinctive assets like emails, landing pages, and lead activity based on specific field attributes in your instance are performing.
Analytics, however, refers to the system of exploring information and reports with a purpose to extract meaningful insights that may be used to better understand and enhance your marketing performance and drive your strategy in the right direction.
Here are the Scenarios Where We Require Analytics and Reporting in Marketo
1. Tracking Instance Performance: Analytics and reporting help in analyzing the instance performance based on various factors like people’s performance report which helps in analyzing database growth over time and email performance report with which you can easily track down bounce rates. Accordingly, best practices can be implemented to keep your database hygienic.
2. Analyzing the Funnel Stage of Leads: It’s extremely important to know which leads are sales-ready and which leads you’d want to send your quality content to so as to nurture them. This can be easily attained by going through the success path analyzer or having an effective RCM cycle.
3. Analyzing Futuristic scenarios: Through reports like email performance, email link performance, and page visits, you can analyze the current performance of your marketing operations and predict what campaign you can schedule in the future to engage a wide array of quality leads.
4. Drilling Down Opportunities: Considering sales perspectives, opportunities play a vital role in contributing to the overall organizational pipeline. Through the program performance report in Marketo, you can easily track down the opportunities created or lost in a specified time frame. Based on these opportunities lost/created, a proper set of activities can be planned for making an effective lifecycle model to improve instance performance.
5. Graphically Representing User Interface: Marketo provides graphical representation in some key reports like email insights or social media influence reports. Through these reports, you can analyze or compare email performance in two sets of time frames and accordingly shape your sales and marketing strategies.
Here are the Results we Can Expect While Setting Up Reports in Marketo
1. Strategy Builder: A key approach of reporting is to understand the customer requirements and based on that, an expected outcome is to see concrete data to analyze the ongoing pattern and how your current marketing strategies are performing.
2. Periodic Updates: With the flexibility of the subscription list option in Marketo, you can see the patterns based on a set time frame. This time frame can be daily, weekly, or monthly. Through this, you can see which direction your campaigns are driving your instance performance to and in case of an unwanted path, the performance should be redirected to the right one.
3. Speckless Database: As an outcome, what you expect to see from reports is the bounce rate, click-through(CTO) rate, etc. Through Marketo reports, you can identify the number of bounced leads and you can plan your next activity, accordingly, which could either be a database clean-up or an enrichment based on requirements.
While it’s great to measure data qualitatively to make sales and marketing strategies aligned and effective, it’s the quantitative reports that count in the long run. For concrete reports, proper information must be tracked and the instance should be properly set up so that future predictions are in the right direction and campaigns are executed well to the targeted audience. All of this translates into better conversions and higher ROI.
How streamlined are your analytics and reporting in Marketo? Let’s talk!