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How do you use BI to measure your marketing ROI?

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If you want to optimize your marketing campaigns and allocate your budget effectively, you need to measure your marketing return on investment (ROI). But how do you do that with so many channels, platforms, and metrics to track? That's where business intelligence (BI) comes in. BI is the process of collecting, analyzing, and presenting data to support business decisions. In this article, you'll learn how to use BI to measure your marketing ROI and improve your marketing performance.

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1 Define your marketing goals and KPIs

Before you can measure your marketing ROI, you need to define your marketing goals and key performance indicators (KPIs). Your goals are the specific, measurable, and achievable outcomes you want to achieve with your marketing efforts. Your KPIs are the metrics that indicate how well you are progressing towards your goals. For example, if your goal is to increase brand awareness, your KPIs could be impressions, reach, and engagement. If your goal is to generate leads, your KPIs could be conversions, cost per lead, and lead quality.

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Hardik C.

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Define ROI! What ROI means for a marketing team of a B2C brand would be very different from how B2B teams measure it. Even between B2B teams, it can vary by industry, domain, vertical, etc. Getting the right kind of data to measure your ROI is important, too. Most of the time, data is across disparate systems. Getting these together on a single reporting tool and joining with the right model is often a big hurdle.

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2 Collect and integrate your marketing data

The next step is to collect and integrate your marketing data from various sources, such as your website, social media, email, CRM, and analytics tools. You can use BI software or platforms to automate this process and create a centralized data warehouse or database. This way, you can ensure that your data is accurate, consistent, and up to date. You can also use BI tools to clean, transform, and enrich your data to make it more useful and relevant for analysis.

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Julienne Boylan
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Data cleaning is the process of filtering out “garbage data” e.g. test accounts, obviously fake emails or addresses etc. You can also strip unnecessary characters such as “-“ separating telephone numbers into n(nn)-nnn-nnn-nnnn, (brackets), leading/trailing spaces , extra spaces, and don’t forget invisible characters, otherwise known as non-printing. Copy & paste is notorious for introducing characters you can’t see but your analysis tools can! For instance, you see the first line of an address, your analysis tool sees that plus the data for a carriage return (new line). Oh! You should also be aware that the data for an hyphen “-“ is different to a long dash “—“.

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3 Analyze and visualize your marketing data

Once you have your marketing data ready, you can use BI tools to analyze and visualize it. You can use different methods and techniques, such as descriptive, diagnostic, predictive, and prescriptive analytics, to gain insights into your marketing performance. You can also use dashboards, reports, charts, and graphs to display your data in an easy-to-understand and interactive way. You can use BI tools to create custom or predefined dashboards and reports that show your marketing KPIs, trends, patterns, and anomalies.

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4 Calculate and compare your marketing ROI

The final step is to calculate and compare your marketing ROI. You can use a simple formula to calculate your marketing ROI: (Revenue - Cost) / Cost x 100. This will give you a percentage that shows how much profit you generated for every dollar you spent on marketing. You can also use BI tools to calculate your ROI for different marketing channels, campaigns, segments, and time periods. You can then compare your ROI across these dimensions and identify which ones are performing well and which ones need improvement.

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5 Optimize and refine your marketing strategy

By using BI to measure your marketing ROI, you can optimize and refine your marketing strategy. You can use the insights and recommendations from your BI analysis to make data-driven decisions and actions. You can also use BI tools to monitor and evaluate your marketing performance and ROI over time and adjust your strategy accordingly. You can use BI to test and experiment with different marketing variables, such as content, audience, offer, and timing, and see how they affect your ROI. You can also use BI to align your marketing goals and KPIs with your overall business objectives and strategy.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How do you use BI to measure your marketing ROI?

1

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3

4

5

6

1 Define your marketing goals and KPIs

2 Collect and integrate your marketing data

3 Analyze and visualize your marketing data

4 Calculate and compare your marketing ROI

5 Optimize and refine your marketing strategy

6 Here’s what else to consider

Business Intelligence

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How do you use BI to measure your marketing ROI?

1

2

3

4

5

6

1 Define your marketing goals and KPIs

2 Collect and integrate your marketing data

3 Analyze and visualize your marketing data

4 Calculate and compare your marketing ROI

5 Optimize and refine your marketing strategy

6 Here’s what else to consider

Business Intelligence

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