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What is a Marketing Report?
A company keeps a record of all the data of the results of their marketing efforts, and this is called a marketing report. It is a document created by a marketer and its insights are shared with the marketing department and the company’s higher-ups. The report shows whether a business’ marketing investments have been paying off. It gives you the situation of the latest campaign that was run, the analytics of whether leads have turned into customers, if a certain project needs more funding and why, and to show clients whether their business is booming or if some campaigns weren’t able to reach the cut, and what do you propose to do to fix them. It puts everyone involved—the CEO, the stakeholders, and your marketing team on the same page on the businesses’ marketing efforts.
What is Marketing?
A firm grasp on Marketing, its process, and the strategies employed in it are necessary for creating a complete marketing report. Marketing is a huge part of business operations. Businesses shell out a lot of money on their marketing department’s efforts of getting their brand’s message across to the target market or right audience and gain exposure. Marketing is all about numbers—marketers are tasked to execute effective marketing strategies that will increase a business’ number of potential leads and customers that will bring in high revenue and move their business forward. Due to the innovation of technology, marketing is a growing industry that is constantly developing new and different types of marketing.
Different Types of Marketing Reports
The type of Marketing Report you create depends on the data that you need. Know the purpose of the marketing report and what kind of data you would want to accumulate. The data collected helps marketers make decisions about their Marketing Plans to drive better business growth, so it’s crucial to think about the metrics connected to the success of your business. Include the most crucial information relevant to your team so they can plot the next steps in the marketing process.
What are the uses for a Marketing Report?
A marketing report accumulates data on a business or organization’s marketing efforts. The existence of this report establishes open communication with clients regularly through them giving additional input, reminders, and follow-up questions they may have.
Tracks how your Marketing Strategies are performing
Crafting a marketing report helps to monitor the situation of your marketing activities, and if they are successful. It gathers data on how your business is doing in terms of lead engagement and how they are converted into consumers of your products and services. It helps you learn and track the Best Marketing Strategies and those that bring down your sales and business growth for insight into better business marketing.
Identify resource allocation for marketing efforts
Determines whether you’ve been getting the most from the resources allocated for your marketing efforts.
Identify income-generating channels
When are able to collect data from your marketing campaigns, you are able to determine what’s getting results and what’s not. When you analyze what’s happening in your campaign, you can decide which sources have been generating successful results for your marketing department and plan effective marketing strategies to increase sales. The financial department as well will benefit from this as well, as you will be cutting costs by allocating your funds to the correct platforms that your business utilizes to carry out its marketing efforts.
Propose for an increased marketing budget
When all the data collected is measured according to your marketing goals and there seem to be lapses within the project, or additional campaigns that need to run, this results in needing an increased Marketing Budget. Having a clear and concise record of your marketing data is a gauge if there are any changes that need to be made.
How To Create a Marketing Report
The scope of a marketing report varies according to the number of platforms that a business utilizes to carry out its marketing efforts. The purpose of your report needs to be determined ahead of time. It presents how your business’ marketing efforts are performing. It will be received by the stakeholders, clients, and CEOs. Fill it with all the necessary information that will build your Marketing Strategies. You need to include data that gives good insight you can use to tweak your existing strategy. These are what a Marketing Report contains.
Giving insight into the business goal gives insight on what the report is about. It gives the team direction on where to look at how all of the pieces fit into a whole. Be clear in reporting the marketing goals of your team to give them perspective on what you are trying to achieve. Give them direction by providing them with data that they can compare your previous analytics to, and see where you have improved and still have to improve. It is helpful when everyone gets a clear understanding of what you have achieved since the last report to analyze how far off you are to your target goal. The goals that your business strives to achieve and keep your brand growing. Evaluate your goals and check their progress as you grow. What KPI’s will you use to determine your performance? The goal is to compare your marketing data with the goals you with to accomplish and the key performance indicators that you use.
2.) Work Accomplished
Marketing reports are made to manage your team’s progress along your Marketing Strategy. This helps them clearly plan for income-generating business results. Performance monitoring of your marketing team, if it is heading in the right direction and reaping the right results. Hope to keep the cycle of sales-generating marketing strategies going.
Give an overview of what have you achieved. For example, you launched a new campaign, designed new collaterals, revamped your website.
3.) Marketing strategy
Your marketing report tells your marketing department and other key stakeholders where your business is at and where you’re going. This includes the current Marketing Strategy that you are running and from which the insights in the report came from.
4.) Market research
Market research is conducting research on your product or service’s target market, and if releasing it to the public will garner successful results. Market reports ensure that a product will succeed in the market it is in.
5.) Leads and customers
Describe how the metrics in your marketing report convert into leads and customers. This explains how much money your marketing efforts have brought in. Detail if you were able to drive in leads from your channels and if your marketing strategy brought in new customers, how many? Which channels have been acquiring the most customers? These numbers explain which sources generate leads and customers and which aren’t. It shows you what and where to improve on, and what aspect of your Marketing Strategy is working. It’s important to know not only your brand’s why—but also your customers’ and leads’ reasons. This data lets you know which aspects of your Marketing Strategy your leads are attracted to and you may optimize your strategy accordingly.
- MQLs or marketing qualified leads, the engaged prospects that are more likely to become customers
- SQLs or sales qualified leads, which are the prospects that show high levels of engagement and are ready to take action
- Number of new customers
- CAC or customer acquisition cost, the dollar amount needed to add a customer
- CPA or cost per action, Dollars spent divided by customer actions
6.) SEO data
SEO has become increasingly important for marketers in their Digital Marketing operations. SEO helps increase brand awareness based on its optimization. Include your website analytics in your report and the SEO optimization process that led you to that rank.
7.) Email campaign data
Email marketing data shows how the web traffic from your marketing channels generated active followers and leads that subscribed to your marketing content. Did the email blast drive in enough leads? These are what to detail in your report:
- The number of engaged contacts
- The messages that are resonating
- Popular products and services
- Emails sent, delivered, and open rate
8.) Explaining your marketing data
Provide explanations for all of the data that you have collected. Not only are the numbers supposed to be analyzed, but you must also determine their causes to provide more improvements for progress. If you were able to convert leads into customers from social media, lay out the causes. An example would be if your Instagram page received a shoutout from an Influencer, which led to a boom in your follower count and a jump in sales. Remember to give data that is understandable to the reader. If you are used to marketing jargon, people outside your department may not be familiar with the terms you use among your fellow marketers. With information on all of your metrics, you might want to make use of visual aids to properly explain the numbers you’ve collected and present them in graphs, charts, and tables.
How often should you create a Marketing Report?
The frequency in which you create reports presents its own advantages. Monthly marketing reports prove the most effective to report on your business’ marketing efforts because it’s easier to quantify your data and compare your growth in the span of a month. This is because the interval of a month is enough to accumulate data and analyze them to predict any future projections. It is much easier to predict what will happen long-term when you have collected quantified data within a long period of time. Weekly reports are recommended for smaller teams to discuss among themselves and work on their progress into their goals. Weekly team reports can help them stay in touch with their goals and work on their own efforts and marketing contributions.
Who else receives the marketing report?
The report is delivered to the sales department and the executives aside from the marketing team and its department. The company’s higher-ups benefit from gaining awareness on your organization’s marketing efforts. Being key stakeholders, they would want to know whether the business goals they invest in are paying off. Are the right lead projections coming in? Has the company reached its target customers for the month? They want to get straight to the point of how much revenue is coming in rather than details on SEO page rankings and social media page clicks.
After determining the report’s purpose, stating your marketing goals, and identifying all the appropriate data, you can now create an accurate representation of your marketing strategy’s results for your marketing team, department, and the involved stakeholders to see. As you have established a format, it becomes easier to regularly create your marketing reports for future purposes.