Metrics to Measure the Success of Marketing Campaigns and How You Can Do That in Excel

Marketing initiatives help companies and businesses gain new clients and increase sales and profits. Thus, assessing the success of marketing campaigns is just as important as executing them. However, apart from sales volume and revenue, you need to consider several other factors to assess a marketing campaign’s effectiveness.

So, if you have been assigned to enhance your company’s marketing campaigns, you must consider the metrics for measuring success. One of the most effective ways to measure a marketing campaign’s success is through sales dashboard templates. Similar to Excel dashboards, they act as control panels for your campaign. They offer you a snapshot of how a campaign is doing without having to dig too deep.

This blog explores the metrics to measure the success of a marketing campaign and how you can use Excel in this process. So, read on to find out!

Key Metrics to Measure the Success of Marketing Campaigns

Cost Per Lead

Cost per lead assesses the financial viability of marketing campaigns as it focuses on the leads generated instead of the wins or sales. For instance, the cost per lead for a $300 marketing campaign for coffee beans that resulted in five sales from ten leads would be $30.

Additionally, companies must keep track of the costs associated with acquiring each lead. When calculating the cost per lead, metrics like Ad Spend, additional costs, and time can be used to assess how investments can be made more effective at converting leads.

The formula for calculating Cost Per Lead is:

Total Marketing Expenditure/Total New Leads = Cost Per Lead

Monthly Recurring Revenue (MRR)

The Monthly Recurring Revenue is another indicator you can use to monitor the success of a marketing strategy. Recurring revenue can be calculated using data on the amount each business customer contributes to your revenue, the total number of monthly consumers, and the average revenue each customer helps you generate.

Here is the formula for calculating Monthly Recurring Revenue:

Monthly Recurring Revenue = Avg. revenue/customer * total revenue generated in a month

ROI or Return on Investment

Another widely utilized metric is ROI which compares the amount of money you put into marketing to the amount you receive in return. For instance, if a marketing campaign for eyeliner requires a $1000 investment and generates $5000 in the sale, the Return on Investment would be 400% or $4,000. A high return on investment indicates that your marketing investment is successful.

Here is the formula for calculating ROI:

Net income/Cost of investment*100 = Return on Investment

Best Excel Dashboards to Measure the Success of Marketing Campaigns

Financial Dashboards

Every type of Business Analytics requires a Financial Dashboard. In marketing, analysts can use it to track KPIs and assess the success of marketing campaigns. Additionally, they show product statistics, sales statistics, and more. By judging these performances, marketing managers can make informed decisions for business success.

Sales and Marketing Tracker Dashboard

Another Marketing Excel dashboard is the Sales and Marketing Tracker Dashboard, which would be an advanced and powerful addition to any company’s marketing analytics. Thus, the markup and percentage profit can be visualized with various demographic and marketing approaches, allowing for real-time marketing and sales metrics analysis.

Sales KPI Dashboard

With the help of sales KPI dashboards, you can automatically visualize your most crucial sales data and receive notifications that include takeaways for your company’s performance.

Knowing how your sales are doing is one of the most crucial insights for adjusting your marketing strategy. Your marketing analytics may include a sales KPI dashboard with Key Performance Indicators (KPIs) like overall turnover rate, monthly revenue, profit generated, etc.

A Sales KPI Dashboard is an effective tool for showcasing departmental data and overall company performance. A sales dashboard can help you:

• Recognize recurring problems and develop ideas for effective solutions.
• Utilize data to make informed decisions.
• Reward your top performers with bonuses and incentives.
• Keep a check on your team’s performance about business objectives.

Things to Look for in Marketing Dashboards

• An effective marketing dashboard allows you to build more complex metrics that may require additional calculations and includes all the metrics you want to assess.
• A good marketing dashboard is scalable and adaptable. It enables handling large data sets and allows you to include more matrices.
• It should be simple to read and understand, whether you require it for your HR team or for presenting it to the board members.
• Another thing you must ensure is data security, as data theft or data leakage is a problem many businesses face today. If you use third-party tools to create your marketing dashboard, review the most recent information available for views and the privacy policy.

Final Word

Thanks to Excel Dashboards, measuring the success of marketing campaigns has never been easier. If you require professionally designed dashboards for marketing, visit Biz regarding Infographics today. From financial dashboards and reporting templates to Excel dashboard templates, they offer a range of dashboards to help you get a clear picture of business performance and KPIs. Additionally, they offer Sales Dashboard Templates to help businesses get a snapshot of their sales performance.