How can I reliably calculate return on investment? How can I track customer buying patterns and use this information to increase campaign effectiveness?
Microsoft Dynamics CRM allows marketing departments to track, analyze, and visualize their data. Understanding marketing Return on Investment (ROI), customer sentiment and customer buying patterns becomes possible within three clicks – something most marketing departments without CRM cannot say.
A study conducted by the Content Marketing Institute investigated how marketing departments rated their success. A shocking 21% of Business-to-Customer (B2C) marketers do not track ROI and a small minority (23%) think they are very successful or successful at tracking ROI. Similar results were found for Business-to-Business (B2B) marketers.
In order to increase effectiveness of tracking ROI along with other Key Performance Indicators (KPIs), marketing departments should consider utilizing Dynamics CRM for its extensive out-of-the-box marketing capabilities. Basic CRM tracks campaign information from beginning to end of the sales cycle, allowing marketing departments to understand which campaigns lead to the most won opportunities, both in quantity and in revenue. Additionally, total campaign cost is naturally saved so calculating ROI becomes a one-click action.
Sales and Marketing Alignment
Many companies may already have a technique for calculating ROI, but the beauty of Dynamics CRM is that it is built to combine all aspects of a company’s business in one system: marketing, sales, service and more. Fluidity of data and transparency of information between departments, such as marketing and sales, allows for a unified and clean customer experience contributing to increased customer satisfaction and loyalty. This data visibility goes both directions – sales can see where their prospect has originated from, increasing the value of any marketing campaign, and marketing can see what customers have purchased in order to successfully re-enter them into the sales pipeline.
Knowing where a customer has been is extremely important to deciding how to target them for the next product. CRM shows a contact’s entire history in one location, so adding past/current customers to new marketing campaigns becomes easy and effective. Moreover, all data points related to a customer are in one location – telling the full customer story.
Dynamics CRM is extremely visual. The image below is an example of a Marketing Dashboard. This dashboard allows users to visualize data in real time in order to make decisions that impact the day-to-day or the yearly plan for the organization. Information like Campaign Type, Campaign Budget, and Revenue Generated by Campaign is easy to use in CRM, along with many other charts. Big or small, all marketing departments could benefit from having their data presented to them in a visual manner every day, not just in a meeting or a presentation.
I’ll conclude with this quote from Sylvester Stallone: “Now it really is, believe it or not, 90% of the films are green lit, not by the studio heads, but by the marketing department.” This thought can be extended to all industry types. A strong and informed marketing department can lead the organization to growth and success – and step one to being that strong and informed marketing department is collecting and tracking your data.
This is the fourth of 16 posts covering the best of Microsoft Dynamics CRM – best practices, features and integrations in 2016.
Named the 2015 Microsoft Partner of the Year for Cloud Packaged Solutions, SADA Systems specializes in deploying and configuring your Dynamics CRM solution to set up your organization for success. Click below to learn more about our comprehensive Dynamics CRM Marketing Value Assessment designed specifically for marketers.