Which marketing analytics should go into a board report?
Are you leaving out critical marketing analytics when putting together your quarterly board report? Or do you tend to include too much unnecessary information? Run through our quick checklist below to find out if you’re including the right marketing analytics in your board reports.
Do include top-level statistics.
The directors on the company board aren’t interested in the small stuff and they don’t want to waste time sifting through long lists of detailed marketing analytics. Everything you want to say about marketing should be collated in a single page in the board report. Any additional information should take the form of an addendum.
Do include financial statistics.
The board is always interested in finances, so it’s imperative to include marketing analytics related to finances.
Do include a brand equity register as an addendum.
Marketing analytics that show sources of brand equity are very useful and should be included in your board report. However, always add this document as an addendum. List all the things that are ‘good for the brand’. This might include a sponsorship, your website, a particular piece of research, and so on. Everything that’s included on this list should be kept going forward.
Do include the source of most of your new customers from the past quarter.
The board will be very interested in marketing analytics that indicate which marketing activities brought in the most customers in the last quarter. When you present this information, always compare it to previous quarters. For those brands that have long sales cycles, it’s really important to implement marketing automation so that you can report on this accurately. This is because many customers may have been acquired from marketing activities that took place months earlier but have only now become customers due to lead nurturing programmes. It’s important to report on the original source of the lead as well as what marketing activities caused that lead to eventually convert into a customer.
Do include marketing analytics that show how much the acquisition of each new customer is costing the company.
It’s important to know how much it costs the company each time you acquire a new customer. This can be a simple calculation if you know the original source of the lead, all the marketing activities that engaged the lead and the cost of those marketing activities. For financial directors, this is a very important metric. They want to be sure that marketing is not spending more than the company can potentially make. They also want to know that X marketing budget will result in X new customers.
Do include whether the cost per new customer has decreased or increased from the previous quarter – and why.
If it’s costing the company more or less to acquire each new customer than it was last quarter, the board is going to want to know why. Understanding this will equip the board to make better decisions about marketing budgets and activities.
Don’t include a marketing calendar.
I’ve seen many board reports that outline the marketing activities that have occurred in the last quarter and the activities planned for the next quarter. Without fail, this section of the board report gets skimmed over. These calendars take a lot of work to compile, so don’t waste your time on this section unless you feel you really need to. If you do want to include this, rather put this section as an addendum.
Don’t include marketing analytics relating to brand awareness.
Most board reports include an indication of how much brand awareness has increased due to marketing activities. I have never seen a board report that shows that brand awareness has decreased – that would just make the marketing team look bad. The reason that this indicator should be left out of a board report is that it is subjective. Even if brand awareness indicators have been developed through research, the figures can easily be manipulated to look like an increase when in reality brand awareness hasn’t increased at all.
Remember, while all of these marketing analytics and statistics are useful for a board report, they’re also useful for any marketing manager making day-to-day decisions. Make sure that you use them for more than just your quarterly board reports.
Image credit: Project Manage
Author: Graeme Wilson