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8 min read

Measuring the success of your growth marketing strategies

Data and analytics

Measuring and optimizing your marketing efforts is crucial if you want to keep driving sustainable results and hit your targets.

But tracking the success of your growth marketing strategies isn't just about collecting data; it's about interpreting the right metrics to make informed decisions that drive sustainable results. 

This article will cover the essential components of effectively measuring your growth marketing impact and turning insights into actionable strategies. 

We’ll get into:

Let’s explore how a strategic approach to measurement can enhance your marketing efforts, ensuring every action contributes to your overarching growth goals.

Setting up analytics and measurement tools

You can't improve what you don't measure, right? That's why setting up the right analytics and measurement tools is step one. These tools will give you the data you need to make informed decisions and prove the return on investment (ROI) of your marketing efforts.

Start by implementing an established web analytics platform like Google Analytics. It'll track everything from website traffic sources and user behavior to conversion rates and revenue data. Don't just set it and forget it, though. Spend time configuring goals, funnels, and custom event tracking to capture the metrics that matter to your business.

For campaigns across different channels, look into channel-specific analytics tools as well. Facebook Ads Manager, Google Ads, email marketing platforms, and customer relationship management (CRM) platforms like HubSpot all offer in-depth performance data you'll want to tap into.

When it comes to tools for data collection, startups, scaleups, and enterprise companies each have different needs based on their business size and resources. 

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We recommend these 18 tools for data collection, where we’ve provided key information like explanations, pricing plans, and links, so you don’t have to go searching!

Bad data in means bad insights out. So data accuracy and integrity should be a top priority. 

Research from Gartner shows poor data quality costs organizations an average of $12.9 million annually. Regularly audit your tracking setup and clean your data to ensure you’re getting a clear picture. 

Data cleaning techniques can look like this: 

  • Eliminating duplicate data.
  • Removing irrelevant data, like tracking codes and HTML tags, for example.
  • Making sure the text is consistent: Look out for mixed capitalization, no spaces between names, middle names, etc.
  • Converting data types. For example, some data may be added as “01/01/24” vs. January 1st, 2024.
  • Clearing formatting: If you’re taking data from multiple sources, there might be different formats depending on your sources or documents.
  • Removing errors: Spelling mistakes or extra punctuation can mean you’re connecting with people who haven’t opted to be communicated with or you’re not actually reaching your customers.

Utilizing the right analytics and measurement tools can seriously help your growth marketing efforts. But you need to ensure your data is clean if you’re to garner real, valuable insights.

“Relying on data is key, but it's not always readily available in the right format. As a seasoned marketer, I've witnessed the frustration when data doesn't align with expectations or lacks clarity. That's why I emphasize the importance of regularly reviewing reports with the team and clarifying metrics.
“It's fantastic to see young marketers embracing a data-driven mindset, but without experience, interpreting data can be tricky. That's why fostering a culture of collaboration and open communication is crucial. By ensuring everyone understands the origins and limitations of the data, we can make informed decisions that drive growth.
“In my experience, not all metrics are interpreted the same way. That's why it's essential to have discussions and alignment sessions to ensure everyone is on the same page. By collectively understanding the nuances of the data, we can make smarter decisions and propel our growth marketing efforts forward.”

Britta Agel, Global Director of Marketing Strategy & Planning at Spryker

Attribution modeling

Once you've got your data in order, it's time to tackle attribution modeling. This is all about understanding which marketing touchpoints are contributing to conversions and revenue.

There are different attribution models out there from AI-based software, Facebook’s attribution tool, or the standard Google Analytics attribution models. They’re generally split into two main varieties: Single-touch and multi-touch.

Single-touch attribution

Single-touch attribution is like an old-school flip phone; it does the job, but you’re missing out on a lot of features. 

Single-touch attribution models assign the credit of a conversion to a single, specific touchpoint in the buyer’s journey. While they’re simple to implement, they provide a limited view. Single-touch models might look like “first-touch,” “last-touch,” and “last non-direct touch.” 

First-touch and last-touch attribution gives 100% of the credit to the first or last interaction a customer has with your business before converting. While a last non-direct touch attributes the credit to a specific source or asset before conversion, like an ad campaign, email, or newsletter. 

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Multi-touch attribution

Multi-touch attribution, on the other hand, is the smartphone of attribution models. It recognizes that a customer’s journey isn’t a single step but a series of interactions across different channels and platforms. 

This type of attribution model gives you a deeper insight into the entire customer journey, providing a clear picture of the influence each touchpoint has had which has led to the final conversion. It lets you see which campaigns, channels, and tactics prove effective, which allows you to efficiently manage your marketing budget and optimize your campaigns. 

Every customer interaction holds value. Marketing attribution helps you recognize that value, learn from it, and use it to guide your marketing efforts.

Don't just go with the default, though. Test out different models, analyze the impacts, and select the one that best aligns with your marketing and sales processes.

ROI calculation

Okay, you're tracking metrics, and you've got your attribution model nailed down – now it's time to prove your marketing ROI. 

The goal of ROI is to make more money than you spend, but determining the ROI of your marketing campaigns can be tough because you’ll likely have different marketing tactics on the go at the same time. 

If you’re using a pay-per-click (PPC) strategy, the platform you’re using may automatically calculate your ROI for you. However, when you look at the likes of content marketing, things get a little less clear. 

For content, tracking URLs and other tech are on hand to help shed light on the advantages of content marketing, particularly when looking at growth and marketing qualified leads (MQLs). 

Many organizations set their ROI benchmarks by looking at the return from similar tactics used in the past plus current sales numbers. 

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According to HubSpot, a simple formula you can follow for calculating marketing ROI is as follows:

[((number of leads x lead-to-customer rate x average sales price) - cost or ad spend) ÷ cost or ad spend] x 100.

To use this formula, you need  to first identify a few things: 

  • Number of leads: How many people converted to a lead?
  • Lead-to-customer rate: What percentage of leads became a customer? If 12 out of 100 leads become a customer, your lead-to-customer rate would be 12% or 0.12.
  • Average sales price: The average price of your product. An average can be helpful if you occasionally apply discounts or alter pricing in other ways.
  • Cost of ad spend: How much did you spend on creating and promoting the marketing campaign? Here, you can factor in costs including ad spend, hourly wages of people who put time into the project, or costs related to producing content.

Don't forget to account for things like attribution windows, seasonality effects, and changing market conditions. Take into account non-financial factors, too. Things like social media engagement, website traffic, and even a feeling of increased customer satisfaction and loyalty have a hand in your marketing ROI. 

"Spending more money on ads that deliver higher CTR or more leads is easy. To drive more impact though, invest in ads that deliver true SQLs or opportunities, even if that means sacrificing lead volume. This is where real growth happens."

Nick Mamouzellos, Director of Demand Generation EMEA at LRN

Continuous optimization and improvement

You know as well as we do, once you have your optimization all figured out, that’s just the beginning. Continuous improvement needs to be just that – continuous. 

Make sure you’re always testing and improving. That’s how you ensure you’re grabbing any opportunities that arise; turning weaknesses into strengths and keeping on the never-ending path to growth. 

Run A/B tests and multivariate experiments to fine-tune every aspect of creative messaging, audience targeting, offers, and incentives, you name it. Let the performance data guide you toward the highest-converting combinations.

But don't just test in isolation – look at the bigger picture, too. Maybe your Facebook ads are crushing it, but your landing pages are leaking conversions. Or perhaps your SEO is on point, but you're struggling with activation and retention down the funnel. 

Constantly reevaluate your full-funnel customer journey. Use tools like on-site surveys, session recordings, and cohort analysis to identify drop-off points and areas of friction. Then take that qualitative and quantitative feedback to systematically improve the experience for your customers, and growth will follow.

"Data analysis and reporting can definitely help with campaign optimization and improvement. It is almost a given.
"Seeking constructive feedback from your product, sales, and customer success teams is not though. Be open (and not afraid) to receive your peers' qualitative opinions and thoughts across all levels to become better and deliver the results you need."

Nick Mamouzellos, Director of Demand Generation EMEA at LRN

Communication and reporting

If you want to maintain buy-in and keep those budgets flowing, you've got to communicate your marketing performance – and communicate it well: Dry reports and overwhelming data dumps just won't cut it.

Focus on telling a clear, compelling story with your reporting. Use visualizations to highlight key metrics and trends, and remember to provide context: Analyze root causes, and outline your optimization priorities.

Marketing requires cross-functional collaboration. So, when you’re communicating across different departments, make sure to tailor your messaging. Sales teams may care more about pipeline contribution, while executives want a high-level view of growth and ROI. 

Speak their language and tell them what they need to hear.

Dare to be creative. Go beyond standard reports and dashboards; interactive presentations, data stories, and even video updates can be powerful communication tools in the right scenarios. 

Framing your performance narrative thoughtfully and making data truly actionable is just as important as the insights themselves. It's how you'll cement yourself as a strategic, ROI-driven growth leader.

Final thoughts

Effectively measuring the success of your growth marketing strategies is vital for achieving sustainable results and continuous improvement. 

Setting up helpful analytics tools, ensuring data accuracy, employing precise attribution models, and calculating your marketing ROI all work in tandem to provide you with valuable insights into your campaigns' performance. 

Continuous optimization and a strategic approach to data analysis will empower you to make informed decisions, drive growth, and maintain a competitive edge

Remember, the key to successful growth marketing lies not only in collecting data but in turning that data into actionable insights that propel your business forward.

Want to learn more about growth marketing?

We’ve got just the thing for you. 

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You'll gain a competitive edge by:

🎓 Mastering the core principles behind growth marketing

🎯 Developing a strong growth strategy

📊 Optimizing your marketing funnel

🔮 Creating tailored customer content And more, including real-world case studies from marketing pros! 

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This post was a collaboration between

Stevie Langford, Hannah Wesson

  • Stevie Langford

    Stevie Langford

    As a Senior Copywriter here at Revenue Marketing Alliance, Stevie loves to create content that's captivating, compelling, and informative. She's always open to new ideas, so feel free to get in touch!

    More posts by Stevie Langford.

    Stevie Langford
  • Hannah Wesson

    Hannah Wesson

    Hannah has worked in content marketing since graduating and has a wealth of experience writing for a wide range of B2B and B2C companies.

    More posts by Hannah Wesson.

    Hannah Wesson
Measuring the success of your growth marketing strategies