As the new year begins, it is the perfect time to create marketing and sales budgets for the new year, analyze past results and conduct projections for the new year. Here is a list of some of marketing and sales analysis you should be doing at this timeframe.
Year-end analysis includes looking at a few metrics which includes:
- Year over Year growth rates – to calculate year over year you would need to look at sales in dollars, volume or spent amount and compare last year to the previous year. Subtract last year compared to previous year and divide it by previous year to get the % growth.
- Biggest Winners/Losers – Look at what works and what did not last year. Some questions to ask what was the most popular tweet or instagram likes, what were the top pages visited, top content viewed, or what was the most popular product sold, and so on.
- State of your CRM – In today’s business data is key, check your CRM stats. How fast did you grow? How is the unsubscribed rate? What was the number one source of your leads? These are just some metrics to look at when reviewing your CRM.
- Budgets – It is time to look at the profitability of your marketing campaigns and analyze how close you came to your budget. Before you can create the budget for the new year it is important to learn from your wins and losses of last years campaigns.
- Seasonality – Was there a month where sales spike up? Was there a day/time that your emails had the best success rate? Does posting in the evening or weekend means more likes for your social media. Looking at last year can help with your marketing plans for next year and projections for next year.
- Competitive Report – It is time to analyze your competitors data to see how you benchmark. If you do not do regular competitive analysis now is a time to see how they are doing on social media, to sign up to their newsletters and check their SEO ranking, pricing strategies and so on.
- Data – When reviewing data from previous year you may uncover data gaps that are preventing you from doing a proper analysis. You may also uncover data quality issues such as duplicates in your CRM which you should prioritize to clean at the beginning of the year. StrategicDB can help, with de-duping and other data cleansing needs.
- Other Analysis – Depending on your business you may want to look at specific programs, rebate programs, and other programs. You may want to build models to identify correlating trends, regression models, segmentation analysis and so on.
Now that you have analyzed your past years results, it is time to plan for the future. Time to set projections for the future, repeat what worked and cancel what did not, set budgets, and so on. Hopefully growth rates will continue and profitability can be maximized.