How do you know if your marketing dollars are working? Some results are easy to measure, but sometimes the value and success of marketing efforts can be hard to read.
Understanding that measurement is an essential part of any marketing campaign up front is key to setting yourself up properly so that you will know what programs are working, and which ones need to be adjusted.
Read on to learn our 3 simple ways to measure marketing success:
Identify Marketing Programs and What They Are Designed to Generate
Success will be measured differently, depending on the goal of your program. Are you looking to increase brand awareness, or is your focus on gaining qualified leads or customers?
Establishing your brand as top-of-mind for people interested in your product or service, or becoming a trusted and reliable source of information in your industry will rely on different measurements than lead generation efforts.
Increasing brand awareness will not necessarily be reflected in your bottom line the same way customer acquisition will. Brand awareness is a much slower build, and the results will be measured differently. This may be measured in new followers, more blog readers, or increased opens for your newsletter.
If your goals are to gain new customers or increase sales, then tracking your efforts will be more closely linked to revenue and profits.
It’s important to identify your different programs ahead of time and understand that comparing the results will not be apples to apples. The goals for these two types of programs will be different as will the measurement of success.
Know Your Goals
When it comes to setting goals, it is important to get granular and lay out specific goals for each marketing campaign.
By setting up specific, measurable, and achievable goals at the outset, you will have a much better time understanding the performance of your campaign.
As mentioned earlier, your different marketing efforts will not have the same goals against which to measure success.
Some examples of easily measurable goals for inbound, content, and digital marketing:
- Increase followers on a particular social media platform
- Increase open rates for your newsletter or targeted emails
- Gain new business from existing customers through a highly targeted drip-email campaign that includes an enticing offer/discount/announcement of new product
- Increase blog or newsletter subscriptions by a certain percentage
- Introduce your product or service to a new market and gain x number of customers in that market
Know How You Will Measure Results
This seems fairly obvious but it is a very important part of what you are doing. You’ve set up measurable goals but do you have systems in place to track performance?
For example, if you are launching an email campaign, is your system equipped to monitor opens and click rates? Can you track new opens as well as those who have gone back and visited your email - possibly considering your offer rather than just glancing at it?
Email management systems such as Constant Contact and MailChimp offer tools that allow you to track performance and behavior. CRM systems such as HubSpot go even further allowing you to track the behavior of your contacts once they have entered your site.
Make sure you understand the tools available to you and know what you will be able to get out of them before you launch your campaign.
Another example would be if your goal is to gain new followers through social media. Are you using the tools available to business managers so you can understand performance and engagement? Are you using UTMs so you can track clicks from users who have followed a social message and landed on your website as a result?
Setting up your measurements and how you will use them beforehand allows for a much more seamless report when it’s time to determine success.
Taking the time before the launch of any marketing program to assess its goals and ensure you have the tools to measure what you are trying to achieve will save you time (and frustration!) in the long run. Then, when it’s time to evaluate your marketing efforts and show their value you will have clear evidence of success.
Thanks for reading,