Marketing measurement is essential if you want to ensure that your marketing campaign works exactly the way you want. Learning how to measure the effectiveness of marketing and using the best marketing measurement tools can be a great way to figure out what works really well and how you can further improve things. In this article, we will talk about some of the things that you need to focus on.
The importance of measuring marketing effectiveness
Advertising effectiveness is one of those metrics that every business needs in order to see how well the marketing campaign does. Marketing success is a metric you want to measure because it shows what’s going well. You can also see what people are gravitating toward, and what needs to be improved. Digital marketing measurement is a crucial thing to focus on if you want marketing success. Implementing that wisely can make a huge difference. Once you check the performance of a marketing strategy, you will know whether you have to adjust anything in order to see improvements.
How often should you measure the success of your campaigns?
Ideally, you want to measure the marketing success as often as you can. The more info you have, the better, so it makes sense to check the campaign and optimize it properly. Checking the advertising effectiveness at least 2-3 times during the campaign is very important. But as we said, there’s no limit, you can do this as often as you want/can, without any limitations.
Steps on how to measure marketing success
Define Your Marketing Channels
A good way to start effectiveness measurement is to define the marketing channels. This is a great idea because you will be able to track and assess each one of the channels based on their performance. The 4 main marketing channels are direct selling, dual distribution, selling via intermediaries, but also reverse channels. Once you know the channels and they are properly defined, it becomes a lot easier to figure out how to measure the effectiveness of marketing. Then you narrow down what’s wrong and adapt accordingly.
Determine a goal and the correct KPIs
When you create a marketing campaign, you always need to have a set goal. This will make it easier for you to identify what to work on and how to adapt and adjust everything. The best approach in a situation like this is to always define your marketing channels properly. You need to ensure it all works exactly the way you expect. You can have different goals, like using exit popups to generate more sales and regain customer attention, getting a specific amount of clicks/sales, converting x people into paid customers, and so on.
Then once you have a goal, you want to determine the right KPIs that have very good importance. There are different KPIs to focus on, and each one of them is extremely helpful. Here are some of the main ones to focus on.
- Return on investment or ROI is a crucial metric because you want to see how much you get in return for the amount you spend.
- Cost per win (sale) is also an important one because you want to see how much you spend in order to generate one sale.
- Cost per lead is another one because you want to track just how much it costs to generate a single lead.
- Checking the Conversion Rate is another important aspect since the conversion rate differs from one campaign to the other.
- Customer lifetime value is calculated by multiplying the average sale per customer by the number of times a customer buys from you a year. Then you can multiply with the average retention rate in years per customer.
These are some of the most important KPIs to focus on, although there are many others. When you study how the effectiveness of e-mail advertising can be measured directly, these are things that you do want to focus on. But as we said, it also works for marketing in general too, which is something to take into consideration.
Establish a time frame or deadline
When you perform any marketing measurement, it’s a very good idea to have a deadline or a timeframe. It will make your marketing process more accurate and that’s definitely one of the important things to consider here. You do need a timeline to track your advertising effectiveness, otherwise, it will be hard to do that. Plus, once you have a time frame, it’s a lot easier to monitor and implement everything in an adequate manner. Luckily, there are many timeline template options available on the internet and you can choose the one that best meets your needs and requirements.
Use marketing tools that support your goals
Marketing measurement tools are ideal if you want to ensure that you have a system in place to support your goals. These tools are great because they can help track your popups’ statistics, email marketing success, and many others. You just have to link these tools to your website dashboard, add any other relevant information and they will be good to go.
Good marketing tools can be fully customized to your requirements and you will also be able to track information in real-time. They offer great info like how much time is spent on the site. It also shows what products people see the most, what bounce rate you have, and so on.
There are a variety of marketing tools you can use, depending on the features you need. Google Analytics is great because it allows you to manage and study your traffic, bounce rate, and other relevant information. The same thing can be said about the Google Console, where you can find reports and tools to measure your site performance. You can also use it to identify any issues.
Then we have AdWords, where you can figure out the keyword performance and also see the price per keyword at that time. Another tool you want to use is Ahrefs, which is great to track website performance, but it can also help you find amazing keywords.
If you want to promote on social media and also track your overall campaign performance, Facebook Business Manager is an ideal option. Of course, you can use a large variety of other tools depending on your needs. Todoist is great if you want to manage project tasks efficiently, including your marketing campaign. Flipsnack can help you create great content for your users, while Whatagraph is a reporting and monitoring platform.
These are only a few of the amazing marketing solutions you can use to enhance and also track your marketing success and performance.
Always set the right success factors
Aside from having deadlines and goals, you also want to have success factors in mind. These can range anything from securing 15% sales from the total number of leads. You can also try driving a certain amount of traffic to your website, or receiving x amount of social media impressions. That alone can truly make a difference.
Another thing you can do is to be very specific when it comes to selecting any KPIs and working with them. The idea here is to always commit to making the process convenient and dependable. That can be a worthwhile approach. Then you also have to know how to track your popups’ statistics, since it can help you see how successful popups are and what you can improve.
Create a marketing measurement template
This is actually a good idea because it works great once you have the desired metrics in place. You set the initial goals, timeframe for the marketing campaign, and KPI metrics for the beginning, middle, and ending, but also known issues and expectations. You can also have a section at the end where you talk about what worked and what did not work. A summary of any unplanned/unexpected effects is also a good one to have here. Try to customize this template according to your needs and it will work very well.
The marketing performance measurement is very helpful. This allows you to narrow down what works for your business and what can be improved. You always want to study the performance of a marketing strategy based on your expectations. Many KPIs are very easy to monitor, and that makes the process easier.
Using marketing measurement tools is also very handy since they can automate the tracking process and they offer you a lot of valuable information. It helps immensely, and it can bring in front a very good return on investment. Use these KPIs and create a marketing measurement template. Then you can fill it with the info and you will certainly learn how to improve your marketing campaigns in the future!