Measuring Marketing’s Effectiveness
We’ve talked about the importance of measuring marketing tactics. But how do you use that information to build your business? In this blogpost we’ll discuss ways to use metrics as Input to future planning.
Whether you’re just starting out or need to revamp your current strategy, defining the marketing metrics that matter is the foundation for successful campaigns. After all, how can you define a successful campaign or pinpoint a proper strategy without first understanding your goals? Even for a small business effective marketing is a science — and that means tracking numbers, analyzing data, and measuring results.
Let’s take website traffic, for example – in the early days of websites, numbers of visitors was the benchmark for measuring success; now, metrics are much more sophisticated, with the ability to track essential data more effectively. Knowing what your business is achieving via your website and why, can be pinpointed to the micron. It’s not enough to know how many people visit your website – you need to know why, what are they doing once they get there, how long they stay on the site, what is driving them to return, etc.
With the expansion of marketing into other media (including social media) it becomes even more essential that the data be analyzed correctly. Direct marketing measurement can be built into the medium itself. For example, key-coded phone numbers and targeted URLs make it possible to design information-rich campaigns which independently measure the impacts of specific marketing strategies.
For any business profitability goes hand in hand with effectiveness. So, it’s imperative that you look at your marketing strategy in conjunction with sales. Creative is only successful if it is driving customers to your site or business and converting into sales. Measuring your marketing’s effectiveness can help you in both good times and challenging environments. As the recent pandemic illustrates, often a business needs to pivot, even when they are doing well, to adjust to market forces. For example, walk-in shopping was severely curtailed so successful businesses had to quickly learn to pivot, to keep their sales numbers afloat (the growing business of curbside pickup (across all types of businesses) is a good way businesses quickly and successful pivoted.
From planning and budgeting to analyzing data/info with an eye to future planning, every aspect of marketing measurement is essential for business success. We’d love to help you apply your marketing intel towards taking your business to the next level!