Measuring the success of your marketing is a vital task.
It identifies your return on investment (ROI), showing you what works and, crucially, how worthwhile it has been to spend the money you have. In turn, this helps you develop and refine your marketing strategy. This guide introduces to:
- Setting objectives
- Measuring success
- Techniques to help measure success
1) Setting objectives Setting objectives will show you further down the line how effectively your marketing has met them, giving you the basis of an ROI metric. Create marketing plans that tie marketing activities into the company’s bottom line.
2) Measuring success
What you measure will depend on what you were trying to achieve. You might measure, for instance, the number of new customers/leads generated (keeping an eye on any you lose as well), number of new products bought by existing customers (which helps identify the most strategically useful clients), brand awareness, market share or customer satisfaction levels. If you track leads, remember to track conversion rate to actual orders as well.
3) Techniques to help measure success
Put sales enquiry forms or allocate a different sales phone number to each of your advertisements so you can identify where the enquiry came from. Use web metrics and keep an eye on the most popular search terms customers use on your site. Online campaigns give you an immediate feedback mechanism.
For more support to grow your business through strategic marketing, call the Brighter Directions team on 01246 252855