Effective marketing strategies inform your target audience about your product or service and why they need you. It’s much harder than it sounds and requires ongoing effort. If you’re running marketing campaigns but don’t know how to evaluate their performance, we’ve got all the tips you need right here.
The Benefits of Monitoring and Analysis
When you monitor and analyze marketing campaigns (email newsletters, pay-per-click advertising, etc.), you have the chance to dig in and see how things are actually performing. In the event that the levels of success are low, you need to drill down and figure out what the problem is. At that point you can decide whether to reinvest in improving your campaign, or call it quits so you can focus on new ones.
When a campaign is going particularly well, you can "follow the bright spots" and learn from them to ensure your future campaigns are just as successful.
Know What Your Customers Have to Say
Your customers, the members of your target audience, are the base on which the success of your company is built. You need to know which marketing techniques are effective in their eyes, and tracking the rise and fall of your business operations reveals that information.
When you find a particular advertisement, slogan or other marketing technique that sticks with them, build it up. You can incorporate it in promotional items, or inject it into your social media posts. Gauging your customers' reactions helps you create a branding image that can last a lifetime.
On the other hand, when the reactions to a particular campaign are negative, or when you simply cannot generate profit based on one of them, you’re not only learning that the campaign is unsuccessful, but you’re also getting a taste of what they don't like.
Improve the Techniques that are Top-Notch
When you find a strategy that works well, you might be tempted to just let it be. You figure that it has already generated a high level of success, so you don’t need to improve it. However, your customers and the competitive landscape are not going to remain the same forever, and neither should your message.
For example, consider a product targeting individuals in their 20s. Although you want to keep that market, you also want to retain these customers when they move into the next decade of their lives. Updating the product, as well as the marketing campaigns that go along with it, can make these people lifelong customers.
Have a Stronger Financial Approach
When you are monitoring and analyzing your campaign, you'll start to see how the money you put in either generates profit or leads to a loss. This benefit or consequence is tangible and measurable, and the ability to do so may very well lead to a high level of success on your end. When you learn the components that make your company tick, you can spend more money on them and put away the techniques that drain your company out of a profit.
Build a Strong Online Reputation
In addition to ensuring that your finances are sturdy, you also want to be certain you have a solid digital reputation. By analyzing how people are responding to your marketing campaigns on social media outlets and review boards, you can gain a sense of what your online reputation is and why. Once you know where you stand, you can work to either repair the problem or to tweak strategies to garner even better reviews.
When you want to start monitoring and enjoying all the benefits listed above, employ these specific tips:
- Set Your Parameters
Before you can start monitoring your campaign, you need to know exactly what you’re looking for. You need to establish measurable factors that are tangible and real. Consider things like sales, product-specific profits, and campaign sign ups (i.e., newsletters, eBooks, etc.). These parameters are essential because they provide objective feedback. You are not looking at a subjective review based upon a person's individualized opinion.
- Use a Landing Page to Track Visits
You can estimate how much traffic your marketing campaign is bringing in based on how many people view the product or service packages online. However, it’s even better if you know how many individuals are viewing the advertisement itself.
- Ask Your Prospects Where They Came From
Knowing where your leads come from will help you determine what area or marketing channel you need to focus more on. You can do this by including a "How did you hear about us?" field on contact forms or having your sales team ask this when on the phone with new prospects.
For example, you have the chance to look at the profits generated before a particular campaign launched and compare them with how much money the company started bringing in shortly after the advertisement was launched.
You can do this by creating a specialized landing page for your campaign. By doing so, you can track the number of visits over time to help monitor the campaign's performance.
6 Marketing Metrics Your Boss Actually Cares About
Discover the key metrics your team should be tracking