Marketing effectiveness is an elusive concept and, oftentimes, if the campaign didn’t create a boom in the industry that can be plainly observed from low Earth orbit, even the most skilled of marketing gurus won’t be able to measure how well it did. This is because tracking the effectiveness of marketing campaigns is intrinsically difficult, as the conclusions will be shaped by numerous fluctuating factors such as industry trends, competition, and their own campaigns, as well as a wealth of digital markers you should monitor at all times.
Needless to say, no matter how elaborate or ingenious a marketing campaign might be at the point of inception, you will never be able to improve upon it in the future or know how to effectively change it if you don’t track your marketing ROI. With that in mind, here are the essential ways to track the ROI of your marketing campaigns that every growth-oriented business should implement into their processes.
Track your general performance
Luckily for every digital marketing expert out there, modern technology has made it possible for every seemingly minuscule metric to be tracked and acted upon effectively. Regarding your general performance, there are three essential metrics or KPIs (Key Performance Indicators) that you need to track in order to ascertain a marketing campaign’s effectiveness: traffic, leads, and overall reach.
As you might have gathered, if your website and social media pages have experienced a surge of traffic since the launch of your campaign, that could prove that the campaign has had a positive impact. However, ROI can also be measured in the number of new leads your marketing efforts have created, and it will be up to you to nurture them until they become paying customers. What’s more, your overall reach will also be an important indicator, especially across social media platforms, detailing how many people actually saw your campaign.
Monitor channel-based performance
Speaking of social media platforms, they represent a single part of your overall channel-based performance and are an excellent indicator of the effectiveness of your marketing efforts. If your social media feeds experienced an increase in likes, shares, mentions, retweets, and are being talked about across the digital realm, then you can safely conclude that your marketing campaign is doing good.
However, there are several other key indicators that fall into this category: your website, blog, and relevant search engines. Not only is it important to ascertain the number of visitors for your website, but it’s also important to know how well your blog is doing in terms of engagement, shares, and whether or not it successfully leads people to the product or checkout page. This claim is backed up by an SEO company from the Gold Coast, identifying their secret weapon to be data. More specifically “in-depth insights from the latest SEO trends, keyword research, customers and competitors“.
Use inbound call reports to your advantage
There is an excellent method for measuring the ROI for your marketing campaign and your brand awareness and reputation in general that every business should use: capitalizing on inbound call reports through the use of a business number.
This gives you a comprehensive and truthful overview of your marketing campaign’s performance in the market, providing you with actionable feedback from your customers as well as your demographics in general. By using inbound call reports to your advantage, you can gain meaningful insight into the state of the market and improve upon your own success.
Assess campaign performance
Next, you can focus on assessing your campaign-based performance, or how well the campaign itself performs based on a set of special parameters. These will be lead generation, click-through rate, conversion, and your conversion rate. Needless to say, generating new leads should be one of the most important long-term goals for any growth-oriented company.
Along with lead generation, it’s important to track the click-through rate that your marketing campaign has generated from the point of inception to its finalization. And of course, if your conversions have skyrocketed in the process, you can safely conclude that the campaign did its job well. However, the only true way to assess long-term ROI is to work on preserving that click-through rate for as long as possible.
Don’t forget about source-based performance
Finally, ROI can be measured through source-based performance. This means tracking your direct traffic, organic search, referrals, PPC, and email communication effectiveness. These performance indicators will tell you just how many people are searching for your website specifically, how many people have typed in your URL, and how well your ads and email reach-outs are performing. Without a doubt, these metrics will help you evaluate how well your brand is performing in the online world in terms of recognition, awareness, and trustworthiness.
Measuring the ROI of your marketing efforts is by no means an easy task, especially considering the numerous fluctuating factors that will influence the final outcome and the performance reports. Nevertheless, by using these essential performance tracking methods, you will have no problem evaluating the effectiveness of your marketing campaign and its ROI.