It is amazing how results are evaluated and measured by few brands during and after marketing campaign especially taking into account all the effort and work businesses put into developing marketing campaigns. You need to dive deep to increase your chances of success and measuring success will also help you to know where your stand is.
What is the Role of Measuring and Evaluating Marketing Performance
Many businesses do not measure the effectiveness of their marketing campaigns, and the primary reason is that they are intimidated and confused. There is a close correlation between marketing and many indefinite benefits such as awareness of brands. Basic tracking tools can be used to analyze business areas like sales or website traffic, and there are numerous advantages of measuring the performance of marketing. Firstly it helps you know the usage of money and thereby allows more accurate budget in the future. Secondly, the conversion rates are more likely to be improved in the future with the better understanding of your results. The third main advantages are being able to invest in the right channels, use of budget on the strategies that do not work is no longer needed, and understanding what type of return on investment will be given.
The need to shift is when your ROI is low. However, what you are doing right needs to be known by you especially when your ROI is healthy and apply the same knowledge in other areas.
5 Tips for Measuring Success
There are five tips to guide you to till the success of marketing
#1. Set Specific Goals
You have to plan before any execution for measuring marketing campaign results. Aims and objectives established at the very beginning of a campaign will give you something to evaluate as you move forward.
Goals do not necessarily change the outcome of your campaign. Measurement of results from the right point of view is what they do allow.
#2. Utilize the Rate Metrics
Begin to identify several parameters once you have your goals right as this will permit you to measure the success of the campaign. Four different ratios at the various stages such as the stage at which rate of coverage takes place, the stage at which the rate of conversion takes place, the stage at which price of purchase takes place, and the stage at which the rate of penetration takes place can evaluate a direct marketing campaign. Measurement of the cost per acquisition is also significant.
David Court admits that “Rarely, metrics are found to be perfect. However, keeping in mind the volume of data available, finding metrics and analytic opportunities to the advantage of your unique insights should be possible. In the future, your top team should understand, trust, give progress proof and be able to make a base for greater complex, mature ways to track a marketing ROI.”
#3. A View of Engagement
Substantial attention needs to be given to participating in the measurement of the effectiveness of our marketing campaigns”. Shaw recommends brand awareness, social shares, commenting, and inbound links as some of the top engagement metrics.
#4. Right Tools Usage
Measuring results requires the right tools and what are they? Use of few different resources is a good idea. This way the risk of your data being altered due to some error or oversight is lowered.
Your marketing investment ROI can be measured with tools such as Constant Contact (where all your marketing efforts are monitored in one spot), HubSpot (your inbound marketing tools are included in one easy to use spot), Infusionsoft (you can automate your marketing and sales with this all in one CRM solution that is particularly designed for small businesses), Salesforce (an excellent and best tool to help manage activities relating to marketing and sales, its most compatible with iOS, Android devices, has an easy to use interface and is reliable), Icontact (an excellent tool to build, send and monitor your email marketing campaigns), TweetDeck (gives real-time analytics about your social media profiles, monitors your brand lists, searches activities in one easy to use interface), HootSuite (gives real-time analytics about your social media profiles, monitors your brand lists, searches activities in one easy to use interface), Google alerts (an excellent tool to keep track of sites around the web), google analytics (can monitor ROI via mobile and desktop), free CRM (keeps track of your team’s marketing efforts), sales storm (a software tool that informs about the state of key business areas, can manage your marketing ROI by tracking your prospects), Zoho (an integrated marketing and sales tracker that gives a complete solution for small businesses, helps in automated lead generation, tracking), and others such as Facebook, Sumall (displays all your social media and e-commerce data in one easy to read and interactive chart), IceRocket (helps you search the web for the latest content in blogs, twitter and facebook), Klout (lets marketers monitor their online presence with popular social media tools such as facebook and twitter), How Sociable, Addictomatic, Maximizer CRM, SugarCRM, Sage CRM, Intouch CRM, vtiger CRM, Bullhorn, Clickdimensions, Oracle CRM, limelight CRM,agile CRM, base, NetSuite, Green rope, Relenta, Insightly, MailChimp, Comarch, Lenskold-group, Oracle-Eloqua, Marketing mo, Toddle, marketing today, Pardot, Bplans, Dragon search, Blitz media, Fuel interactive, Powered by search, Brandwise, Fulcrum tech, Mplans, Marketo, Curalate, Union Metrics, Bringshare, Marin software.
#5. Depend On Your Intuition
It has to be recognized that the value to grinding numbers and trends study is a limited one. So, in such a situation one has to depend upon one’s intuition to know whether there is any response from customers, any positive feedback, etc.
The three primary responsibilities as a marketing person are to know when what and how to plan, manage and measure. Highly successful marketers stand out from others in way they measure results. Whatever may be the responsibility one should not stop evaluating. Also, ensure that the significance of measuring marketing campaign results is analyzed.