One issue most companies struggle with is that they don’t have an unlimited marketing budget. This results in the need to measure the effectiveness of each marketing campaign to see if that type of campaign was successful or should be avoided in the future.
How to measure marketing campaign effectiveness
Before we even start the campaign, we need to plan how we are going to measure its success (or failure). Firstly, think about what you are trying to achieve and what the objective of the campaign is. Usually, the objective of the campaign will be in line with your business objectives. Are you trying to generate leads, book sales meetings, increase sales or maybe build brand awareness?
Setting goals or key performance indicators (KPIs) can help motivate and give purpose to your marketing campaigns. It could be anything from website traffic, number of leads generated, % of returning visitors, social shares, avg. order value to generated revenue.
Setting up KPIs will also help you prioritise and focus on the most important aspects of each campaign. You need to set-up SMART goals (specific, measurable, attainable, relevant and time bound) in order for you to create a marketing campaign that gets results.
Remember to be realistic with your KPIs – don’t set your expectations too high, e.g. increase newsletter sign-ups by 20% in the next 6 months seems realistic, don’t you think?
And of course, you need to measure each of the KPIs – you need to identify a method to measure, e.g. via Google Analytics or maybe a CRM system.
It’s not always easy to set-up a measurement plan, e.g. how are you going to measure brand awareness or conversions across devices? But you need to have measurements in place, otherwise, you won’t know if your marketing campaign has been successful and your goals have been achieved.
It is also important to not just analyse your results at the end of the year and take actions for next year. You need to measure campaigns all year long and if you see something is not working, take immediate action – amend your marketing strategy and reinvest your budget to more profitable activities.
Accurately measuring the success of your marketing campaigns and, more importantly, learning how to analyse and learn from the data you acquire is key to any campaign’s success.
There is not a specified number of KPIs each company needs. Depending on the type of business or industry, the KPIs will be different. For digital marketing campaigns, we’ve prepared the top 10 digital marketing KPIs to track – they are crucial to ensure the success of your marketing efforts.
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Remember that these KPIs are not the only indicators you should be tracking. Every business needs to map KPIs for the marketing strategy they employ in order to not finish with a long list of un-actionable numbers.
In an essence – like other forms of investments in a company, with marketing campaigns you need to understand where your time and money are going and what you are getting out of it.
