Marketing is complicated and sometimes measuring how well your campaigns are doing is quite a process that many people don’t know how to do. It is recommended that you review your plans at least once a year to keep track of your performance and any weak areas. This enables you to have a clear idea of whether you should change up the whole thing. Many people opt to approach this by checking the difference between costs incurred when running the campaign against the Return on Investment (ROI). However, there are many aspects that this plan doesn’t factor such as lifetime value and cost on acquisition.
Set Your Objectives
What is the point of marketing your business or website if you don’t know what you want to achieve? This is why you need to set your objectives right from the start. You should set your goals even before you determine what tools you may use for your plans. This ensures that you can use your tools for the campaign to achieve your goals. Many people don’t do this and instead spend the bulk of their time trying to make the goals fit into the tools which only wastes time and resources with few returns.
Keep Your Campaign Data
You cannot determine anything without data that you can analyze. This is why you need to record data from each campaign that you start. Make sure that each one of them has a unique ID that can separate it from other plans that you are running, if any. Keep track of every dollar you spend on the campaign and use a different landing page for each one. An easy way to record and collect the information that you need is by using Google Analytics. Check for new conversions that is, new customers. Getting this information isn’t easy, so you can develop a way of gathering it automatically.
Track Your Key Performance Indicators
These help in tracking any significant differences in the market compared to your campaigns. They help you in understanding if you are delivering what the market needs, which in turn tells you whether your plans are profitable. These assist you in determining the number of conversions that you get compared to the cost. You can use these to analyze the ratio to get a better figure for the ROI for your plans.
Did You Break Even in Marketing?
Understand whether you broke even in your advertising since if you didn’t that would be the first problem you need to solve. At the very least, an excellent campaign should allow you to make everything you spent on it. If you broke even then, the next logical thing would be to find out the conversion rate for your plans. How fast are you growing compared to your goals? It doesn’t have to happen in record speed, but you should see some growth to give you a platform on which you can improve.
Measure Change Impacted
Sales are the one metric that you should truly focus on and the impact that these sales had on your target audience. You can determine the change in buying patterns, attitude, or even the start of a movement because of what you offer by checking the total sales over time. If you notice a change then it means that your audience is responding to your techniques then you may know what you can do to improve. This is easier to measure through engaging your audience through social media platforms which is why you also need to work on that aspect in your plans.