Hey guys, in this article, we are going to talk about the 4 ways to measure the success of your marketing strategy. So keep reading.
Before companies started using social media, marketers found it hard to measure the return-on-investment (ROI) on their traditional campaigns. Take product marketing as an example. If the company runs a product advertisement, they couldn’t gather the exact information on how long their customers watched the ad. Without precise metrics, it isn’t easy to know whether or not you’re achieving your expectations.
Nowadays, effectively tracking the ad performance is possible with digital marketing campaigns. You can make this happen with the Caffeine Marketing Agency, a full-service digital marketing agency in Bristol. The company’s marketing team can help you with strategizing, Search Engine Optimization (SEO), and building an online audience on social media.
To show you how digital marketing can help your business, here are four ways to measure the success of your marketing strategy.
Identify Your Campaign Goals
Before you can measure performance, marketing strategies begin with goal setting. By specifying clear SMART marketing goals, you should know your target. Here are four steps to set well-defined marketing goals:
1. Generating Target Revenue:
Identity how much revenue you aspire to develop from your marketing efforts.
2. Weighing Sales Quota:
Determine how much quarterly sales quota you have to generate to achieve your revenue goals. This step also includes your target number of customers.
3. Recognizing SQLs:
A sales qualified lead (SQL) passes down to the sales team. If this is your first time creating a campaign, take your best estimate. 50% is a good number, to begin with, and slowly adjust as the company grows.
4. Identifying Advertisement Traffic Goals:
Assess how much traffic you need to achieve your goals. This step includes traffic to lead conversion rate within 12 months.
Tracking Website Visitors
You can improve some elements of your marketing strategy by tracking website visitors. This metric tactic helps gather important information that is beneficial for marketing and sales teams. Here are five types of data you should obtain through website visitor tracking:
- Visitors’ demographics
- General page traffic
- User flow and click rates
- Web traffic source
- Bounce rates
By learning these distinct categories, companies can improve their marketing strategies. The marketing team can identify which ads are the most appealing, while the sales team can find out who browses their product catalogs.
Using SEO Rankings
Search Engine Optimization (SEO) is a shared digital marketing tool that increases the website visitor volume. A high volume denotes a higher ranking, which increases online visibility. This process can give you more chances to convert your prospects into sales. Here are three ways to track SEO productivity:
1. Analyzing Organic Traffic
Organic traffic is the volume of prospective customers clicking on your web pages. This process includes analytics tracking, keyword search, link building, and technical SEO to build an audience.
2. Optimizing Keyword Ranking
The website content needs effective optimization to achieve the highest rank on search engines. The simplest way to track your ranking is by conducting a Google search.
3. Measuring Page Speed
Page speed affects website performance. A study conducted by Portent concludes that once you increase the page speed from two seconds to one second, the dollar per view doubles. Run your website through Google’s Page Speed Insights to check your speed.
Another way to attain digital marketing success is by measuring the productivity of your advertising efforts on different channels. Businesses that can identify where their customers find out about their products can send specific traffic to their websites. Here’s a five-step guide to track your multi-channel marketing strategy:
1. List Down Your Channels
Having a list will help you identify which contributes to your marketing growth.
2. Determine Relevant Data
After identifying the channels, gather insights from relevant data.
3. Convert Data Into Campaigns
Use the gathered data to improve your subsequent campaigns. This action will allow you to enhance marketing productivity on low-ranking channels.
4. Track The Progress Of Your Marketing Campaign In Multiple Channels
Once you create a new campaign, track its progress on various media. This method will help you understand where the campaign excels most.
Tracking the progress of your multi-channel campaign can help you assess the strengths and weaknesses of your marketing strategy for your next digital campaign.
Using different social media channels can help you better understand your customers’ preferences. Thus, there’s a higher chance to meet their expectations.
As you identify the holes in your latest marketing strategy, you can assess whether your campaign is successful or not. You can prevent future failures by cross-training your marketing team. Then they can understand the importance of tracking the productivity of your marketing strategy.
With all the technological advancements, digital marketing has opened to more efficient metrics to attain customer retention. Measuring the productivity of multiple channels can help you achieve more successful campaigns in the future.