Whether your business has multiple active, full-blown marketing and advertising campaigns, or you’re trying to piece together a campaign for the first time, there’s one simple thing you can and should do right now to make sure you’re not wasting your marketing budget.
Measure your marketing.
Measuring your marketing performance metrics sounds simple—and it is! It’s also one of the single-most critical aspects of determining effectiveness, and it can help you improve your bottom line. That’s why it’s critical to make sure you’re measuring your marketing (and doing it the right way).
Why does measuring your marketing performance metrics matter?
Simply put, it gives you data about the people you’re trying to attract vs. the dollar amount you’re spending on trying to attract them. Measuring your marketing performance metrics can show you:
- Which campaigns and channels are working well for current and potential customers.
- Which campaigns and channels are falling flat.
- Which segments of your current customer base are interested in your offers.
- When and where your marketing is doing its best and worst.
- Trends about your current and potential customers’ buying habits and patterns.
- How one medium stacks up against another in terms of conversion.
- Which medium converts best into a final purchase, sale, or appointment, just to name a few.
How does measuring your marketing work?
There are specialized tools for measuring your marketing for each medium. For example, if you conduct business or sell online, you’ll gather marketing performance metrics using website analytics (Google Analytics is a good example of this). Or, if you conduct business over the phone, you’ll use call measurement analytics. There are also hybrids that show you how well your website advertising converted to an over-the-phone sale or appointment. You can gather and crunch your own numbers through spreadsheets, or hire a professional partner to collect and analyze trends in the data for you.
Whichever method you choose, it’s important to do the following:
- Understand what you want to track and why based on your goals.
- Determine what you want to find from that information you’re tracking.
- Have a plan for implementing changes based on the metrics.
One word of caution: don’t try to start analyzing everything at once. Chances are, you’ll find more success by choosing one or two metrics and really understanding those. Once you’ve confidently tracked, measured, analyzed, and implemented changes based on those metrics, you can begin adding more.
What should you expect to see?
You may be terrified of getting started with measurement because you don’t think you’ll like what you see. It’s time to face your fears. Why? Even if you are embarrassed or dismayed by what you find out about your business initially, you can feel good knowing that you have done the hardest part.
Once you begin tracking and measuring your results, you have the power to change and improve your business’ situation. From the point you begin tracking, you’ll always be equipped with evidence that shows you the good and the bad, so you can make informed decisions about how to proceed with your business marketing.