“Half my advertising is wasted, I just don’t know which half.”
If you’re wondering the same thing as Wanamaker, you’re not alone. Recent studies suggest we’ve made a little progress in the last century—the average company now wastes closer to 37% of their budget.
How does your business compare?
If you’re not measuring your marketing success, you won’t know—and more importantly, you won’t be able to make changes that can improve your ROI. Here’s what you can do to stop wasting your budget.
1. Establish Clear Goals
We talk about setting goals a lot because this is the first (and arguably the most important) thing you can do. Set high-level goals as well as specific goals that are tailored to each component of your marketing. These individual goals should be measurable items; what you measure will ultimately turn into benchmarks that give you a clear, accurate picture of how your marketing is performing across the board.
2. Measure Your Progress
Once you’ve established your goals, start measuring. The right marketing tracking tools can make this part easy for you. Depending on your marketing mix, you may use one or all of these tools to measure your traffic and leads:
Measure the growth of your web presence using web analytics. This website suggests several must-track areas, including organic search, conversion rates, keyword traffic, bounce rate, and how long visitors stay on your pages.
Tracking and recording your calls will give you a clear idea of how your advertising is doing when tied to phone numbers. A call measurement partner will be able to report information about:
- Who called: segmented data that can help you target your ideal audience.
- When they called.
- What was said.
- Peak traffic periods for call volume: Information that helps you target your advertising at the time when your audience historically connects with your brand.
- Your ROI from call measurement: Proof that call measurement is actually saving—and potentially making—you money.
- CSR performance.
A call measurement company that’s serious about its customers will also help you with goal-setting and strategy. (At Callcap, we can tailor each call measurement package to you, so you’re getting the data that matters to you and helps you increase your market share in your industry.
A clear plan of action keeps you from squandering the potential of your social media presence. Platforms like Facebook, Instagram, and Twitter can be valuable for attracting new customers, creating buzz around upcoming events or new products, and driving traffic to your website. You can use the qualitative and quantitative information you gather across each platform to learn more about the people who are interested in your company and what they’re specifically interested in.
3. Analyze, Change, & Adapt
You can immediately begin measuring your marketing success.
- Analyze consistently and fairly across each marketing strategy. For example, just because one is outperforming another doesn’t necessarily mean that you should remove the lower-performing strategy.
- You don’t have to measure everything at first. Some data just won’t be useful to you—and that’s OK! Just because it’s there doesn’t mean that analyzing it will help you. That’s why it’s so important to set specific goals you want to see, so you know exactly what—and why—you’re measuring.
- Use the data to make changes based on evidence. Don’t be afraid to tweak and try new things if you’re not seeing the results you want.
- Keep going! The marketing cycle begins anew when you analyze and adapt your strategies.
The basic principles of how to measure marketing success are easy enough that you can start right where you are without feeling overwhelmed. By setting clear goals, measuring your marketing against those goals, and analyzing the data, you’ll be able to see what works and what needs improvement in your marketing budget. Then, you’ll be able to spend your money on outlets that bring in traffic, leads, and sales.