Saturday, October 28, 2017

How To Measure Marketing Campaign Effectiveness



Running a successful marketing campaign takes time, money, and effort. And after all of that, the big question is: How do you know if your campaigns are effective?
Most people look at the sales figures to see if their efforts have been in vain. Don’t make this common mistake—there’s more to marketing than just driving immediate sales. There are many different aspects of campaign results that can be measured to accurately gauge if your efforts are bringing about the needed success.

End results

End results are a key metric, mainly measured by web traffic and sales metrics. There’s a reason there’s a high focus on this aspect of campaign performance: This is what creates revenue. When reviewing your campaign data, you should be able to measure how much of an increase in revenue and site traffic can be directly tied to the campaigns you are running. Keep in mind that new sales are not the only sign of a campaign’s success. Different campaigns have different focuses. So while a certain marketing campaign might not directly lead to an immediate increase in sales volume, it can still help grow your business through an increase in impressions and brand awareness.

Engagement

Just because a potential customer did not make a purchase immediately during your campaign does not mean the campaign was ineffective. You want to be able to see how much “engagement” you are getting from your campaign. In other words, how much someone interacts with your campaigns and how much of a lasting impression you’re making. Here are a few key things to look for:
E-mail engagement
There are three stats specific to e-mail marketing that you want to keep your eye on: Opens, clicks, and unsubscribes.
  • Opens: High open rates mean your e-mails are crafted well enough to entice your reader to open them. This most often means you are using catchy, relevant subject lines. If your open rates are low, you may need to revisit how you’re providing an immediate call to action.
  • Click rates: How many customers are clicking to take action after reading your e-mail? You may be getting people to open your e-mails, but are you effectively motivating them to take action.
  • Unsubscribes: Take “unsubscribes” with a grain of salt—there will always be unsubscribe. The question is: are you seeing a rise in unsubscribes? If so, you may be sending too many e-mails, or you might not be staying relevant to your customer’s needs and wants.
How do you measure each of these metrics? MailChimp provides compiled average open and clicks rates based on your industry so you can see how you compare against the industry as a whole. You will also want to compare current campaigns to past campaigns to see if your effectiveness is increasing or decreasing.
Social media engagement
Different social media platforms provide different types of user engagement, such as shares, comments, or retweets. The latest SAP Anywhere “Best Practices in Social Media Marketing” webinar goes into this topic in far more detail.
The key thing to measure with social media campaigns is going to be how you are trending over time. As with e-mail marketing, it’s a numbers game: The more people you have following you, the more you reach. When shifting your messaging strategy are you increasing or decreasing your rates of engagement? This information is what will point you in the right direction to ensure your efforts are meeting both your needs and those of your potential customers.

Next steps

When crafting your marketing campaigns, always focus on the customer behavior you are trying to motivate and how you plan on measuring it. Your long-term campaign strategy should also include A/B testing both for e-marketing as well as each of your social media platforms.

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