Do you measure the marketing that you do? Or are you thinking…’I wouldn’t have clue where to look’? Don’t worry, you’re not alone. It’s actually pretty common that businesses undertake marketing activities, but don’t look at the bigger picture. In this blog I’m going to help you understand that question: How can marketing strategy performance be measured?
Why should you measure marketing?
Having a marketing strategy is the first step to making sure the marketing that you do is worthwhile. You want your marketing to be working towards achieving your business goals. But why should you be measuring the results?
If you’d like to know more about why you should have a marketing strategy, take a read of this blog.
There are many reasons why you should measure your marketing performance. Here are just a few:
- To track your return on investment and see how your marketing is contributing to your turnover and profits.
- To identify what’s working and what’s not, so you can optimise your campaigns.
- To make better decisions about your future marketing efforts.
- To demonstrate the value of marketing to your stakeholders.
What can be measured?
When you’re thinking ‘how can marketing strategy performance be measured?’ there are a variety of metrics that you can use to measure and monitor your marketing performance.
Some of the most common include:
- Lead generation
Measuring how many leads you’re generating from your marketing campaigns.
- Conversion rate
Looking at the percentage of leads or website visitors who convert into customers.
- Website traffic
Identifying how many people and what type of people are visiting your website.
- Social media engagement
Monitoring how many people are interacting with your brand on social media.
Which tools can you use?
There are a number of tools I like to use to measure marketing activities. Here are some that I like to use with my marketing strategy clients:
- Google Analytics: This provides detailed insights into your website traffic and conversion rates. If you haven’t updated to Google Analytics 4 yet, then I recommend you take a look at it as it has changed.
- Social media insights: Most platforms have some insights or analytics you can look at to see how people are interacting with your business.
- Email marketing analytics: Through lead magnets and regular email campaigns, you can see how many people are opening, clicking links and converting into customers.
How can marketing strategy performance be measured?
If you put together the above information – what can be measured and which tools – you’ll gain some valuable insights, such as:
- Tracking website traffic
Use Google Analytics or another web analytics tool – many website providers such as WordPress, Square Space and Shopify have their own analytic tools built in.
- Tracking lead generation
You could use a CRM system for this, or another lead tracking tool. Email marketing software often has many of these features as part of their packages.
- Tracking conversion rates
This can be done by dividing the number of conversions by the number of leads.
- Tracking Return on Investment
Another calculation – divide the total revenue generated by the total cost of the marketing campaign.
The best way to measure marketing strategy performance will vary depending on the specific goals of the campaign. But by tracking the right metrics, you can gain valuable insights into the effectiveness of your marketing efforts.
Monitor your marketing
Measuring your marketing performance is essential for ensuring that your marketing efforts are effective and efficient. By tracking the right metrics and using the right tools, you can make better decisions about your future marketing efforts and improve your return on investment.
Make sure you regularly review the statistics too – build monitoring and reports into your marketing strategy to make sure you keep an eye on what your marketing has been achieving.
