My previous blog highlighted the first five Tips for Measuring your Marketing Success, including setting your KPI’s, the importance of research and why measurement, testing and audits are important. Here are the next five Steps to help you on your way to a successful business.
TIP 6: CREATE A SIMPLE NEW ENQUIRY MONITORING TOOL
Each time a new lead comes into your business, you need to know exactly where it came from in order to establish which marketing tools are working to generate leads. The most effective way to do this is to create a simple marketing dashboard to monitor new leads and their source. You can usually do this through your CRM (Customer Relationship Management) software, but alternatively you can set one up using a simple excel workbook.
TIP 7: IT’S ALL ABOUT CONTROL AND ANALYSIS
The only way you truly know if your marketing campaigns are working is through monitoring the ROI (Return on Investment). Experience shows that there are lots of ways to do this; you just have to pick the one that suits you:
- Analysis of market share / increase or decrease
- Analysis of the volume and value of sales generated versus the amount spent on a campaign
- The cost per lead from a campaign or the cost per sale
- The increase in profitability of a product based on marketing / brand campaigns
- Sales or profitability per sector based on campaigns
- The efficiency of marketing or sales such as the volume of sales meetings booked versus calls made
TIP 8: KEEP IT SIMPLE – WHAT HAS HAPPENED BEFORE?
One of the most effective ways of monitoring marketing success is to ask yourself “what has happened in the past?” and “which channels were involved?” For example, if you know that your top 5 clients came from referrals, direct mail and LinkedIn, then simply repeat new campaigns via these marketing tools.
TIP 9: SHOW YOUR INFORMATION IN A WAY THAT EVERYONE UNDERSTANDS
Once you have gathered your measurement metrics, you need to present them to your team and Directors. There are so many different ways to present this information:
- Response curves to show changes in the marketplace or current demand
- Email campaign metrics reports
- Social media metrics reports
- Google Analytics
- Visual tables or diagrams of campaign response rates or sales conversion rates
- Sales generation funnels
TIP 10: START THE CYCLE ALL OVER AGAIN
It might sound simple, but the marketing world is all about DO AND REVIEW: The circuit starts again as the measurement and review process is constant.
If you'd like to learn more, why not come along to our next event?