Measuring Success
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How much of your marketing activity are you measuring? We all need to get value for money, so it's important to try to do more of the things that work and not waste precious resources on stuff that doesn't.
Sales are often the result of a number of different marketing initiatives in combination, so how do you know what's working and what isn't?
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TOP TIPS: |
| 1. | Set measurable goals |
| 2. | Have a business reason for all marketing activity |
| 3. | Focus on sales-related metrics where possible |
| 4. | Always include a response mechanism |
| 5. |
Be prepared to test and tweak |
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Set performance metrics for all marketing activity
Whether it's a direct mail campaign, a PR push, a new brochure ... define what you expect to achieve and by when. 'Generate greater awareness of our company' sounds good but is difficult to quantify. 'Increase sales enquiries by 10% within the next 3 months' is both measurable and sales-related.
Web & email: focus on the stats that count
The internet is highly measurable. Web page visitors, the search terms they use, emails opened and clicked … you can measure just about anything so it's important to focus. For example, the conversion rate of your website says more about its effectiveness than the number of visitors it gets.
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Build a response mechanism into all advertising
You've probably heard the saying "Only half my advertising is working, I just don’t know which half." Advertising is one of the most expensive marketing tools, so if you're going to advertise, make sure you can tell if it's working. For example, feature a redeemable voucher, a unique web page or dedicated email address, and always ask people how they heard about you.
Don't throw the baby out with the bathwater
If a campaign isn't delivering the desired results, test the different variables (timing, creative, offer, targeting) before giving up entirely, and make sure you have given it a fair chance. Marketing works best over the long term, not as a quick fix.
Don't do it just because everyone else is
You should have a definite business rationale for all your marketing activity. If you're not convinced something will benefit your business, either run a trial and measure its effectiveness, or don't do it.
Best wishes
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ASK THE EYE:
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How can we measure the effectiveness of our PR?
We have a new website. How can we best evaluate its performance?
If you've got a question about marketing metrics why not Ask the eye? It's free!
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IN NEXT MONTH'S
EYE LEVEL:
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Design can make or break your marketing communications. Read our tips about what works and why ...
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| Featured Customer: |
St Peter & St James Hospice - specialist care for those living with progressive, life limiting illnesses from East and West Sussex
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