How do I know if my marketing is working?
This is a common question! Most organizations invest in marketing to achieve goals such as: improving awareness, increasing leads, and increasing revenue.
Marketing is essential in achievement of these goals and we can measure value and progress in each. Consider the following measurement options based on potential goals.
Social Media Post Reach
Ad Clicks: Cost Per Click (CPC)
Social Media: Likes, shares, comments etc
Website actions/goals (email subscribe, download, click to call)
Request for Quote
Total revenue/revenue growth
How to Measure Marketing ROI
Some of these metrics are easily tracked via tools like Google Analytics, or Facebook/social media analytics. Other measurements may require an internal tracking process, i.e. calls received, revenue, etc. Tracking marketing metrics is an important first step to understanding the impact of your strategies and tactics.
A potential next step is to assign a dollar value to each metric. Determining the economic value of responses and leads helps you evaluate and prioritize marketing spending based on its return. Determining measures of success is critical, but also consider ways marketing assists more broadly with business goals.
A customer takes multiple steps in a purchase process. They may see a Facebook post, then look at the website, and ask friends for recommendations. Part of the purchase process happens before you see the customer in your office, and before they respond.
By maintaining a website that answers customer questions and is optimized for search, you’re ensuring that you will be found online where your customers are searching. Your website and social media presence are unique opportunities to showcase your brand and build trust.
Yes, measure traffic and responses as described above, but also know that your online presence is as essential for your success as your staff, and the impact is not fully quantifiable. In addition to generating awareness, leads, and revenue, your marketing efforts assist in sales, customer service, and reputation management.
Want to better understand your marketing return? Let’s talk numbers.