How to Measure the Success of a Marketing Campaign
Unexpected challenges can arise with any marketing campaign. Marketing efforts must be planned and executed consistently to achieve their objectives. While it’s impossible to know how a marketing campaign will turn out ahead of time, there are a few things you can do to measure the success of your efforts.
Marketers use a variety of techniques and tools to track their marketing campaigns. These might include in-house analytics teams, third-party providers like Google AdWords and Facebook ads measurement platforms. Here’s how you can measure the success of your marketing campaign:
Decide What Metrics to Use
There are a variety of ways to measure success in marketing campaigns. You can use revenue, number of customers, or several leads. You can also use time on the market, sales, or conversions. Decide what metrics are most helpful for your goals, and then use those metrics to measure your campaign. For example, The Single Biggest Difference Between Incrementality and Multi-Touch Attribution could be the number of conversions you receive from an advertising campaign, the percentage of visitors who take any action, or the number of times your ad is viewed on social media.
Start With a Clear Objective
When setting goals, make sure you state your goal and why you’re choosing that goal. This will help you ensure that your marketing strategy is focused on achieving those goals. If you have a goal to increase sales by 10% over the next three months, but you’re unsure of what percentage increase you should expect, you could use sales goals from a brand’s history to help you make your decision.
If you’re unsure how long your goal should be, ask yourself: What is the expected benefit of this goal? Your goal might be too low if the expected benefit is less than 100%. On the other hand, if your goal is too high and you don’t know how your campaign will achieve it, then your goal might be too high.
Establish a Timeframe
When setting a timeframe for your campaign, consider the shorter the time frame, the more granular the measurement, the more successful your campaign will be. For example, you could set a three-month timeframe for a lead-gen campaign, but consider how successful your efforts will be if you only set a goal for one month.
Set a Schedule to Monitor Campaign Results
You can also use campaigns to experiment with different variations and analyze the performance of different versions of your ad. For example, you could run a different ad during different times or on different days of the week. You could also vary the placement of your ads so that your audience has a different experience when they see your ad each time.
When it comes time to celebrate your campaign’s success, look at the overall goals your marketing team had for the campaign and see if you could achieve more of those goals with this particular campaign than with others you’ve run in the past.
Choose Marketing Tools to Support Your Goals
Marketing tools can be a great way to measure the success of your efforts. But, depending on how you use them, they can also be a hindrance. A useful property of most marketing tools is that they provide you with snapshots of your campaign’s performance.
While these tools will give you detailed metrics that are helpful for planning and optimizing your campaign, they won’t show how your campaign performed as a whole. To get a full picture of your campaign, you must use a combination of tools.
Use a Marketing Dashboard to Present Your Results
A marketing dashboard lets you present a single view of your campaign results. This view shows you everything that is happening inside your campaign and your metrics. You can use a marketing dashboard to manage your campaign as a whole and track individual campaigns. If you want to see at a glance how well each campaign is performing, you can click on the overview tab on your dashboard to see a breakdown of all your campaigns by identification and then see how each campaign is doing at a glance.
Benchmark Your Performance Data
Benchmarking is a process of measuring your campaign’s performance against similar campaigns to see where you excel and where you struggle. You can use benchmarking to measure the difference between your campaign and other campaigns you’ve run in the past.
Campaigns are not something you just set and forget. You need to constantly keep an eye on how well your campaign is doing and adjust as necessary. Using these tips, you can ensure your campaign is running smoothly and that it’s going in the direction you want it to go.