Have you ever wondered if your business is earning enough? Are you scaling at an optimal rate?
If you’re not growing at the rate you’d like, it may be time to take a second to reevaluate your marketing efforts. Some marketers are very resilient and can easily adapt to the importance of what they do. However, it seems not all marketers are earning their keep.
A 2015 study by the Forbes Insights Report shows that only 22% of marketers have data-driven initiatives achieving significant results. So how do you keep your business from wasting its valuable marketing budget?
Read on to learn more about how to test and evaluate your business’ marketing strategy.
Raising the Curtain on Your Marketing Efforts
A disturbing survey conducted by ITSMA and Vision Edge shows that 74% of marketers cannot properly measure or report the impact of their efforts on their businesses.
How can any department provide results when they can’t even gauge which projects are successful? How effective can any business function when they’re operating in the dark?
This is very shocking considering the great importance of analytics in calculating marketing success. Without these statistics, it is nearly impossible to prove a campaign’s return on investment.
Attribution error can occur when a subject holds the wrong variable responsible for a final result. If your marketing campaigns aren’t connecting the dots with data, how can you know for sure what contributes to your sales spikes? How can you know for sure that what you’re doing is working?
Why Is It Important to Track Your Marketing Efforts?
You might feel confident that your business is still on top of its game. If your business has stable sales and daily operations are going smoothly, it’s easy to ignore your marketing analytics. It is essential that your business makes every dollar count.
No successful business can stay on top when such important components go unchecked. In measuring marketing efforts and success, marketing analytics must be used. Measuring your success greatly depends on collecting data related to marketing actions.
You should know exactly how your business generates leads. You must know which demographics are most likely to use and engage with your services. You can get this information from a variety of sources such as your website or your business’ Facebook page.
Your ability to collect, consolidate, and measure this data will provide you an insight into what’s working. When you identify what still stands to be improved, you can then begin to work on improving your marketing ROI. For marketing analytics to be useful, they must be closely tracked. They must also be properly calculated.
Results for a single time frame can be useful but pale in comparison to long-term data. This data only becomes more valuable over time as you track the progress and growth of your business. Comparing subsections of long-term data can provide additional insight.
Multiple time periods can give you ideas about current business trends. Compare an annual, quarterly, and monthly view. This will allow you to gauge developing trends and make important adjustments.
Identifying What Works
Let’s imagine that recently your business experienced an immense boost in web traffic. This change occurred after the launch of your newly redesigned website.
At first glance, this might seem normal. However, after careful review, you realize that the data shows a huge jump in a single day. Further research could suggest that your numbers were the result of a social media mention from an influencer.
It could also indicate that the spike was a result of fake traffic. Through identifying this, you’ll be able to filter the traffic for a more accurate view. You’ll able to identify the motivation behind the increase in page views and what the click-through rates of your own campaigns indicate.
Results of tracking your marketing efforts provide a good business perspective. Using analytics allows insight into your status quo and aid in the creation of realistic expectations and goals.
Let’s say your site receives 1,000 monthly viewers on the average and it quickly jumps to 3,000 monthly viewers. You’ll want to identify what factors are at play.
If there are new marketing campaigns in play, you’ll want to identify which ones are contributing to the uptick. Once identified, these measures can be scaled to ensure further successes. It is unlikely that your website will jump from 1,000 monthly viewers to 10,000 without additional effort and additional techniques.
Similarly, tracking analytics are another social media tool that can help you to optimize your marketing strategy. Using tools to track your social media engagement can help recognize trends that shape strategy.
The Facebook Pixl can be very helpful in learning more about your customers. The Facebook Pixel is a simple line of code that can be embedded in your website.
This tool will provide you with information about any Facebook user that visits your website. To provide this information, they must access your site while signed into their Facebook account.
This information isn’t specific enough to reveal personal information. However, it will provide you with other valuable insight.
This data will tell you more about a user’s behavior while they visit your site. It will also show you what items, if any, they placed in their shopping carts. The Pixel will also give you the opportunity to retarget users who have previously visited your website.
If you’re posting on Facebook, you can use testing strategies to optimize your ads. You should do this before throwing your entire ad budget at the wall and seeing what sticks.
Advertising campaigns that aren’t deemed to be successful may waste your company’s resources. This is why it is important to make sure their progress doesn’t go unchecked.
It’s important to trim the fat in your ad campaigns as often as possible. Creating similar campaigns with small tweaks in content and audience selection can help you fine tune what works. You can then track each campaign’s engagement and performance until you create your optimal campaign.
You’ll be able to rank the clicks of each individual post so you can determine which campaigns are performing best. Comparing the success of multiple strategies can also help you to make smart marketing decisions.
What Methods Can Be Used to Track Your Progress?
Using tools like bit.ly can also be helpful in gauging the success of your ad placements. This tool logs the click rate and analytics for each truncated link created.
This can be a great tool for testing the effectiveness of your campaign. However, you must use a different link for each of the campaigns being tested. Keeping track of each isolated link results gets you the most accurate reporting.
Further proof that your campaigns are working can come from evaluating competitors. Remember, you can always look at your competition for inspiration but you can look for insight into your own successes.
If you’ve recently introduced new marketing strategies, keep an eye out. Look for similar changes in the competition. If your competitors are mirroring your recent improvements, you can be confident that you are an industry leader.
Compare Targeted Demographics
The advent of social media marketing has given businesses the unique opportunity to refine the audience that sees their campaign. While different platforms have different privacy standards, most allow you to control which demographics will see your ad.
This is especially helpful in comparing the results of your marketing efforts. When comparing the outcome of your recent social media marketing, don’t just consider the campaign. It’s important to quantify the overall success of each campaign, as well as its success with each demographics.
For instance, let’s imagine that you are running the numbers on a recent campaign. This marketing campaign was moderately successful. The campaign prominently featured the image of a kitten.
The campaign may have been considered to be moderately effective on the whole. However, if you take the time to investigate its success within differing demographics, you will get even more insight.
Upon closer examination, you learn that that campaign didn’t have much luck with men 34+. However, the campaign was counterbalanced by an incredibly high click-through rate with young women. You may want to consider reusing the graphic for marketing campaigns specifically targeted at young women.
Continue to innovate and update your marketing methods to ensure that they reach your target demographic. The internet age you’ll be sure to keep your business on the right track.
Find the Perfect Partner for Your Online Marketing Needs
Thanks to the advent of the internet age, finding someone with the skills necessary to track your marketing efforts is easy. But if you’re a small or medium-sized business, you may not have the time or resources available to properly track your progress yourself.
If you’re feeling overwhelmed, don’t worry. The world of marketing analytics can be confusing for most business owners. Fortunately, we’re here to help you navigate.
We’ll set your business on the right path and help you determine the best actions for your unique marketing needs. For more great articles designed to help you improve your business, visit our blog.