Analyzing the success of your campaigns can maximize your marketing spend and increase profits by allowing you to make small alterations to campaigns as time progresses. But how can you prepare your marketing campaigns to be easily analyzed? With dozens of metrics like ROI, CPC, and Conversion Rate at your fingertips, it’s difficult to know which information is valuable to your campaign. Use these tips to easily determine the success of your marketing campaigns.
In order to determine if your marketing campaign was successful, there is some infrastructure that you should have in place before the campaign begins. First off, you can’t define success without setting goals! Before you build your campaign, drill down some specific goals by determining precisely what you’re looking to achieve from the campaign. A simple way to break down your goals is to first determine if you’re looking for Brand Awareness, Lead Generation, or Sales from your campaign. These categories can help to point the campaign in the right direction.
Define KPIs Before Investing
Another practice to assist in post-campaign success analytics is defining your KPIs before investing any money into your marketing campaign. If you already have a goal in mind, it won’t be too difficult to determine your KPIs (Key Performance Indicators). Some examples of KPIs might include net sales, number of leads gained, or new followers. When you define your KPIs before a campaign, it makes it easier to track the campaign’s progress throughout its course as well as determine the campaign’s effectiveness once it is complete.
It may also be beneficial to specify at what point in the buyer journey you are looking to target users. Whether that be making buyers aware of your brand, consider your brand, or any of the other stages, it may help you decipher which KPIs will best indicate your success.
Evaluate ROI and Cost Per Win
Two metrics that will likely be a good indicator of success no matter the campaign are ROI (Return On Investment) and Cost Per Win. ROI tells you how much value you gained from your investment in the marketing campaign, whether that be a monetary value or some other gained metric. Cost Per Win can differ from campaign to campaign. You may define your “win” as a lead, a click, a follow, or whatever it is you’re looking to gain from your campaign. Calculating the cost per individual win can help you determine if your investment was worth the price.
Comparing these values to rates that you tend to average on other marketing campaigns can also give you an idea of how successful your campaign was. If you’re finding that your campaign is much more expensive or producing many less results than you typically see, it may be time to change up some aspects of the campaign.
Don’t Fret if you Aren’t Seeing Results
Not seeing immediate results? That’s the glory of tracking progress to analyze your success- you can easily tweak your campaign and try again. Our marketing reports and insights are what helps us to determine the best course of action in marketing.
DSG encourages you to be involved in your campaigns every step of the way. A set-it-and-forget-it attitude can lead to disappointing results; even if you outsource your marketing, consider becoming more involved throughout all stages of the campaign. DSG works closely with our clients to ensure that they are fully aware of the strategic decisions surrounding their campaigns. For any marketing needs, we encourage you to reach out to DSG using the contact form below.