How Can Marketing Performance Be Evaluated

Marketing Performance

Understanding The Big Picture

What are the goals we are trying to achieve overall with our marketing strategy? If we are unable to establish where we are heading in marketing, we will reach everywhere but the true destination. Along that journey will be disappointments, emotion feelings, money loss, and untapped revenue.

The key to understanding the big picture of marketing is to understand what marketing success looks like from multiple stakeholders. These stakeholders are Consumers, Ourselves, and our business point of view depending on how long we want to be in business.

If the goal is indefinitely, which it should be….then marketing needs to be indefinite. Understand why our customers choose us, what they want from us, how can we get it to them, and how do we communicate our price.

**Tip** Remember The 4 P’s of Marketing: Promotion, Price, Place, Product **Tip**

Understand what we are measuring

Your business needs to have a system in place that can measure certain key points of your marketing strategy. A governing metric or KPI that let’s us know we are on pace, and on track. Different activity levels demonstrate different outcomes.

For instance you can receive 10,000 likes on a social media post but receive $0 in revenue. However, 10,000 people may now know about your product, and eventually buy later on. How would you be able to track that metric? How do we follow that consumer journey?

Also, our consumers dictate to other consumers on the quality of our products and opinions. Customer reviews is a hot topic, and is free marketing surveys onto our business that should be utilized.

They key step here is to identify what in the heck we are measuring.

How to Measure Consumer Actions

This blog post is an eagle view of how, however there are some key points of impact. Before we can answer this question, it depends on how your business is set up. If you have a website, I would highly recommend Google Analytics, or a service that allows you to track, separate, and view consumer point data on your website.

Understand what actions customers can take on our website and from our marketing. Whether it’s a form fill, phone call, mail in a piece, like, share, retweet, email, snap, foot traffic, event, sales, tickets…the list goes on.

Conclusion

When we understand marketing, we need to understand the concept of delayed gratification. What we do now, we will see results 90 days later. On day 90 you should be able to see the course of where your marketing is starting to head, then begin to optimize.

Your business needs to have a central system that or multiple central systems that can be a host for collecting raw data of your campaign. For instance Google Analytics, great for seeing different marketing channels results on your website. Will another system may be used to follow all your social media vanity measurements (likes, shares, etc) across all your social media.

What we don’t know can’t be fixed, and what we can measure can be improved.

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