ARE YOU PLANNING AND MEASURING YOUR MARKETING?
Start now to save time and money and attract the right clients!
Your marketing should be an investment with measurable returns, not a cost. With the advent of digital marketing, statistics are readily available to justify expenditure. The benefit to your business is more cost effective and customer-focused marketing.
Website data, Google Analytics and social media dashboards allow for measuring online and offline campaigns, highlighting success or areas that need more work. Digital scoring methods for a B2B service provider could include social media engagement, web page impressions and conversions - for example, online form submissions or shared articles on social media which generate leads.
Don’t worry if your social media interactions are low, it takes time to build a following but do benchmark performance to see what type of content is leading to conversions. Ask new customers how they found out about your business - you might be surprised to learn that it was from reading an article on your Facebook page several months before contact was made.
Benchmark, plan, measure:
Determine your relative market share against your largest competitor to benchmark performance. Your marketing efforts should lead to increased market share year on year. Also, look at industry averages to see how your website and social media platforms are performing. You can also compare your website performance to competitors using sites like similarweb.com and woorank.com
Define Customer Lifetime Value (CLV), a prediction of profit from an entire relationship with a customer, to segment, target and position communications to your most valuable customers.
Always link your marketing metrics to your corporate objectives to ensure measurement of the right things, not vanity metrics - numbers which feel good but don’t benefit the bottom line. Present research in graphical dashboard format for easy performance comparisons month on month and year on year.
Once you have benchmarked, planned and measured it will become clear where you need to focus your marketing efforts. So good luck with your next campaign – although next time no luck should be needed!