Measuring Marketing Performance
Without an effective marketing campaign, a new product or service will almost surely go unnoticed.
In 2018, the total advertising spending in the UK amounted to a staggering £19.9 billion. Given the considerable expense, businesses are naturally keen to ensure any marketing team they work with can demonstrate how their marketing strategy can deliver a strong return on investment.
Although effective marketing is just one aspect of a successful business, it is still possible to measure marketing effectiveness by looking at several key factors.
How to Demonstrate ROI on Marketing Campaigns
Every aspect of a successful marketing campaign should be obsessively focussed on efficiency and on maximising the clients Return On Investment (ROI). At Gold Rabbit, our unique design-led marketing approach is centred around meeting and exceeding marketing performance targets agreed with our clients.
Common Key Factors we consider include:
Using a combination of website, social media, and search analytics, we can determine a business’s web presence, level of brand awareness and customer engagement, and over time can assess the effectiveness of our marketing campaign through reviewing these key metrics. Marketing is an ongoing process. It’s important to continue to collect and analyse results in real time, and to adjust the strategy continually to ensure it is working most effectively.
Of course, other business metrics, such as general sales and lead generation, can also be used to measure the effectiveness of a marketing campaign. However, these metrics are less clearly defined by marketing efforts and are more determined by other factors.
Making Your Marketing Campaign Cost Effective
The total advertising spending in the UK is set to exceed £20 billion in 2019. Although this figure would suggest otherwise, effective marketing campaigns need not cost an arm and a leg. There are numerous cost-effective ways you can limit wasteful spending. At Gold Rabbit, we’ve learned that thorough research, a detailed, specific plan, and prioritised targets are key to delivering an effective campaign on a budget.
Prioritise several measurable targets you want the campaign to achieve. You may want a 25% increase in unique visitors to your website. You might be aiming to gain a 20% increase in new customers or clients, increase social media engagement, or to improve annual sales by 10%. Having these clear goals in place allows a precise marketing strategy to be crafted and directed towards achieving them.
Effective marketing is an ongoing process that includes analysing and responding to customer feedback in real time. Prioritising the marketing channels that are deliver the best results over time ensures the marketing budget is invested most fruitfully.