Why is measuring results crucial when it comes to marketing?
Marketing is an important investment in your business. It can be tempting to focus on other aspects of your business. However, without a proper marketing plan, it can be challenging to attract new customers. Digital marketing takes the guesswork out of Marketing.
Measuring Results With Digital Marketing
One of the biggest advantages of digital marketing is that it is highly measurable. Unlike traditional advertising methods, such as print ads or billboards, digital marketing allows you to track metrics. The multitude of digital marketing tools allows you to easily track metrics like:
Impressions
Picture this as the number of times your ad has been displayed on a screen. It’s like how many times a woodchuck would see a juicy apple hanging from a tree. It doesn’t mean the woodchuck ate the apple, just that it saw it.
Reach
This is the total number of unique viewers who saw your ad. Think of it as different woodchucks that have seen that same juicy apple. If three woodchucks saw the apple, your reach would be three.
Click Through Rates
This is the percentage of those who saw your ad (impressions) and then actually clicked on it. Basically, out of the woodchucks that saw the apple, how many decided to climb the tree for a closer look?
Conversions
The final and most important metric. This is when the viewer not only clicks on your ad but takes a desired action like making a purchase or filling out a form. Back to our woodchucks, a conversion would be if the woodchuck not only climbed the tree but also ate the apple.
To measure results effectively, you will need to invest some time and resources into setting up tracking tools.
To measure results effectively, invest some time and resources into setting up tracking tools, such as Google Analytics or social media analytics platforms. You will also need to ensure that your website and landing pages are properly optimized for conversions so you can track these metrics accurately.
Some examples of social media analytics platforms useful for measuring results include:
- Sprout Social: This platform offers a range of features including social listening, publishing, and extensive analytics, making it a comprehensive tool for social media management.
- HubSpot: Known for its robust marketing suite, HubSpot also provides social media software that allows you to publish, monitor, and report on your social media efforts.
- Hootsuite: Hootsuite provides a platform for managing, scheduling, and analyzing your social media content. It also offers competitive insights with its analytics tools..
- Google Analytics: While not exclusively a social media tool, Google Analytics provides valuable data about website traffic generated from social media channels.
- Zoho Social: This tool helps businesses with scheduling posts, monitoring keywords, managing multiple channels, and getting insightful analytics reports.
Traditional Marketing
While digital marketing simplifies the task of measuring results, it is important to track traditional marketing efforts as well.
Tracking metrics such as attendance, leads generated, and brand impressions provides insights into which marketing channels are providing the best return on investment (ROI).
How much should you invest?
The answer varies depending on the size of your business and the complexity of your marketing campaigns. However, a good rule of thumb is to allocate at least 10-20% of your marketing budget towards tracking and measuring activities. This could include hiring an analytics specialist, investing in tracking tools, or training opportunities to learn more about marketing measurement best practices.
Investing in marketing can provide significant benefits for your business…
Investing in marketing can provide significant benefits for your business, but it’s crucial to measure your results to ensure that you are making data-driven decisions and getting the best return on investment.
Track Your Metrics
By tracking metrics such as impressions, reach, CTR, and conversions, you can gain insights into how your marketing campaigns are performing and use that data to make informed decisions.
Maintain Balance
While digital marketing is highly measurable, it’s also important to measure the results of other marketing media for balance.
Invest
To be effective, you should plan to invest at least 10-20% of your marketing budget towards tracking and measuring activities.
Succeed!
With proper measurement and optimization, your marketing campaigns can provide significant benefits, including increased brand awareness, lead generation, and customer loyalty.
