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Businesses of all sizes and industries must be willing to invest in digital marketing in order to remain competitive. But without proper analytics and tracking in place, it’s hard to know if your efforts are yielding any worthwhile results.
Rather than continuing in this state of the unknown, consider these methods for measuring the success of your marketing strategies.
One of the simplest ways to track the success of a digital marketing strategy is to take a peek at your sales figures. If you initiated a new marketing campaign a couple months ago and sales have since dipped, you may want to reevaluate your approach. On the other hand, if sales are skyrocketing, it means you’re doing something right.
Return on investment, commonly known as ROI, requires going a step further than sales figures and really drilling down into the results of a specific marketing campaign. The goal is to measure the ratio between the net profit and the cost of investment. Ideally, the net profit will be much higher.
ROI is one example of a key performance indicator (KPI), which is a measurement used to determine the effectiveness of a particular business activity. But there are other KPIs you should be tracking depending on the goals of the marketing campaign. Common KPIs include conversation rate and cost per lead.
Customers can be a great outside resource for determining the success of a marketing campaign. Ask your customers how they found out about a particular sale or promotion and track their feedback.
Here at AirTank, we incorporate detailed analytics and tracking into every marketing campaign to make sure we’re always delivering the most value to our clients. Contact us today to discussion your marketing needs!
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