“Half the money I spend on advertising is wasted; the trouble is I don't know which half.” Thankfully, we left this old saw attributed to 19th century department store magnate John Wannamaker back somewhere in the last decade. Today marketers have the luxury to use more technology and measurement tools than ever before. Smart marketers now have the ability to examine a campaign, project or initiative in great depth and from a variety of angles and strategic perspectives to evaluate performance.
Below are 3 ways marketing measurement can drive more return on investment for your marketing budget.
1. Standardize Closed-Loop Campaign Measurement
Tracking your marketing all the way to the sale is more possible today than ever before with sophisticated databases and ecommerce platforms, loyalty programs and smarter data matching. Few marketers can track all sales back perfectly to individual marketing tactics, but most can connect the dots to a good percentage of sales with marketing databases and the integration of marketing platforms.
2. Update Your Marketing Measurement Methods
Marketing efforts are rarely “set and forget.” The effectiveness of campaigns, projects and marketing initiatives can be compared using a variety of metrics, including dollars, leads, clicks, opens and more, and also through statistical comparison to others. Daily or weekly evaluation of campaign effectiveness identifies opportunities to tweak and refine.
3. Track Marketing Results Over Time
Often a “point-in-time” campaign analysis misses the big picture. Monitor and evaluate the impact of a projects, campaigns or initiatives over time. Some trend lines stay completely consistent, some jump around wildly. In this way you can understand the staying power and long-term impact of marketing efforts.
“What gets measured gets managed.” This quote from celebrated 20th century management guru Peter Drucker is much closer to our reality today. Effectively measuring our marketing efforts helps us improve results by sales channel, marketing platform, message, target audience, consumer behavior, response, engagement and more. Today, more accurate assumptions, predictions, and conclusions can be made about strategy, execution, performance, and future opportunity than ever before.
These are just three examples from our ebook "100 Ways to do More with your Data." Download now to learn more, or stay tuned for more tips in coming blog posts.