Measuring Marketing Effectiveness
It’s all about the data measurement.
Being a marketer for a major B2B organization can often feel like being a conductor for an inharmonious orchestra. Running a full-stack marketing strategy normally includes leading multiple campaigns on different channels, each with varying end goals. The end of each month comes with the same question at hand:
How can I extract real, actionable insights out of all of the data that I’ve spent hours compiling and analyzing? How can I prove ROI to my boss? How will I ever connect the dots between LinkedIn followers, Facebook likes, tangible leads, gated content reads, and overall engagement growth in an organized fashion that’s easy to understand?
Every marketer knows that measurable success is not possible unless it can be proven effective at the organizational level. Providing a clear-cut overview or dashboard that shows your marketing efforts have a qualitative value on your organization at the least — and quantifiable results at best — not only allows you to show off and stabilize your position in the company, but it ultimately opens up a whole world of an efficient, well-optimized workflow.
Defining Marketing Effectiveness is Not About the Numbers, it’s About the Impact.
Marketing effectiveness measures how effective a market strategy is in order to reach positive results. The ultimate challenge is taking into account so many variables that may define success.
For example, your goals may be to gain tangible leads or maybe it’s to gain market share growth. Sometimes it is simply a matter of brand awareness or customer satisfaction — to always be at the top end of customer reviews for your industry. No matter your end goal, it all comes back to your ability to define, measure and show marketing effectiveness.
When running your campaigns across multiple channels — whether online or off — having the ability to measure and report the success of your marketing campaigns in a single spot is not just a wise practice, it can be the difference between proving ROI or staying in the dark.
So once you’ve aggregated all of your data in a single place, what can you do to ensure that you are delivering the most value from your campaigns?
- Define. In order to measure the impact of your marketing effectiveness, it is imperative to sit down and plan for what you would like to track. A missing strategy can hinder your ability to understand what works for your campaign and know if your methodology sticks.
- Consolidate. Digital marketing wears many hats — direct, referral, organic, paid, social, e-mail, content, branding, performance, blog, etc. Using dashboard and aggregation tools to see the holistic, big picture of every subcategory will help you better understand marketing efforts as a whole. In addition, you can compare and contrast your greatest successes with your toughest hurdles. Typically, marketing campaigns are run by multiple team members. Having a single place to assess the effectiveness of the department’s efforts is an imperative for valuing returns for your business.
- Track & Measure. Once all of your campaigns have a place to call home, make sure to track all of the parameters that you have defined as important for measuring your ROI. Here, optimization is crucial! Though you have brought all of your campaigns together, you are still talking apples to oranges in many instances. Take note: You should realize that certain campaigns will prove to be fruitful through instances of lead conversions, while others might be based on CTR, page views, backlinks, or new visitors. Take a look at your parameters and make sure your individual project goals are the focal point of your tracking.
- Analyze. In the end we are looking for results. Make it your priority to simplify your analysis. By using the proper tools to “outsource” your excel commands to your friendly PC, you will be able to create stronger takeaways for future actions within your campaigns.
- Convert & Redefine. All of these practices can help your create a more efficient workflow to measure your marketing effectiveness, but they would all be meaningless if you can not create a set of takeaways that convert into an actionable strategy. We are talking about a lot of information that has been collated and analyzed. After all, how else could we prove to our organization that our marketing efforts are worthwhile? At the end of the day, it’s all about the data. Gathering data that can be easily measured to prove effectiveness can ultimately become a knowledge base for the success of future campaigns, and the stance of marketing within any company.
Marketing is an ever-changing process that never stops. The problem you will likely identify with the most, isn’t about whether or not you can define marketing effectiveness, it’s whether you can prove ROI.
Measuring Marketing Effectiveness is Not a DIY Job!
At the end of the day, understanding your data is the key to unlocking marketing effectiveness and guaranteeing ROI. Get our Total Marketing Imperative e-Book, to learn how to dominate your data.