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Do you know how far your marketing dollars are going?

September 30, 2014 at 10:08 AM

Many business owners have no idea how to measure their marketing, or even that they can or should be. Unfortunately this means they may be missing opportunities to maximise their marketing spend and could be throwing money into something which is returning very little.

The simplest reason to track what is and isn’t working is to maximise your marketing investment. 

For example, if you’ve spent $1,000 advertising via Google AdWords you’ll want to know how many hits this generates in comparison to the same spend on Facebook advertising, and which hits are turning into revenue. 

In the digital age it is easier than ever to see exactly what interest or business your marketing efforts are generating - you can see how many people have clicked your online ad to the offer page on your website, and (even better) onto the ‘buy’ button.

You can also figure out how many people are clicking through from an ad but then not buying – thereby creating an opportunity to improve your advertising, website and sales.

These are the basic reports that you can set up, and should be doing at the very least:

Marketing Spend – how is your spend tracking against your marketing budget? This can be done with a simple Excel spreadsheet. It is also important to analyse and track what return you will need to offset the cost of an activity.

Lead/Sale Source – where are your leads coming from? Whether you’re selling online or offline, make sure you ask your prospects and customers; once again, this allows you to know where to put your money. 

Website Traffic – your website developer should have provided you with access to Google Analytics, where you can see how many hits your site gets, which pages are most popular, how long people remain on the site before exiting and more...

Email Marketing Campaigns – record how many people opened your email, read the articles, clicked through to your website and unsubscribed.

Blog Hits – how many views did your blog get after it was published, where did the clicks originate, how many times and where was it shared, did it receive comments?

Social Media – how many new ‘Likes’ have you achieved, how many comments did your content achieve, and how much traffic was sent to your website?

As with all statistics it is important not to take them at face value; delve a little deeper before drawing conclusions. Be aware that forces such as advertising content and market conditions will also impact the performance of marketing activities, so make sure you are looking at the whole picture and don’t throw the baby out with the bath water.

And lastly, define what a successful campaign would be before you start – that way you have something to measure your reporting against. 

This can be a lot to get your head around and keep on top of – if you need a hand figuring it out, setting it up or just want a report in your inbox every month, talk to us

 



Tags: analytics reporting systems budget
Category: Marketing

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