Your Guide on How to Measure Success of a Marketing Plan
Wondering how to measure success of a marketing plan? If you’ve recently switched from brochures, radio ads, and the like in favor of a digital marketing plan, you’re likely wondering if you made the right choice. Are your efforts improving customer engagement, bringing in more revenues, and helping your company stand out from the competition? The only way to know for sure is by learning how to measure the success of a marketing plan. Thankfully, we’ve got your back. Just use this guide to learn the top ways to measure your success and determine if you’re on the right track.
Look at Key Performance Indicators
To best measure the results achieved with your marketing plan, just keep an eye on the following key performance indicators or KPIs.
Landing Page Traffic
As a top-of-the-funnel KPI, landing page traffic lets you know how many people respond to your marketing efforts. To best review this metric, you’ll want to create a landing page for each campaign in your marketing plan. Then, as your target audience navigates to each of those pages, you get an idea about which campaigns resonate the most.
The physical leads KPI goes beyond traffic to tell the story of how many customers chose to move onto the next step in engagement. You’ll best capture this data by including a sign-up form for an email, call back, or the like on each landing page. As your visitors submit that form, they go from simply browsing your website to becoming a lead.
In the end, converting leads to completed sales is the overall goal of all your marketing campaigns. So, to tell if you’re achieving your goal, just take a look at the sales figures for the products and services in question. If your revenues increased alongside your campaign rollouts, then you’re likely on the right track.
Cost Per Lead
You’ll have to wait until the end of your marketing campaign to measure your cost per lead. This figure represents how much you spent to get people to engage with your company in a meaningful way. To figure it out, you’ll need to know how much you spent on the marketing campaign from the strategy phase to completion. Then, divide that figure by the total number of leads your efforts attracted to the company.
Marketing return on investment, or ROI, also occurs at the end of the campaign when all your sales figures are final. To calculate this number, subtract the cost of the marketing campaign from the total sales growth in that period. After that, divide that figure by the marketing campaign cost to get your ROI. For example, if you spent $500 on a campaign but made $4,000 in sales, your ROI is 700%.
Key performance indicators work best over time, so record them often and compare your results month after month. By the end of each quarter, you’ll get a clear picture of which marketing campaigns got the best results. Then, you can use that framework to adjust your plan and keep increasing the growth and success of your company.
Put Your Ear to the Ground
When it comes to marketing success, not all things are quantifiable with cold, hard data. How your marketing campaigns make people feel matters, too, as it reflects their connection with your brand. You’ll need to look at these two key areas with each campaign you run to figure that out.
Your target audience will undoubtedly share their feelings about your ads, posts, and other marketing elements on your social media pages. So, carefully watch the conversations for bits of info you can use to hone your efforts.
In addition to gauging their feedback, pay attention to whether they tag their friends, share your posts, or ask questions that indicate an interest in your products and services. Don’t forget to engage with your audience, so you can help build their loyalty to your brand even more.
Reviews let you know where your company excels in pleasing your customers and where you can stand to do a bit better. Although most reviews revolve around the product or service itself, many customers will share what inspired them to make the purchase. As you come across that info, you can quickly tell which campaigns had the most significant impact on their buying decision.
To get the most out of their feedback, invite your customers to put their reviews right on your website. Beyond that, watch your social media accounts along with major review sites, like Yelp and TripAdvisor, to glean helpful info from a variety of sources.
Explore all the customer chatter alongside your KPIs for a well-rounded look at how well your campaigns hit the mark. Take note of any areas that your target audience didn’t find appealing and find a way to avoid that approach in the future. Over time, you’ll create campaigns that speak to your customers’ needs while strengthening their loyalty to your brand.
Want to Know More About How to Measure Success of a Marketing Plan?
As you learn how to measure the success of a marketing plan, you can better gauge your efforts and make adjustments to your approach. If that all seems far too overwhelming, we have great news – You don’t have to go at it alone. You just have to hire a marketing agency to help you out.
Our team at Strategic Growth Advisors is always here to help you create winning marketing plans and measure their success every step of the way. If that sounds like just what you need, reach out to our team today at 800-721-4953 or by filling out our online form. Upon speaking to our team, you can sign up for our consulting services or simply let us handle your marketing from start to finish.