John Wanamaker, known as a “Pioneer Of Marketing” once said that, “Half the money I spend on advertising is wasted; the trouble is I don't know which half”. Situation has been like this even before digitalisation. Today the marketing results can be measured very accurately.
Do you know if your marketing budget is going to waste in some channel? How much did the campaign bring in profit? How do you measure your marketing? What is the ROI of your marketing?
Are the euros going to waste?
Adwords is a good example of advertising that is often done very poorly. Google Adwords is a place where you can waste plenty of euros from your marketing budget. Wasting the budget on unrelevant clicks have been done way too easy and you might end up using way too much money on Adwords. Are you getting conversion from your Adwords adverts and how much is the price of this conversion?
If your Adword's click percentage is less than 3%, you should make a change. This means that your adverts are not relevant to the people who see them. What is the adverts click percentage on your websites? If it is under 10%, you need a change here too.
Google Adwords is a channel where you can waste plenty of euros from your marketing budget.
Depending on the industry, product or service, target group an so on, some marketing channels work better than others. The problem is that you can’t know what works without trying. So try different channels to know what works the best for your company. But take care that you are not wasting your budjet. If for example your Facebook adds don’t bring any results, Instagram might be better for you.
Goals for marketing
It’s important to find the marketing goals from the business goals and the sales and marketing goals should be hand in hand. Goals can be:
- Adding sales
- Get X-% market share
- Get more inbound leads
- Build up brandvalue
Without clear goals marketing might become a group of tactical actions which aren’t measured in any way. What are your marketing goals?
Indicators and tools
My TOP3 tools for measuring marketing are Google Analytics, marketing automation and questionnaire surveys. All three help me measure the previously mentioned goals.
Google Analytics is full of interesting data – Before digging up everything from there think about what you want to know. GA can help you measure website conversion. And without inquiries you can’t measure how many of your target group knows you.
Marketing automation helps you to follow the number of leads and customers buying trail from a lead to customer. This way you stay on top of the leads and deals that have born as a result of marketing’s actions. It’s also interesting to understand what kind of trail leads to successful customer relationship. Lomakkeen alareuna
Digitalisation has brought us so many opportunities to measure the results of marketing, that Wanamaker’s problem shouldn’t be accurate anymore. Before measuring, think about what is your goal? Then choose your tools that will help you to measure these actions. Great tools for measuring marketing’s results are:
- Google Analytics
- Marketing automation
- Questionnaire surveys