Marketing is not an exact science so if you are spending money on marketing then you need to be sure that your expenditure is generating a significant return and is being invested wisely.
Before beginning any marketing activity it is important to have a marketing plan. Without a firm idea of what you want to achieve and an idea of what success looks like for your business then any marketing will be ad hoc and tracking results will be almost impossible. Make sure you have an overall marketing plan which sets out clear objectives of what you want to achieve.
Ways to Measure Marketing Effectiveness (Marketing ROI)
Here are some simple ways to track the effectiveness of your marketing activities:
- Ask all new enquiries/customers where they heard of you, record the information and analyse it on a quarterly/half yearly basis.
- Use promo codes within your advertising, e.g. “quote XXX for your 10% discount” – use a unique code for each campaign/media.
- Use alternative phone numbers with call monitoring which divert to your main switchboard.
- Create separate landing pages (unique URLs) on your website for different campaigns and monitor the traffic to those pages.
- Regularly review and analyse Google Analytics on your website.
- Implement a Customer Relationship Management (CRM) system which will enable you to track your relationships with prospective and existing customers.
- Use social media tracking tools such as Klout and TwentyFeet to monitor your influence and reach on social media.
At the end of every marketing campaign undertake a thorough analysis to see if it met your objectives and to determine its success. Regular review will enable you to adjust your future marketing activities to maximise the likely return.