While some marketing strategies can deliver powerful results, ineffective tactics do nothing but drain your cash flow. And if you do nothing to measure the results of your campaign and study them closely, you risk spending precious resources on strategies that will gain you nothing.
But how do you determine whether a marketing effort is successful? Utilizing analytics is one of the best ways to determine whether your approach needs fine-tuning. Here are five ways to include data in the next evaluation of your marketing campaigns.
1. Gather the Appropriate Data
Your first step is simply gathering relevant data that reflects the objectives of your marketing strategy. Of course, this looks different for every goal. For example, if you’re currently using social media advertisements to drive traffic to your website, you’ll want to measure your conversions.
In this case, a conversion would be a click from the social media ad directly to your website. You could then measure how long the visitor spent on your website and analyze their further activities.
You’ll need to determine what number of conversions is “successful” for your ad. You might place a threshold for 10% of viewers to click through. If you meet the goal, your ad is successful. If you don’t, consider tweaking the parameters of your ad or its message.
2. Find the Right Tools to Assess Your Data
Plenty of tools can assist you in analyzing your marketing data. The tools you choose should be specific to your marketing goals and the campaigns you use to meet them.
For example, if your goal is to obtain more organic traffic to your website, you’re likely creating lots of content around specific topics and keywords. You’re also probably hoping that individuals interested in learning more about a particular subject matter will find your articles if you rank highly on the search engines.
In this case, you can track your efforts through web analytics programs like Google Analytics. This tool will track the number of new visitors to your website, the terms they used to find you, and the articles they clicked on.
Other marketing tools that can assist you in reviewing your data include customer surveys or market research.
3. Analyze Your Data Regularly
You should regularly analyze data from all your marketing tools to identify any specific customer trends or patterns. Data will likely change, especially if you continually implement new strategies to attract potential customers or retain existing ones.
For example, you likely have an email subscriber list to showcase new products or services, provide relevant content to your customers, or inform your clients of special discounts. You should continually assess your email subscriber list for open rates and engagement; if you notice your stats are falling, you’ll want to brainstorm tactics to re-engage your subscribers.
4. Look for New Opportunities
Analyzing your data will likely lead you to new ideas for future marketing efforts. You can use these insights as you plan for your next campaign or tweak your existing one.
For example, if you use customer surveys to measure your client’s experience with your company, they might provide you with helpful advice to improve your current services or add a new one. Customer surveys can also provide more information about your client’s needs and pain points.
You should assess all the data you obtain from customers carefully. Their browsing behavior, input, and other activities can provide you with the information you need to position your company for other opportunities your competitors aren’t yet aware of.
5. Monitor Your Progress
Above all, your marketing efforts should indicate that you’re moving forward positively to retain your customers and attract new ones. If your campaigns are on a downward spiral, it’s essential to take action quickly.
No company wants to lose market share to its competitors. Staying on top of your marketing performance can ensure you make suitable adjustments at the right time.
Analyzing Data Is Critical to Marketing Campaigns
If you aren’t yet monitoring the results of your marketing strategies, it’s essential to take action quickly. Invest in the right tools that can provide you with information about the results of your campaigns, and ensure that you’re spending time on the right tactics. That way, you’ll see your desired results without breaking the bank.
