Investing in marketing strategies can be one of the best ways to grow your business. Intelligent investments can pay dividends well beyond the initial investment. How do you, as a business owner, measure this success?
When we look at simple metrics like the number of likes on a Facebook, an Instagram post or on the total retweets we may overstate or understate our success. Likes and retweets don’t always translate to revenue. We aren’t saying that these simple things aren’t important, but at the end of the day, you need to look at your marketing efforts holistically and use several metrics to truly determine the ROI on your investments.
Sure you have 100,000 Facebook fans but do you post a status and get only 10 likes? Perhaps you post a picture and say “comment with your favorite product” and only three people reply. This means that your community is disengaged. While social algorithms can have an impact, ultimately the likely culprit is that you don’t have quality followers. Know your audience – understand your demographic and target them. This will improve the community you develop and offer the opportunity to reach potential new customers. We can help you map your customers to help you understand where you have strength and opportunities for growth.
Do you regularly post campaigns on social media? What about e-mail campaigns? Do you use open rates as a measure of success? What truly matters is not how many people opened it but really if they did anything with the content. Click thru rates allow you to measure the success of direct marketing campaigns. Some ways to improve these numbers is to send out links to relevant content, like podcasts, infographics, white papers and other material that has true value and isn’t just marketing content. Engaging customers with meaningful content can help to generate leads or sales.
Conversion is the step beyond click-thru rates. It measures the outcomes of the clicks. Converting a click to a revenue generating event is the ultimate goal for any type of marketing campaign. Are they signing up for your service? Did they buy a product? This is the ultimate measure of ROI for your campaigns and efforts.
Natimark can help you understand your marketing landscape, customer profiles and reach, which allows you to create more informed and effective marketing plans.
Contact us today for a consultation!