Department store pioneer John Wanamaker once said “Half the money I spend on advertising is wasted; the trouble is I don’t know which half.” If you feel as perplexed by how to measure the effectiveness of your marketing efforts as the father of modern advertising once was, then read on to learn how to measure the effectiveness of your marketing tactics.
Ways to Measure Marketing Effectiveness (Marketing ROI)
There are several ways to measure the effectiveness of your marketing efforts. The key is to build a tracking mechanism into each marketing tactic before it is employed. In order to respond to your Call to Action (e.g., discount, coupon, brochure, white paper, consultation, etc.) the respondent must provide a valid campaign code which is entered into your response tracking system.
The same Call to Action can be promoted using multiple marketing tactics. By assigning a unique tracking mechanism to each marketing tactic, you can identify which marketing efforts deliver a positive Return on Investment (ROI) and which ones do not.
Here are 10 tracking mechanisms you can use to measure the effectiveness of your marketing:
- Campaign Codes
- Telephone Numbers
- SMS Keywords (text message responses)
- Email Addresses (unique email addresses)
- Website Landing Pages (unique URLs)
- Mail-in Response Cards
- Social Media Interactions (number of comments, likes, shares, connections, follows)
- Online Form Submissions (unique forms)
- Coupons/Certificates/Rebates (presented at point of purchase)
- Market Insight Surveys (administered before and after brand building campaign)
Critical Success Factor - You and your team must religiously enter responses from all marketing tactics into a central response tracking system
Would you like some help in designing response tracking mechanisms into your marketing plan? Think Simple, schedule a conversation today. Otherwise, check out my article about "How to Improve Marketing Effectiveness".