You’re putting a ton of time, effort, and resources into creating some awesome marketing material, but how do you know it’s actually effective? While the three-story booth with the twisting slide looked rad (yes, rad) at your recent trade show, are you able to convince others that it was a success?
I’m going to borrow a line from Marvel Entertainment, and say that marketing is more than just a “house of ideas.” Marketing is a house of strategy, and should be driven by test results and data. Your marketing activities need to be measurable, and success must be quantifiable. Otherwise, you’ll have no way of knowing how to allocate and prioritize your budget.
Earlier this week, we discussed the differences between metrics and KPIs. Now, we’re completing the story with some tips on measuring marketing.
Tip 1. Quantify your marketing goals
In order to measure success, you need to know what success looks like. Marketing goals should be more than lofty statements, and incorporate actual numbers. When a marketing activity is complete, you should be able to answer this sequence of questions.
Did I meet my marketing goal?
If no: Why didn’t I meet it, and by how much did I fall short?
If yes: Did I surpass it, and if so, how and by how much?
These questions can be answered through the quantification of your marketing goals. And how do you do that? Simple! Ask questions.
Here’s how it works.
I want to improve our social media presence.
Great. Now, for the first question: What do you mean improve?
I’d like to increase our page followers.
Got it. By how much?
Your answer here can vary: By X% or by X number of followers. Both answers are quantifiable, and both are a targetable goal. When you’re ready to measure your marketing effort, you can go through the question sequence mentioned above. Presto! You’ve quantified your marketing goal.
Tip 2. Set a timeline
Having a measurable target is a must have, but you’ll also want a timeline for reference. After all, it’s a completely different story if you reach your page follower goal in 1 year versus 5. Every marketing goal should have a deadline, or “by when” date.
I’d like to increase our page followers by 15%.
By when?
December 31st, 2015.
And now your goal has been solidified: I’d like to increase our page followers by 15% by December 31st, 2015.
Obviously you’ll want to know your current page followers at date of launch to compare at the end of the year. So if you’re not using some type of tracking software like HubSpot’s Social Inbox (our personal favorite), record the number somewhere that is easy to reference and remember. And although they're the very bane of many marketers’ professional existence, spreadsheets (think Excel) are great for tracking numbers and quick calculations.
Tip 3. Identify your metrics
Sometimes the issue isn’t how to quantify a marketing goal, but rather finding what quantifications (or metrics) are actually important. A metric can be something as simple as the number of times an ad appeared or a bit more advanced, as shown in this great HubSpot article on some must-have calculated metrics. Either way, metrics let you know how you’re doing.
Thankfully, analytics has become commonplace in digital marketing, and most email, social media, website, and advertising platforms incorporate easy-to-interpret metrics. With so many opportunities to measure metrics, you may find that they don’t all directly related to your specific marketing goal, but they should still be monitored on a consistent basis. Typically, your most important metrics will answer questions like: how many were exposed (ad impressions, site visits), how many interacted (ad clicks, site checkouts), how much did it cost (ad spend), and what was the return (value of conversions).
If you’re involved in more traditional marketing techniques, you may not have the data at your fingertips, but the same rules apply. Choose metrics that you believe reflect the status of a marketing initiative, such as number of mailings, call center volume, or scanned booth visitors.
Tip 4. Determine what metrics are KPIs
Once you have your metrics, determine which ones are directly related to your marketing goals, and these are your Key Performance Indicators (KPIs). Luckily, it shouldn’t be too difficult to identify the metrics related to your marketing goals, as the KPI is often included in the goal itself. If your goal is to increase your page followers by 15%, then your KPIs are number of page followers and percent change. Simple as that.
Not all KPIs are as easy to identify as the one listed above, but your goal should most definitely point you in the right direction.
Measuring marketing activities is one of the most important components of a successful marketing plan, but it’s far from the only one. In fact, we’ve put together a 20-tip checklist for building a marketing plan, and quantifying your marketing is only tip #8.
Interested in building a successful marketing plan for 2018? Download your free copy of our checklist and get started on all 20 tips while the calendar still says 2017!
