February 15, 2016
Measuring your marketing plan.
You have completed the discovery process of your project, created a campaign that has your customers saying "wow, I want that", but how do you measure its success? The answer depends on the type of plan implemented. The following discusses various ways to track the success or failure of any plan you implemented and some tips to help you refine your results.
Measuring a digital campaign.
Let's say you chose a local news service to deliver ads to its audience. Call it Business Services.com. This service delivers 10,000 impressions per day and everyone who visits their site sees your banner ad, but do they click through to see what your product or service is? The service should supply you with a click through rate (CTR), but you should verify the results using Google Analytics. Google Analytics provides a free service to track all data coming to your website. If your banner ad sends the user to the main website, you can't tell the difference between regular traffic coming to your site or the effectiveness of that great banner ad you created.
Make your destination URL unique for the campaign and for example, make it www.businessX.com/adcampaign1
This will tell you exactly how effective your campaign is apart from regular traffic.
Measuring a print or any other type of campaign.
The same type of delineation with the URL applies here. Send your user to a specified URL such as www.businessX.com/printcampaign or www.businessX.com/radioad. Make sure you give the listener, or user a word that's easy to remember.
Here's an interesting article from Entrepreneur Magazine that explains these recommendations very thoroughly:
“Measurement” is a hot topic in marketing right now, although I’m not sure there was ever a time when it wasn’t important.
Back in the day, when the bulk of a brand’s marketing budget was based on advertising and promotion, it was a tad easier to measure its effectiveness. With marketing budgets much more fragmented across multiple channels now, measurement is even more crucial to determine the most effective parts of the plan. But it’s also much harder to measure.
When teaching my class at New York University about measurement, the first words out of my mouth are “Measurement doesn’t begin when the program is over. It begins when you start planning for it.”
Every element of your marketing plan, and your business plan as well for that matter, needs to have a measurement and metrics protocol built into the planning with key benchmarks set at the beginning and end with milestones throughout.
How else can you know for sure if the program was successful? Without a goal and measurement system in place at the beginning, you can’t possibly ascertain success. Plus, by adding in milestones throughout the program’s life, you can track progress so that there are no surprises. In fact, you can monitor and control the progress and course correct along the way to ensure success.
That’s just smart marketing.
For the big brands of the world this may seem obvious. But for small-business owners and entrepreneurs, this kind of methodology doesn’t come naturally. So I’d like to break it down into a couple of simple components so that you can properly measure for your planned success.
Measuring the product
Measuring success of your product or service is the obvious first step, and most likely your ultimate metric will be sales. But it’s important to not only set your sales forecast in advance, but to monitor the key factors that affect your forecast along the way. You may also want to measure customer satisfaction of the functional attributes of your product as well, to see if an upgrade might be in order. This is just one example of measuring your product.
Measuring the brand
Most small-business owners track sales and think the job is done. Not by a long shot. You should also be measuring key brand metrics as well since they are highly influential towards your ultimate sales results. Attitudes and perceptions about the brand and what it offers will impact your future success, so you should be monitoring those metrics throughout your marketing programming. Sure, you may know how well your product is selling, but if you don’t know how the brand is delivering on its promises then you don’t know the health of your business.
The truth is that measurement is one of those topics we tend to avoid until tallying up our success at the end of the year or at the conclusion of a marketing campaign.
But by then, it’s too late to change course and it’s likely too late to impact the next year or the next program. I know it’s a daunting task, especially when you are resource constrained and managing all the other aspects of the business as well, so keep it simple and focused.
Pick a few key measures for both the product and the brand and monitor them. Pick the ones most tied to your firm’s success, so you know they are driving the business. Pick a couple and focus on them -- it’ll be a big leap forward in your thinking that will hopefully deliver a big leap forward for your work.
Reference: Jim Joseph
Jim Joseph is the chief integrated marketing officer and president of the Americas for New York-based communications agency Cohn & Wolfe, part of the media company WPP Group PLC. He is the award-winning author of The Experience Effect series, teaches marketing at New York University, and is on the board of directors for the number one branding school in the country, The VCU Brandcenter. Joseph's new book, Out and About Dad, chronicles his unique journey as a father during a unique time in our cultural evolution.