Results & Tracking Your Marketing Efforts
Excerpt from “A Beginner’s Guide to Marketing Strategy” eBook
The ultimate goal of your marketing efforts is to increase your company’s revenue. Your efforts to tie the two together are important. At the same time, it is important to put into context what realistically can be tracked and what more subjective measures of success are appropriate.
Nirvana Description of Running a Campaign
- Run a campaign
- The campaign generates a lead that is fed into your CRM system and assigned an account rep.
- The account rep converts the lead into a sale
- You become a revenue generation engineer/hero
The reality is that while you want to work toward this type of reporting thinking that is going to be what tells you the whole story or will carry the day is misleading. It’s not that simple. See more in “Believers Win Skeptics – not so much” section of the eBook.
Work as hard as possible to attach sales to the lead source because digital makes that more possible than ever. The very least setting up goals in Google Analytics to track form submissions, etc. A professional digital marketer can get much more sophisticated than just tracking these elements but it’s a good starting place.
Recognize that you simply can’t fully track your ROI because it’s not that simple.
The concept of attribution is that a prospect may have interacted with many elements of your marketing efforts during the buying and selection process. If they do, what channel do you attribute the acquisition of the customer to?
It’s impossible to fully identify each interaction and impact that that interaction had on the prospect.
Recognize the Short Comings of Tracking Applications
There are countless numbers of analytics application that can be used to track the effectiveness of your digital marketing efforts. One of the most popular is Google Analytics. This can be a very powerful to help one understand how your site is being used, how it performs, etc. However, it can also be misleading if you are not clear on how to use the data and what data should be validated before being used to inform your marketing decision.
One of the most common mistakes going to the bank with Google is conversion tracking. When setting up properly Google Analytics can report on the number of forms people fill out when visiting your site; RFQ forms, contact forms, etc. However, if you do not validate the content of those forms/leads, you will not be getting a clear picture of how your marketing efforts are performing.
To read more on how to develop a winning digital marketing strategy, download a free copy of our eBook, “A Beginners Guide to Marketing Strategy.”