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Metrics - The Importance of Tracking
“Tracking your marketing campaign will provide better visibility and transparency. It also allows you to make better marketing decisions as you learn where you are going wrong and how you can improve.”
It would be a little crazy to organise an entire marketing campaign and then not assess its effectiveness.
While a good indication is a general rise in business inquires and sales, of course, this can only show you that your campaign is working in general. It is a much better practice to track the effectiveness of a range of metrics.
Tracking your marketing campaign will provide better visibility and transparency. It also allows you to make better marketing decisions as you learn where you are going wrong and how you can improve.
Finding the answers
Recently a client experienced a substantial decrease in email open rates and subsequent webinar attendees. After changing subject lines and improving content amongst other things we discovered that the problem lay with their email client. They switched platforms and the open rate returned to its normal rate. Without tracking, this issue may never have been discovered.
So, just like you're back in school, you'll want to grade your marketing efforts.
What to track
There are virtually hundreds of metrics you can track, but if you tried to capture them all you wouldn't have time to get anything else done. Instead, it's best to only track the ones that relate to your marketing, sales and business goals.
Keep your metrics simple. While there is no standard solution for tracking metrics, you can discover what would help you by asking a few simple questions:
Can it be changed? If it can't be altered then don't bother tracking it.
Does it relate to a business goal? If it's not aligning to one of your goals then save time and scrap it.
Still confused? In our experience, it is best to take a less is more approach, too many metrics and you will become overwhelmed. Cherry pick the most important metrics, the ones you believe will give you the best indication of your marketing efforts, the ones you can change and free up your time for other equally important endeavours.
How to track it all
With so many advances in online marketing, modern marketing software lets you measure the performance of your online campaigns and email campaigns.
You can find your email open rate, how many people respond to your communications, how many clicks each email generated, your sales that came from your campaign and you can make adjustments when you're not getting the results you want.
You can view where your traffic is coming from, what keywords bring them to your site, your sales, in fact almost everything you need to know about the performance of your campaigns can be derived through analytics in-built into your marketing software.
Having an integrated marketing system means you gain the benefit of coming into a well developed, sophisticated and efficient infrastructure that can track a whole range of marketing metrics and deliver them in customised reports.
There is also plenty of inexpensive or free, web-based software out there that can help you achieve your marketing goals. Google Analytics is one of the most powerful and free metrics tracking applications available and is used by industry professionals the world over.
Social media platforms such as Facebook and Twitter can also provide a good indication of the success of particular online marketing efforts.
With so many options, you will be able to easily fine-tune your marketing efforts as you discover what fits for you.
To find out more, give us a call and we can point you in the right direction.
What interesting stats have you discovered that you may have overlooked when tracking your marketing efforts? Tell us in the comments below.