This is about defining a repeatable strategy and measuring its financial value. You could just as easily test a looser strategy as a stricter one. More importantly, your assumptions about what worked may not be tied to reality, and this will hinder your performance. Precisely how you define your strategy is a cultural decision. Want a few ideas? This article gives you 8 ways to improve your campaigns.
A much peskier problem is the question of opportunity cost.
You need to be able to demonstrate that the ROI is going to be higher than if those resources were invested elsewhere. Put another way, when you estimate the cost of your strategy, you need to think about where those resources are coming from. This is an important part of your justification, but it often goes completely forgotten.
How to Measure the ROI of Marketing Programs
That will get you taken seriously. This is the part that most strategists just like to skip over. Digital marketers are often especially bad with this one. They point to an inflation in traffic without making any quantitative effort to tie that growth to their actions, or to tie it directly to revenue.
Why Measuring Marketing Programs Is Hard
They just assume that executives and clients will gladly accept their assumptions that they are the ones responsible for the growth, and that this growth can actually be tied to revenue. They rarely have any easy access to data regarding what else the company might be doing to inflate traffic, or to the financial value of that traffic. Once you have that data, you need to think a bit deeper than the surface level metrics. Odds are good no third party dashboard is going to give you this information on a daily basis without some customization.
No matter how good your tool, you are going to need to personalize it for your business. If your budget is limited, I highly recommend Cyfe , a relatively inexpensive dashboard, with a free version available. They have an API as well.
For more personal tracking and a higher budget, KISSmetrics is one of our favorites. All too often, strategists will just post a few time series charts of traffic, revenue, or Facebook Likes, and call it a report. A chart is not a report. This is not a report. It just proves that some things happened. A mathematical correlation between the resources you were given and the revenue they earned is always going to be a bit fuzzy, and stakeholders will be understandably skeptical. You want to make this as concrete as possible for them by pointing to things like:.
This does a lot to eliminate skepticism. All of this only becomes more important if you fail to show a positive ROI.
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These details point to what went wrong, and more importantly, the fact that you know what went wrong. Most entrepreneurs and executives are more aware of the long-term elements of strategy than we give them credit for. They are well aware that some successful strategies will lose money before they make it.
There is a growing belief in business that the purpose of measurement is to justify projects and investments. The purpose of measurement is to understand projects and investments. What are you doing to do with this information? This is what people really want to hear. As humans, actions interest us. When measuring the impossible, always tie your strategy to numbers. Especially business outcomes such as leads, sales and profits.
A QR code is particularly well-suited for posters and flyers. You can set a QR code to do an array of things when scanned: Make sure to specifically track responses via a URL referrer, extension number or email address. If you want to use QR codes on posters and flyers to target key accounts, display them in places where audiences might see them, such as at conferences, seminars, and trade shows.
How to measure the ROI of social media campaigns
Always make sure that the QR code leads to an action that can reveal the prospect's company. For instance, this could be a CTA to send an email, subscribe to a newsletter, or fill out a form to access your gated content. Bizible can track offline marketing touchpoints to show the ROI of conferences and event sponsorships. Instead of simply adding your general homepage on your print materials, direct your prospects a specific page on your website. This is a cost-effective way of tracking your response rates and it will also allow you to use web analytics solutions to measure ROI, traffic, conversion rates, customer data and more.
Just like with other methods, this is a great opportunity to gather more data. By utilizing unique sub-domains or landing pages not only for different campaigns, but different target groups as well, you can learn where your response rate is highest and where your print marketing is most effective.
How To Measure The ROI Of Print Marketing
In follow-up campaigns, you can then focus on your most responsive and valuable customers to further increase your ROI. This method is quite useful for small and medium sized enterprises, but even for ABM campaigns that target larger key accounts, they can often reveal surprising insights.
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Asking your customers directly: Actually, it can easily be incorporated into your website funnel as a simple optional drop-down selection. A longer questionnaire is best reserved for a post-sale follow-up, such as an email. If you need to, you can offer an incentive such as a discount towards future orders to encourage customers to provide feedback.
Part of your flyer could also be a classic mail-order form which people can send in to order, subscribe to updates or request more information. This standard marketing tool was the equivalent of a landing page before the rise of the web. However, while it can be still successful with specific target groups who prefer not to order online, in the modern B2B world it just makes your business look old and slow. Are there significantly more sales, new customers or leads?
Do more people subscribe to your mailing list? Does the organic traffic to your website increase? Of course, correlation is not always causation, but you can draw reasonable conclusions as to the effectiveness of your print campaigns by monitoring your key metrics, especially when you track the rest of your advertising mix, such as display ads etc. While key account management is by definition focused on providing personal messages to specific prospects, segmentation is a vital part of optimizing your print marketing and ABM campaigns.
Moreover, it can be done without limiting your level of personalization too much. Group your key accounts by business verticals, job function of the target persona and print material used.
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