Measuring Market Effectiveness
How Do You Measure Market Effectiveness
When running a campaign, it is imperative to track your marketing strategies' effectiveness. Without doing so, your efforts can get lost in our ever-changing internet world. By measuring your marketing efforts, you can determine what worked and how it may impact future campaigns.
Why It Matters
Using data-driven decisions can help you analyze your organization’s marketing efforts. There are many ways to determine what is working or what was successful, and what could be improved next time or what needs an immediate solution.
Digital Marketing Audit
Much like a financial audit, a digital marketing audit provides a clear roadmap of previous marketing campaigns. By reviewing past efforts, you can begin the process of determining where your efforts should go next and how to focus on the right metrics. Think of it like studying for a final exam, you review previous tests to determine where your strong and weak areas could be. This is how you can prepare to establish a successful marketing campaign.
Budgeting
Our world can quickly change, as seen during the 2020 COVID pandemic. While people were at home, companies had to determine where their budgets were going to go. A clear example of this is beauty brand L’Oreal. When people were quarantining, the demand for skincare and self-care products rose. To meet this demand, L’Oreal pivoted their strategy and budget towards a digital effort and saw an increase in e-commerce sales.
Establish KPIs
KPIs (or key performance indicators), are quantifiable metrics you can use to determine the success of a campaign. KPIs can and will differ based on your marketing objectives. Here are some examples of marketing KPIs:
- Website Visitors: number of visitors to a site on desktop versus mobile
- Conversion Rate: percentage of visitors who take a desired action that you establish through your marketing strategy
- Social Media Management:
likes, comments, shares, etc.