How to Measure if Your Marketing Strategy is Successful?
A marketing strategy is formulated with the idea to keep moving forward and make your business successful. You will think of all the possible outcomes before you choose a strategy and implement it. But not every strategy is profitable in the first go. Some take a step back before giving you the desired outcome. To be able to identify such setbacks that end up in bigger successes, you need to measure how your marketing strategy is progressing. This is what I plan to cover in today’s article to help my fellow content writers working in a content writing agency, know when to stop their marketing efforts and when to keep going on.
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Let us first take a look at some important metrics that you need to measure in order to find out which direction your marketing strategy is headed to.
The most commonly measured metric to find the results of a marketing strategy is the revenue. An evident increase in the revenue can give you an objective answer to how much your strategy helped you to grow. Alternately, a decreasing revenue could also indicate that your strategy is having a negative impact on your audience and eventually your business growth. Analyzing this metric will let you decide if you want to continue investing in the very strategy or device a new one.
2. Leads to Traffic Ratio
A good part of your marketing strategy depends on the number of visitors you receive on your website. This again is not only about having a high number but actually getting business out of this number of visitors. When you sit down to analyze how your website is performing, metrics such as unique visitor, and page views are helpful, but for strategy analysis, you need to measure the ratio of leads you receive out of the web traffic that land on your website. Once you are able to find the converting users from the traffic, you can identify the source they came from to your website and enhance your strategy to target the users from that very source. This metric is also known as conversion rate and can be measured by dividing the number of leads from the number of traffic received.
3. Customer Lifetime
If you are a business that’s been around for a while now, you already have some customers to fall back on. But for how long? There could be a day when a customer wakes up, and they do not need your service or product anymore. What do you do then? Well, to begin with, you do not leave them alone once a purchase is done. No! I am not telling you to keep pestering them with constant promotion of every single product or service you have. What you need to do is find their customer lifetime value. This is a metric that tells you what the customer purchased when they purchased it, and how often do they buy from you. You need to closely monitor this to work on your post-sale marketing strategy to keep your customers loyal to your brand.
4. Predictive Revenue
A little more mathematically advanced analysis of the customer lifetime value is the predictive revenue analysis. This analysis focuses on the possible customer attrition and retention for approximately a month by evaluating the existing revenue with the possible changes in the customer lifetime value. Though this metric is purely based on predictions, it gives you a fair idea on choosing the right steps in your strategy and stop taking the ones that are not yielding results. For example, if through predictive analysis you find a defecting consumer with a 10 percent chance of conversion and an inactive consumer with a 1.5 percent chance of conversion, it gives you an objective result that the same marketing efforts for both the consumers are ineffective and you need to have a strategy.
5. Customer Engagement
Customer engagement is a lead-based metric in which you need to find out how much your target audience is interested in your business and ready to convert into a lead. This metric is conducted on strategies that involve customer engagement and require actions from the audience such as opening an email, visiting your website or subscribing to your emails.
Now we take a look at how you can measure the performance of a few aspects of your digital marketing efforts.
1. SEO Analysis
Being a part of a content writing agency, one will be well aware that to analyze SEO strategy performance, keyword analysis is one of the most important metrics to consider. Search engine optimization depends majorly on the kind of keywords you use. One wrong selection in the keyword and your website could end up on the ninth or tenth page of the search engines result pages or not rank at all. Apart from this, you need to analyze the traffic you are receiving, the quality of the traffic, the amount of time a user spends on your website and how much of your website they explore. Luckily you have online tools that provide you with this data to help you work on your SEO strategy.
2. Email Marketing Analysis
Email marketing is being used extensively by businesses. In fact, many innovations such as email interactivity, mail automation, and advanced list management are being made to make email marketing strategies more fruitful for businesses. But even these new ideas need analysis to ensure they work. The email open rate and click-through rate are two important metrics to measure email marketing. Always set a goal for both as goal setting makes it easier to measure if you are progressing with your strategy. You also need to measure the conversion rate through your emails. Just having a huge list of subscribers will not earn you profit, you need leads and eventually, conversion.
3. Social Media Analysis
Social media marketing is fun. You get to put all types of content on your social media platforms starting from information-rich blogs to funny memes and videos, all to keep your audience engaged. But social media marketing is not only about all fun and games, but it’s also a serious process of posting content and yielding results from it. Therefore, you need metrics such as engagement rate, lead generation, conversion rate, etc.
Strategizing is never a complete process unless you measure the results of your efforts. In fact, if you are creating marketing strategies but not analyzing the performance, you are simply throwing darts in the dark, it may hit the target or simply someone’s eye. Don’t take that risk and ensure you have a complete marketing strategy along with an analysis plan. To revamp your marketing strategy and to add a zing of different types of content to it, get in touch with Spacebar, a content writing agency for anyone and everyone!