In today's economy, measuring the success of your marketing campaigns is more critical than ever. With the looming recession, every penny counts; you need to know whether your marketing strategies are worthy of continued investment or not. As a business owner, you can’t afford to waste time or money on campaigns that don't deliver results.
Marketing efforts don’t end when a campaign is launched. In fact, that’s often where the fun (and learning) begins. Karla wrote a post recently about measuring the success of your all-up content marketing strategy, which inspired me to create this post highlighting some campaign-level metrics you can learn from as well.
Let's dive into specific marketing channels and the Key Performance Indicators (KPIs) you can track in each to gauge the effectiveness of your marketing campaigns running there.
Let’s go channel by channel.
Email Marketing
The secret is to track KPIs like the bounce rate, open rate, click rate, and click-to-open rate.
The bounce rate tells you the percentage of emails that didn't reach the recipient, which can be a sign of issues with your email list.
The open rate lets you know what percentage of people opened your email. A low open rate could mean that your subject line needs work, that recipients didn’t recognize your send-from name, or that the content they could see from their inbox wasn't engaging enough.
The click rate tells you what percentage of people clicked on a link in your email. A low click rate might indicate that your content or your call-to-action needs to be more compelling.
Finally, the click-to-open rate measures how effective your content and design are at converting readers into clickers.
By tracking these KPIs, you can get a clear picture of how your email marketing campaign is performing and make adjustments to improve it. Easy peasy!
Social Media
There are several KPIs you can track to gauge the effectiveness of your social media campaigns.
Reach measures the number of unique users who saw your content. A high reach count can be an indicator that your content is being seen by your intended audience. Good job!
Impressions indicate how many times your content has been displayed on a user's feed. This includes every time someone has viewed your content, even if it was viewed multiple times by the same person. Impressions can be a good indicator of how frequently your content is being displayed, but they don't necessarily represent the size of your audience.
Clicks, on the other hand, show how many users clicked through to your website or landing page, indicating whether your content is driving traffic to your website.
Social share-of-voice tells you how your brand is perceived in relation to your competitors on social media. It's important to track this KPI to ensure that you're maintaining a strong brand presence.
Lastly, the engagement rate tells you how many users interacted with your content by liking, commenting, or sharing, indicating whether your content is resonating with your audience.
By monitoring these KPIs, you can get a better understanding of how your social media marketing is performing and identify areas for improvement to achieve your marketing goals.
Digital Advertising
Tracking KPIs like impressions, clicks, cost-per-click, and conversions can help you determine whether your campaign is performing well or not.
A high number of impressions and clicks indicate that your ad is getting a lot of attention, which is a good thing!
A low cost-per-click means that you're spending your advertising budget efficiently.
A high conversion rate indicates that your ad is successfully prompting users to take the desired action.
On the other hand, if your KPIs are low, it could indicate that your ad isn't resonating with your target audience or that your targeting needs to be adjusted. By tracking these KPIs and analyzing their trends over time, you can make data-driven decisions to optimize your digital advertising campaigns and achieve your marketing goals.
Measuring the success of your marketing campaign is essential. By focusing on KPIs like the open rate, conversion rate, and engagement rate, you can gain insight into how your marketing strategies are performing. With this knowledge, you can make the necessary adjustments to ensure that you are making every dollar count in your marketing campaigns.
If you need support measuring and maximizing the results of your marketing campaigns, we’re on standby.