Needless to say, marketing campaigns are critical for any business. But given the market dynamics, you can no longer develop a marketing campaign – set it and forget it. To be able to expand your reach, connect with your target audience and tap into newer opportunities, you need to make sure your marketing strategies are effective and delivering results as intended.
And to do so, you need to closely monitor and analyze your campaigns to assess their performance and effectiveness. While businesses of all sizes need to adopt campaign monitoring to ensure continued success, it is particularly key for small businesses where marketing budget is limited and objective is to optimize ROI. Assessing effectiveness of each marketing campaign helps evaluate campaigns performance against intended goals.
Although campaign monitoring is an exhaustive process that needs continuous effort, we have listed a couple of steps – a good place to start to quickly measure the impact of marketing initiatives.
Set basic metrics and compare buzz
It’s a basic principle that before you start to evaluate something, you need to establish measurable factors. It could be the amount of web traffic, volume of online buzz, number of sales, and other such factors. These types of parameters eliminate subjectivity and offers an objective view of campaign performance.
Identify, pick and combine metrics you want to track and create a custom dashboard. You can then use this dashboard to compare campaigns and see how much buzz they created across platforms over the assessment period, which could be bi-weekly, weekly or monthly. But, this of course is an arduous process, given the amount of data you need to track and generate a report. It is therefore recommended to use automated campaign monitoring tools and methodologies that help streamline the process of assessment.
Analyze sentiments as well
The ultimate goal of marketing is to generate leads, but it also entails creating a lasting brand identity. But how do you measure the impact of the brand? With social media marketing taking the center stage, it is becoming increasingly crucial to understand and analyze customer sentiment. It helps you assess the impact of your messaging on customer sentiment and attitude and understand why and how factors of your campaign.
All the major social media platforms combine built-in analytics that help you track the effectiveness of your campaigns or posts. Although, to be able to truly understand emotion, opinion and feeling of your customers’ and what makes a campaign sticky, you need to go beyond the pre-built analytics to regularly and effectively measure social media engagements.
Monitor, modify and run
Earlier marketing campaigns effectiveness was measured with amount of sales it generates. That is no longer the case. Today marketing campaigns are used to generate interest, connect with customers on a personal level, generate buzz. Therefore, simply monitoring web-traffic is not enough, you need to make use of the huge volume of data your campaign generates to determine the effectiveness marketing campaigns and identify the ones that are delivering maximum returns. Continuous monitoring also allows you to identify success factors and build future marketing strategies with sticky messaging and viral campaigns.
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