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Before the Internet, companies spent a tremendous amount of time and money figuring out what worked and what didn’t with their marketing campaigns. The only platforms that existed were mainly outbound marketing, like TV, radio, newspapers, printed ads, and billboards. The return on investment was nearly impossible to measure, leaving many with the challenge of how to precisely measure a campaign’s effectiveness through unreliable means.
Fast forward to the age of the World Wide Web, and we find ourselves basking in the luxury of measuring everything we can and figuring out exactly who our buyers are. Thanks to inbound marketing strategies, businesses – both big and small – can gather real-time data that allows them to make clear-cut marketing campaign decisions. Still, some outbound marketing efforts like company swag and apparel from Davant Indy can play a crucial role in the success of a project or event. Here are some tips on how you can measure the success of your marketing campaigns.
Define Your Campaign & What Success Looks Like
Before you can launch a new campaign, you must first define it and have a clear idea of your marketing effort goals. Will you be running this campaign across multiple platforms? Will you have any fliers or brochures to accompany your digital efforts? Do you have a well-thought-out landing page that converts? These are some of the initial questions you’ll need to answer as you sit down to define your campaign.
From there, you can determine what success looks like and how you’ll measure it. Effective marketing campaigns measure both their short-term success and long-term success. This will likely look like an increase in revenue and your company’s cost of customer acquisition.
Define Marketing Channels
It would be easy to measure your marketing campaign’s success if all of the customers you sell to or sign were new. However, you’ll likely have repeat or returning customers, and measuring just one of these metrics won’t give you a clear picture of your strategy’s effectiveness. That’s why you need to determine how you’ll measure the following in your campaign:
- Existing customers or direct customers
- Results from paid searches
- Purchases from email marketing materials
- Customer conversions from content marketing
- Website visits and sales from social media efforts
Thankfully, many of your existing digital marketing platforms have measurement capabilities. You’ve already outlined your entire marketing strategy and success as an overall company, so most of these systems and processes can easily be tailored specifically for each new campaign.
The key performance indicators (KPIs) help you track your capital expenditure through each channel you choose. For example, you know your acceptable click-through-rate on each channel, and reaching or exceeding that threshold means your marketing campaign is succeeding for your business. Many businesses break down their KPIs every month or quarter, allowing them to make key adjustments to their marketing efforts where necessary. KPI data provides some of the most crucial information marketers use, especially when running a new campaign or extending a current one to attract new or existing customers.
Understand Your Customer Lifetime Value
When you’ve defined your KPIs, marketing channels, and how you’re going to measure success with each campaign, you can get a good idea of your costs for traffic generation. This means you can easily assess what the short-term and long-term revenue impacts are for a project. While measuring the short-term effect is pretty simple, gathering long-term data may not be so easy. Perhaps the simplest way to measure the long-term CLV is to multiply the average profit contribution annually per customer by the average number of years those customers buy from your business. From there, your customer acquisition costs can be deducted from the total to give you a better idea of your long-term CLV.
Supplement Your Online Campaigns with Printed Material from Davant
When it comes to marketing a new product or service, you’re likely looking for ways to differentiate your business. Thanks to technology in both the internet and printing processes, you can target your ideal audience on all fronts. The design team at Davant Indy is here to help you supplement your online campaigns with apparel, brochures, and yard signs for your business. Upload your design file online and get started right away! Call us with questions at (317) 849-6565.