It’s probably one of the most common questions I get – How do I know my marketing efforts are working for me?
Measuring your marketing efforts can depend on the goals you have for your company, which can change from week to week. I’ve listed a few of the most common ways to gauge your success:
1. Sales numbers analysis
Bottom line, you’re in business to make money. This is the simplest way to measure the effectiveness of a plan; actual sales figures can help establish the success rate of employed marketing strategy. Assuming that at the close of a fiscal year, sales totaled to $200,000 and the totals for the new fiscal year is $ 230,000, it would be correct to conclude that your marketing plan is effective. One thing to be mindful of however is all the changes in the macro environment i.e. inflation, changes in prices of goods and services, subtle increases could make a big difference in actual revenue.
2. Customer evaluation or response
This can come in a number of forms. General awareness and engagement surrounding your brand is generally always a good thing.
On social media take note of increases in comments, follows, engagement, likes and views.
On your website, see if there is a spike in commenting, in shares or even completion of survey responses. This is all indicative of increases in affinity and connect to your brand, customers are beginning to feel a great enough attachment to what your building to offer it feedback, insights and criticisms to make it better.
There are plenty of surveying, social media measurement and share of voice tools that will help you see your growth as it scales.
3. Sales people, ambassadors and partners
Like Henry Ford said a 100+ years ago, if we would have asked people what their transportation needs were they would have simply said they needed a faster horse. They couldn’t even envision a car because it simply didn’t exist yet. Today is no different, many customers don’t know what they want and how they want it before you show it to them.
This is why intuitive sales people and partners are so important. Depending on the nature of your business you may have people on the ground or interacting with customers daily who can get a first-hand glimpse into their responses, feedback and behavior surrounding your product.
If in-tune with your brand and the goals of your marketing efforts, sales representatives can report back on how people are interacting with product and if necessary how to edit your efforts to make them more effective or efficient.
Again, your marketing success depends on your goals. Measuring the effectiveness of an article ran on you in the paper is a lot different than that of a running a Facebook ad. There are dozens of benchmarks you can use but these three are among the simplest and easy to implement for a quick evaluation.