A successful marketing approach should help the business in various ways. The results should be seen in the sales, customer base, and brand reputation, among other metrics.
While starting a business involves navigating a multitude of challenges, most entrepreneurs eventually agree that this is usually the easy part.
The main challenge comes in sustaining and growing the business over time. Well, there’s a big chance that you have a marketing strategy for your small or medium enterprise, perhaps as part of your business plan. You have most likely invested in various marketing tactics, from business cards to banners, PPC, social media, SEO, and email marketing. But is the strategy performing as you would have expected it to? Are the results measurable and quantifiable enough to determine whether the investment is worth it?
A successful marketing approach should help the business in various ways. The results should be seen in the sales, customer base, and brand reputation, among other metrics. Depending on how the figures look, entrepreneurs can easily identify their weak spots, and strengths for effective decision-making.
In today’s world, one of the major instruments used in marketing is the internet. Its effectiveness comes from the fact that literally, everyone around the globe is occasionally online for one reason or the other. If they are not looking up information, they are shopping, socializing, streaming their favorite videos, or getting some other form of entertainment. This allows them to reach you or find your website if you know where to find your target market online. If you have invested well in digital marketing, data analytics should be your friend!
With the right tools, you can easily monitor traffic to your site, alongside the related metrics. For instance, you can determine the number of sales resulting from this traffic and where most of it is coming from. You can also tell the times of the month or week your visitors are the highest. As explained by the folks over at bundledigital.co.uk, this also involves tools that help in assessing your competitors. They can help gather a set of marketing data regarding competitor businesses, which you can compare with your own to gain insight into improving your strategy. Most importantly, you can tell how you are performing and whether your marketing tactics are worthwhile.
Especially when working with a professional digital marketer, some marketing campaigns you can track through analytics include:
Sometimes if you want to know if something is working, you need to ask. Surveys involve asking in an engaging and polite way. For instance, you may create questions regarding one or a set of products or services provided by your business. These are used in most cases with customers or visitors who already have some experience with your business. Nonetheless, online surveys are beneficial in gathering data to help determine whether or not your strategies are working. This is why we have surveys for user experience, customer service, product range, product/service quality, and so much more.
One other way to know if your marketing strategies are effective is by checking your KPI’s. Key performance indicators are self-explanatory and their metrics are quite effective. KPI’s can be in terms of the goals you had in place. The performance of your business towards realizing the set goals is one way of determining whether your strategies are effective. If your marketing strategies are more digital than the traditional ones the KPI’s are your best solution for performance tracking. Some of the KPI’s include site traffic, sales revenue, qualified leads, and customer lifetime value. If your strategies can achieve these for you, then they are for keeps. If not consider redefining the strategies.
Marketing is aimed at giving your customers an idea of the service or product you are offering. This means that your marketing message is not always definitive. Before clients can make any purchase, most of them will need to know more about the product. They will therefore contact your business to inquire. These messages and other feedback are one of the ways you will be sure your strategies are working. When you have strategies in place and no inquiries are being made, then you need to redefine your strategies.
When you have a strategy in place and you realize competitors are rushing to copy what you have done, then it means your strategies are effective. If, on the other hand, there is a negative or no response at all on your marketing strategies, perhaps something is amiss and needs to be addressed. It is wise to be keen on what your competitors are doing, so you can always be ahead and reap the benefits of that.
And there you have it. A successful marketing approach requires various ways to measure the results to determine its effectiveness. The above are just a few strategies on how you can do just that.