How to Measure Success of Marketing Campaign [Key Factors]
Taking people’s short attention span according to recent studies, we’ll get into today’s subject real quick. We’ll discuss the key factors that will teach you how to measure success of marketing campaign.
A full guide on how to measure the success of marketing campaigns and social media ads, along with how this can be reflected on your sales and conversion rate. Just take a deep breath and enjoy it.
If you are an online store owner and the marketing manager on your business has recently furnished you with a marketing plan, the first question to ask yourself could be: “How do I know my campaign effectiveness?”
How to Measure a Successful Marketing Campaign
There are many metrics to measure the success of marketing campaigns, that will enable you to track the performance of your digital marketing efforts, you must first determine the metrics that can measure your marketing campaign success.
Here are some of the most common metrics on how to measure success of a social media campaign or any marketing campaign on any platform.
Traffic on your site
Changes in the size or type of traffic to your website are a good indicator of the effectiveness of digital marketing campaigns and social media activities. This includes factors such as total site traffic, traffic sources (where your customers come from), time on site, and bounce rate, and can be measured using Google Analytics.
Click-through Rate (CTR):
A CTR is one of the marketing campaign metrics that help you understand which content gets the most clicks so you can invest more in similar content types.
If you’re running paid ads or email marketing as part of your marketing campaign, clickthrough rate (CTR) can tell you which content generates the most clicks from visitors. Your clickthrough rate (CTR) should be measured against the average in your business.
Cost-per-click (CPC): Cost-per-thousand impressions.
Similarly, if you manage ad campaigns, you should consider how much you pay for each click on your ad or per thousand impressions, depending on the campaign type to be able to measure your campaign effectiveness accurately.
Conversions
The effectiveness of an advertising campaign can be measured by tracking its conversion rate.
As an online store, conversions are more likely to be defined as product sales on your website. Measure your sales over previous periods to see how digital marketing campaigns work to improve your business.
Conversion Rate = (sign-up visitors / total visitors) * 100%
If you use Google Ads, you can also set up conversion tracking to see where your sales come from.
Customer Acquisition Cost (CAC)
This is the cost you paid to buy new customers over a certain period. You can calculate them by calculating the total marketing and advertising costs and divide them by the number of customers who paid you during that time.
CAC = Expenditure on sales & marketing / No. of acquired customers
This should also be measured against previous periods and the average of your industry.
Percentage of Interactive Customers
To calculate the percentage of actual customers who fulfilled the complete purchase decision, you can divide the number of customers who have purchased by the number of visitors to the site in a given period and multiplying the product by 100 will result in the percentage of customers who have made purchase orders in the same period.
Buying Customers % (in a given time interval) = (No. of buying customers / No. of visitors) * 100%
On the other side, it should be pointed out that you must be familiar enough with the performance of your competitors and through marketing plans and financial plans that are spent online in digital marketing.
Google Ads reports could provide you with this knowledge according to the available data, which can provide you with insight about where you stand in a community business or among your competitors, so as to anticipate the next step(s) in your project.
KPIs
Many business owners and few marketing managers still consider content marketing as a kind of a theoretical field and as such the success of which is far from being measurable. Here, we will prove that this is not the case.
The effectiveness of an advertising campaign can be measured by focusing on some assets.
We will show you how to track marketing campaign metrics.
When you start off planning a digital marketing campaign, you have to keep in mind your objectives as of the first day. The marketing team should address a few questions, with each innovative idea they get hands-on; such questions as:
- Can this idea help achieve the objectives of our audience?
- Would this content help fulfill our SEO criteria?
- Can this help meet our digital PR goals?
- Will this content achieve our business objectives?
Once you have identified the key metrics that measure performance and understand your industry standards, you should identify key performance indicators, so you know if you’re achieving your goals.
You must specify the following:
1. Your baseline
Where you currently stand against all the metrics you have chosen.
2. Your main goals
These goals may be increasing sales, brand awareness, customer loyalty, or a range of short-term goals that can be realized in the long term.
3. Your marketing strategy
What are the digital marketing activities you develop to achieve your goals?
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4. Channels and places where your strategy will be implemented
Such as Google Ads, social media platforms, marketing through website content, video marketing, email marketing, etc.
5. The Time period
How long should it take you to achieve your goals and whether to set yourself a near and far distance or a certain fixed period?
6. Growth Expectations
What expectations do you expect to reach each time and place them in a time frame that you always see?
In the digital world, how can you present entertaining, informative, or engaging content to your customers? How would you make them want to browse your site for a longer time?
As soon as you have outlined some ideas on how you will establish a connection with your customer’s desires, interests, obstacles, and aims, you can see these opinions through the eyes of search engine optimization (SEO).
Does SEO define the way whereby digital content assists you to reach the rankings, visibility, and organic traffic that you want through applicable keywords and phrases?
Next
Examine if these opinions have the capability of providing press value; i.e. can these provide some statistics, information, or insight that would generate backlinks, brand mentions, or higher traffic?
Last but not least
Can this digital content campaign meet your business aims? In most cases, not all content topics would work for all of the mentioned viewpoints; yet, if you find topics that do work accordingly, you are almost a winner.
Now, to reveal the answer to the question that is in everyone’s mind:
Which metrics should I use to measure the success of a campaign?
Let’s sort these metrics into 4 categories:
Audience-based Metrics
- Audience-based Metrics will help you to identify:
- The number of times your content was shared on social networks.
- Unique page visits to your site.
- The average time for a visitor on-site.
- The relevancy of your content.
If a visitor finds the answer for his/her questions quickly, then this is excellent; but if your purpose is to entertain, a longer time on site is normally a sign of good performance.
You can use an online tool called Buzzsumo to measure the sharing on social networks, whereas you can use Google Analytics to measure the unique page visits and time on site.
SEO-based Metrics
There are accurate parameters for measuring the success of your digital marketing campaign; parameters like rankings, organic traffic, and visibility in search engines.
You can measure rankings and online visibility, with tools such as AccuRanker. Alternatively, a well-planned Google Analytics account can measure organic traffic.
Digital PR-based Metrics
Have your digital content materials received any backlinks from other sites, preferably sites having superior authority indicators. Have you notices an increase in brand mentions following the campaign launching? Have you received any referral visits (traffic) to the content material?
Tools as Majestic can help you to measure backlinks. There is also Cision, a PR campaign management software, which can help in measuring the brand mentions. Once again, Google Analytics can measure referral traffic.
Business Objectives
Google Analytics account can give you precise indications on how visitors browse through your website.
Has your marketing campaign attracted them to visit any landing pages?
Have they turned out buying any product, or sign-up into your mailing newsletter?
How to Calculate the Objectives of a Digital Marketing Campaign?
In the long run, we find that in a shoe store, for example, selling 100 of the new white shoe in March is a near term goal that can be easily measured, the process of determining the percentage for the goals of the marketing plan, such as dividing the number of goals on the goals achieved in a given period and multiplying the output by 100 you produce the percentage of objectives of the marketing plan set.
Final Thoughts
Today we discussed how to measure the success of a campaign, we provided metrics that could help you measure the success of marketing campaigns on any platform.
All the mentioned parameters are metrics to measure that your marketing campaign was successful for your marketing goals.
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As you can see, there is no deficiency of marketing metrics by which marketers can measure campaign success. Quite the contrary, there is a vast number available for you online to make an informed decision about which ones necessary for your business.
Knowing how to effectively measure successful social media marketing campaigns is essential to improve your performance and get to know your audiences better.
We hope that this post will have enlightened you on the best practices to adopt when it comes time to choose your marketing KPIs.
