With the multitude of various metrics available for use in tracking marketing campaigns, determining which metrics will accurately demonstrate the effectiveness of your own marketing efforts is rarely a cut and dry issue. Choosing to track the wrong metrics frequently leads to inaccurate statistics that can make effective campaigns appear to be a flop, and vice versa. Below, we’ve outlined three of the most common mistakes we see companies make in tracking their marketing, and more importantly, we explore how to fix them.
1. You’re Looking for a Clear Cut Metrics
While it’s easy to think of marketing ROI in the same black-red dichotomy of more traditional investments, the truth is a bit more complex. While the end goal of any marketing campaign is to persuade an audience to act in a certain way, if your metrics don’t account for the variety of ways in which this could happen, you will be left with a skewed picture of the campaign’s actual effectiveness.
If you are tracking the effects of a new banner ad, for example, it’s obvious that you should track the click-through rate (CTR) of the ad. But just because someone sees your ad and doesn’t click it right then and there does not necessarily mean it isn’t working. They could be busy when they see it, but then decide later on to do a search for your company, leading to an increase in organic web traffic that isn’t reflected by the CTR.
2. You’re Not Tracking Leads or Conversions
On the flip side, just because an ad has a high CTR doesn’t mean it’s doing what you want it to do. Increased traffic and clicks are only important to the extent that they help you achieve the goal of your campaign (such as turning prospects into customers, or increasing your conversion rate). Without a method of determining what your customers are doing after they click an ad, it’s impossible to tell whether or not that ad is effective.
3. You Don’t Have a Specific Goal for Each Campaign
Before beginning any marketing campaign, decide on a realistic goal related to what you want your marketing to achieve, along with clearly stated benchmarks for measuring this success. Even the same piece of advertising might need to be tracked with different metrics depending on what your goals are. Simply “tracking” just for the sake of it, without a clear understanding of why the metrics you are using are necessary is ultimately a waste of time and resources.
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Look at the ways in which you track your own campaigns and determine if you’re tracking too much, or too little. Take a look at the goals you set for a previous campaign. Were you tracking data that was ultimately irrelevant to determining the outcome of your campaign? Eliminate it.
Or maybe you’re realizing that you don’t even know where to start, either because your goal is unclear or you are confused about which metrics you’d need to focus on for a particular medium. Start with the most important things first, and as you begin analyzing your data you will begin to realize the other variables that require tracking.
Still confused? Ask your marketing partner about the best metrics to use when tracking a particular medium. Armed with their expert knowledge you’ll be on your way to tracking your marketing like a pro in no time.