As I continue to watch industry trends and meet with other marketing professionals or engage my clients it seems their experience with marketing efforts has the resounding theme of change, it is a moving target. FYI, you can always hit a moving target if your strategy and aim are correct.
The most commonly misused term and misunderstood measurement in marketing is ROI (Return on Investment). I am not trying to discredit ROI, that’s how a lot of businesses measure success and make sure they are getting the most for what they pay for, but how relevant is it in your company’s marketing? Should you be using ROI to measuring the success of your campaigns? Is there something better?
Of course there is relevance to ROI, but it is not the only way to measure success or the way you should measure success in the early stages of a marketing campaign.
In the early stages of a marketing there are a couple of things to remember and then we can jump to ROI… trust me you will get your ROI fix eventually.
When embarking on a marketing campaign it is important to do these things and measure your success based on these Key Performance Indicators (KPI’s), yes that is my favorite and most used term with our clients (I am Six Sigma trained you know). I will tell you why in a bit, but now onto what to consider when moving forward on a marketing campaign.
What is your goal with the campaign? This can range from brand awareness to increasing followers on Facebook, whatever your goal is, IT IS MEASURABLE! Now for the fun stuff…numbers and how to measure the success….ROI??? Nah let’s go with some KPI’s…
KPI’s are simple yet sound super complex…
Choose three or four of the measurable goals; for example on the last social media campaign we did for a client the goals were to:
- Increase followers on two platforms
- Build Awareness of her brand
- Increase Organic growth vs. Paid growth
So what did we do to track these?? We assigned a value to each of these goals. We then looked at the current state of each; say she had 10 followers, what is a realistic increase of followers? How much do we need to increase the engagement to ensure we hit her target number? Is the target demographic correct? Is the reach broad enough?
It’s all about measurable results when first starting out, especially when you’re starting out. You have to make realistic goals based on data, based on market trends and based on what your brand is capable of.