Measurements of a marketing campaign measure the effectiveness of marketing and advertising campaigns in relation to the goals of the campaign. This involves evaluating the KPIs for your campaign to determine if they are adequate in meeting your goals.
Most often, campaign measurements are done at the conclusion of a campaign. It is possible to measure impact in real time, while the campaign continues. You can then adjust the campaign in order to maximise its effectiveness.
Metrics for Measuring Campaign Effectiveness
The KPIs you use to measure your campaign are essential. They give you a quantitative view of the impact that your marketing has. Metrics to measure the effectiveness of a campaign can vary depending on its goals, mediums or channels. The following key metrics are worth tracking:
Return on Investment (ROI)
This metric shows you the amount of money you made in relation to what you spent or invested on a campaign. The higher your ROI, the better for your bottom line. For advice from Marketing Strategy Consultants, consult with https://www.reallyhelpfulmarketing.co.uk/specialist-services/marketing-strategy-consultant
Return on Advertising Spend (ROAS)
This metric shows you the amount of money you made from your ads in relation to what you spent. A low ROAS means that you need to improve your advertising campaign.
Conversion Rate
This metric will tell you how many people have converted as a result of your campaign. This doesn’t have to be an actual purchase. It could be as simple as completing a signup form for a newsletter or requesting a demonstration.
Cost per Lead (CPL)
Cost per lead measures the amount you spend on each new lead. This metric is useful for B2B companies and those with a long sales cycle, who often need to nurture their leads before they convert.
Cost per Acquisition (CPA)
The cost per acquisition shows you the amount you spent to gain each new customer. This KPI is useful for campaigns that aim to increase brand awareness, reach new audiences, and attract more customers.
Website Visits
Look at the traffic increase that your campaign has caused. Compare website traffic during the campaign with that of an earlier period in order to determine campaign effectiveness.
Click-Through Rate
You can use this metric to determine how many people clicked on the content of your marketing email. This metric can be used to determine how well your message or offer is received by the target audience.
Related: Working with a Marketing Strategy Consultant
Measuring engagement, not just traffic
Rising traffic is encouraging, but it does not prove anyone read the content. Many people check their analytics, see visitor numbers going up and stop there. To judge a content campaign properly, you need to dig deeper into how people engage with what they find.
Time on page is a good starting point, and scroll depth shows whether readers reach the end of an article or leave after the first paragraph. Social shares indicate whether people valued the content enough to pass it on. If a piece includes a call to action, tracking how many people respond lets you link the content to a return on investment.
The key is to decide how success will be measured before the campaign starts. Set specific goals and choose the metrics that reflect them, whether that is engagement, return on investment or both. The two often go hand in hand, and knowing what you are looking for makes the data far easier to interpret.
Website measures that show whether marketing works
For many campaigns, the website is where results show up first. The number of visits each month tells you whether the site is becoming more or less popular over time, and how that changes while a campaign is running.
Bounce rate is the share of visitors who arrive and leave without viewing another page. An average of 50% means half of all visitors look at one page and go. A very high bounce rate usually means the site, or the landing page a campaign points to, needs to be made more appealing. The number of new users each month shows whether the site is attracting fresh customers as well as returning ones.
Total conversions measure how profitable the marketing has been, so they are one of the best signs of whether a strategy is working. Finally, segmenting traffic by channel, whether direct, organic search, referral or social media, shows where most visitors come from and which parts of a campaign are pulling their weight.
Customer value, cost per lead and return
Campaign figures mean more when they are tied to what each customer is worth. Average customer value looks at all the purchases a typical customer makes. Are most people one-off buyers, or do they come back, and how often? It is not the easiest figure to work out, but it shows what a lead is really worth. Customer retention adds to this, though it tells you little if nearly everyone buys only once.
The lead-to-sale ratio shows how many leads turn into sales: divide the number of sales by the number of leads. Cost per lead is the monthly cost of the campaign divided by the leads it produced. Cheap leads suggest the plan is working, while very expensive ones may mean a different approach is needed.
Put the cost per lead together with the lead-to-sale ratio and you have the cost of each sale. Compare that with average customer value to see whether the campaign is truly profitable.