Why It Is Crucial to Track Your Marketing Efforts (Even Your Budget-Friendly Ones!)
Why It Is Crucial to Track Your Marketing
Efforts
(Even Your Budget-Friendly Ones!)
As
companies and small businesses spare no effort in attracting new customers and
strive to make loyalists out of their existing clients, marketing campaigns
need to be more effective. To ensure this, you need to take steps in obtaining
accurate, comprehensive data about your customers, and to leave out second
guessing in your marketing strategies. Marketing analytics software help you
gain that ability. Whether you plan on launching a full-blown marketing
campaign or smaller, less-encompassing marketing efforts, the undeniable value
of investing in marketing analytics is it can show you what works and what
doesn't.
Keeping
Track Is Crucial
We've
previously discussed the
importance and the benefits of marketing analytics software,
as well as how to
collect data using your POS solution. As
business owners realize and begin their appreciation of marketing analytics, we
must also be aware that it can only truly be useful when they are tracked and
measured. Tracking your marketing efforts is essential as it allows you to
evaluate their effectiveness in real time. You will be able to gauge your
customers’ satisfaction and even gather their opinions of your products and
services. Rather than wait for any issues to arise, tracking keeps you
attentive enough to be able to react to anything that requires changes.
Monitoring your progress enables you to shift these changes favorably without
having to risk failure by waiting until a campaign ends before taking action.
In time, you will be able to spend your time and money more wisely by being
able to determine what marketing efforts need both.
It's
Not All Strategy
One of
the pitfalls for marketers is the assumption that after they’ve come up with a
marketing strategy, everything else will fall into place. That at the heart of their
marketing campaign, the marketing strategy will be enough to drive it towards
sales and ROI (Return on Investment). While true, it is only part of the entire
marketing mechanism. Tracking is the other important part that can address what
sound tactics you can employ to reach your intended results. For example, if
your business is in the hospitality industry and you experience a slight dip in
your bookings, will implementing a familiar, previously successful promo be
necessary even if it wasn’t part of your campaign? It could derail the allotted
budget for your campaign, but it may be necessary for you to be able to hit
your targets. Again, keeping a watch on your efforts can guide you to spend on
what works.
You
should also put consideration on how relevant your marketing analytics data can
last. It is usually suitable during specific time frames but can easily lose
its importance when not scrutinized over a lengthier, or longer cycle. Monthly
and quarterly analysis can gain more insight if stretched to a year-long
period. You will be able to spot trends and come up with alterations
accordingly. Tracking your efforts in this manner will provide you with
much-needed perspective on where you’re currently at, while being able to set
expectations and targets.
And if
you’re ready to try out marketing analytics software, then sign-up for a free
trial for Maralytics, here.
Where
To Begin?
To
begin tracking your marketing campaigns means you go to each of your marketing
channels and use the right tools that can give you all the possible monitoring
options.
Digital
Marketing
Digital marketing can be considered the most
basic channel that small businesses utilize. It's cheap, highly trackable, and
easy to set-up. Starting with your website, there are now various analytics
tools available for every kind of program. You'll be able to find out how many
visitors go to your website, how long they stay on each page, and where they're
located. You can also find out which of your methods garners the most clicks
and which ones are left cold and ignored. These can easily be translated to how
each of your visitors are converted into leads, sales, or new clients.
Google Analytics is one of the earliest, but
most reliable tools that you can try out and purchase. It's easily the best
choice especially among beginners because of how quickly it can be set-up and
understood. It collects and organizes your users' data and provides very
detailed reports on numerous important statistics relevant to your campaigns.
This includes your website's traffic, backlinks, bounce rates, pay-per-click
aspects, etc. It has heatmapping tools that measure where your viewer are
spending most of their time on your pages, as well as a website performance
insights tool which that tracks an event’s behavior. Google Analytics is a
“freemium” service that caters specifically to small businesses. However,
advanced options are available with a recurring fee.
If your marketing campaign has social media
components tied into it, popular giants Facebook and Twitter possess their own
analytics, as well. But if you want more figures that you can track and analyze,
other social analytics tools such as Hootsuite, Sprout Social, and BuzzSumo,
are also available. These tools analyze how users interface with a business,
online. They're mainly used to identify, predict, and respond to consumer
behavior.
Again, you can have several different tools
that support various functions, depending on your needs and preferences. But if
you want to organize everything into one solution, there are all-in-one portals
such as Hubspot. Whether you’re expecting high volumes of converting website
visitors into leads, or using automated marketing tools, these portals can
tie-in all of your analytics data. Needless to say, they also formulate
insights for each of your users. These may seem pricey, but they basically have
everything you’ll need.
Traditional
/ Offline Efforts
While
there's nothing wrong with pursuing offline marketing efforts such as
advertisements on print, radio, and television, they prove to be more difficult
to track. You may be able to pull numbers that have increased following the
period when these advertisements were released, but they still remain as
indirect results.
There are workarounds so that you can track
your users that participate in your print or direct mail marketing campaign
efforts. Have them visit your website so that they can leave their information
via short forms. Then, create landing pages which direct to a specific domain
related to their respective marketing channels. For example, if you have a
magazine ad, make sure the URL you advertise there tags their source. The same
goes if they got the URL from direct mail.
Tracking
Through Calls
Most small businesses rely on leads that they
can convert through phone calls more than website registrations. Customers who
keep calling you will need to provide you with some more information that you
can use for tracking and analytics. You may be able to use phone call tracking
solutions, but you will also need to gather other important information. Where
and how did they get your business contact numbers? Through a mobile search? What
are their demographics, such as their location? These, and a few more questions
that can help you know and understand your customers, will help you improve
your marketing efforts in the future.
We’ve
listed but a few of the many channels that you can use for your tracking
purposes. While you need not have each system or solution for your data
collection and analytics, the crucial part is the ability to collate the right
information that matters to your marketing campaign.
Conclusion
Tracking your marketing efforts should become
a standard procedure in how you implement your marketing strategies. Not only
will be able to allocate better marketing budgets, but this practice will also
lead to better decisions being made on which efforts will actually work and
provide the most ROI.
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