How to Run Successful Marketing Campaigns?
Marketing is one of the biggest expenditures for most of the companies. In a recent survey by us, it was found out that 75% of all the marketing budget goes into marketing. Of which 72% marketers are investing into marketing analytics making it one of the biggest and most important expenditures of all time.
Marketing budget has a big role in elevating the company’s profit. Marketing when done right adds up to your customer base and will increase both in size and revenue generation of a company. But that is not easy. You can’t “delimit” the marketing budget; you have to have control on cash flow. Being a digital marketing company in Udaipur, we have found ourselves in a difficult position where it becomes necessary to deepen effectiveness of marketing campaign even when the budget was extremely low. One such case has been when we marketed of Miraj Labels – a fashion retail chain by Miraj Group, a well known business group in India. You can also ready a complete case study on the same here.
So as we were saying the need for each business is to examine the effectiveness of marketing campaigns they run to see how successful they have been in driving the desired results. The “effect” thus can help you improve your marketing ways and provide a deep insight for any business to reflect upon.
But first things first, how well do you know about marketing? Here are some points you need to get to explore in this article are:
- Types of marketing campaigns,
- Measuring the effectiveness of marketing campaigns
- Tools to measure the effectiveness of marketing campaigns
The Two Chief Types of Marketing Campaigns
For many businesses, marketing is a continuous process and they experiment a lot in their marketing ways. They use various types of marketing campaigns at once and leverage their benefits to boost their visibility and outshining their competition. Learning the types of marketing campaigns entails introduction to two main schools of thoughts that are: Inbound Marketing Theories and Outbound Marketing Theories.
1. Inbound Marketing
Inbound marketing is one of the most used marketing practices today. It is fast replacing other marketing methods and is taking over the market fast. The method of inbound marketing includes designing marketing campaigns that directly impact a potential prospect to become your loyal user. The practice involves running of effective ads on various social media sites, clever ad placements and luring your customers. Some of the best practices of the inbound marketing campaigns are:
- On-site/In-person interactions
- Social media placement
- Email Marketing Campaigns
- Website Based Marketing (includes both web content and SEO methods)
2. Outbound Marketing
Outbound marketing interactions allow you to attract the attention of your prospects towards your services and products through campaigns that go basically out in the marketplace to generate leads. Due to the rise of use of internet and the popularity of the World Wide Web, outbound marketing has been out of practice.
- Outbound calling
- Direct mail
- Public relations campaigns
- TV, Print, Radio advertising
How to Measure the Effectiveness of Marketing Campaigns?
Measuring the effectiveness of any marketing campaigns is a step by step process that results in the tracking of the results of the marketing campaign. The most preferred flight of steps we use and find extremely rewarding are:
Step #1 – Plan the campaign and personalizing the way to track it
Each business has their own personal requirements, and so changes the need or the ways to track it. Plan your campaign how you want to run it, and how it would provide a value to your vision behind the growth of your business.
Start with a well thought out plan and pay great attention to the effectiveness of your plan. Once you are sorted out on the plan you can move on to decide what methods you want to use to track its effectiveness.
Step #2 – Defining the channels you want track
Measuring the success of any ad campaign is a bit of a complicated task. The best practice that we found that is easy and fits perfect for marketing campaigns of all sizes and types is by dividing the campaign into various subgroups. Technically we call them channels, and some of the most common types of channels are:
The prospect that comes directly to you, without being directed from any other party and approaches your products or services directly is categorized in direct subgroup.
The prospect that come to your site by being directed from a third party site that is not directly using a search engine to come to your site.
Organically, using methods such as SEO to get leads for a particular product or service your company offer, but not in particular for your company.
Potential customers you earn by email marketing, you start turning your regular email interactions into a conversion method.
Prospects that come to you as a byproduct of your paid ad campaign, such as print ads in newspapers, web ads, affiliate marketing and others.
The people that you attract on social media sites such as Twitter, Facebook, Instagram, using various marketing methods.
The prospects that you find from other channels, they are mentioned here. It is kind of a miscellaneous tab of the sub groups.
Step #3 – Defining the Marketing Metrics You Want to Measure
Return on investment is how a business measures a result and that is very responsible. But you must know how it is measured to encompass the gigantism of it completely. And there comes marketing metrics. Marketing metrics is a collection of numerical data that allows you to get insight into the marketing campaign and see if it met your needs.
For that it is needed that you generate data to form a metric. Here are a few methods to define the marketing metrics:
1. Web content
Particularly for website, it is important that your website content is both informative and gives your prospects plenty of reasons to get services from you. This shows the quality of content should be good and provide good amount of information and actionable aspects to join in with you.
2. Lead conversion
It is the way to gather data on people from the first point of impact with your marketing strategy and following them through different stages of lead generation process. From the initial contact to being a sales prospect and all the way to becoming your valued customer you will be able to track them throughout the lead generation process to prepare your own theories.
3. Individual visitors
The data of an individual visitor you collect on your website and how many times the same person comes back to your website. The metric allows you to effectively differentiate between phases of marketing plan and strategy.
4. New visitors versus repetitive visitors
It helps you determine the effectiveness of your web content in driving the traffic to your website. The method may not be accurate, but it is best done to actually asking the people who visit the website and how often are they revisiting it and what action are the making on your website. It is good as you will be able to know if you get to pique their interest with your content.
5. Click through rate
The web page that has been taken action upon, you can take important information using the same. It allows to you measure the number of people that visited the webpage, the drop rate, the number of people actually went on till the final stage.
6. Bounce rate
The most dreadful of all, the bounce rate is the one which also means the evaluation tool of any digital marketing agency too. It is a data that tells us about how many visitors are coming on your webpage, and leaving without visiting anything actionable on the page.
7. Page views
The metrics allows you to measure the number of visitors that come on your page, it allows you to measure the quality of your web content and SEO. You can also do things that allow you to learn the experience of the users on your websites and web pages. The more time your users spend on your website, the more they like your webpage.
8. Some others
Search engine referrals, social media effectiveness, word-of-mouth, conversion rate, email opening rates etc are some other points on which you can measure the effectiveness of your marketing campaign.
Step #4 – Measuring your Campaigns
Post planning how you want to track your marketing campaign, finally we have reached to the point where we will start actually measuring the effectiveness of your marketing campaign.
1. Measuring Your Search (Marketing Performance)
Marketing professionals use various tools to track down the effectiveness of your marketing campaign. Google Analytics is one of the most popular ones around. Also, there are some of the things that demand you to go that extra mile to completely process your data for having a better insight. For example:
2. SEO Position
Site ranks for years has been the measure for every business to measure their growth. For years, many businesses have been obsessed with site ranking. But that would not completely work out for you as Google is continuously evolving its search ways.
3. Pay-per-click ads
With a code embedded into a webpage, you get to find the way to track conversions from all of your tracking resource.
4. Measuring Social Media Marketing
Using built in analytics to measure the social media sites and track the effectiveness of your posts and other messages.
Tools for Measuring the Effectiveness of Marketing Campaigns
Some of the most popular examples of the tools being used to measure the effectiveness of the marketing campaign are:
1. Google Analytics
- For operating on a data-driven acknowledgment model
- For advanced segments;
- For comparison
- For real-time reporting
- For the ability to perform both cross- platform and cross-device measurement.
- For individual channels Conversion tracking
- For tracking channel performance
- For bulk traffic origination
- For the sources tracking
- For marketing revenue tracking
- For budget centric marketing campaigns
- For key marketing metrics simplification
- For daily, weekly and monthly reporting
- For ease in working upon the analytical models
- For connecting important data with key analytics and business processes
- For excellent graphic interface
- For predictive modeling
- For accuracy in data
We hope you find this interactive session quite useful to work out on your individual marketing campaign. This step by step process is tried and tested way to measure your digital marketing campaigns effectively. From tracking results, to getting insights to optimize your processes further to help you evolve in your marketing campaigns.
Also, the inclusion of tools to measure your marketing campaigns can be put to good use. They can be used to collect and processes data to be shaped in tangible marketing strategies that are real successful ones.