Most businesses have a marketing function which takes care of their brand, communications, advertising, online activities and event planning, however many businesses fail to measure the effectiveness of all their marketing efforts, which leave me wondering, why are you putting time, money and various other resources into your marketing, without assessing if it works or not?
Considering the importance of numbers to organisations, there should be a greater need for accountable marketing. Maintaining a more quantitative approach to the development, implementation and evaluation of marketing plans and the associated activities using the right metrics to assess the efficiency and effectiveness of both strategies and tactics should be high on a marketing teams list of priorities.
How can you ensure your measuring marketing activities effectively?
• Devise a list of appropriate marketing metrics with relevant formulae
• Calculate ROI
• Establish (factual) links between market activities, performance and results
• Determine what is and isn’t working and use your marketing budget accordingly to achieve marketing optimisation
• Create marketing plans that emphasise on implementation, evaluation and feedback
• Measure effectiveness of online/digital activities by analysing digital/social media metrics and analytics
• Educate others in the business, as well as the marketing team, to see marketing as accountable and adding value, showing that it is fundamental to helping the business achieve its aims and objectives.
Tools that can help:
• Hootsuite / Klout / Social mention / Facebook insights / Tweet Reach
• Google analytics
• Google keyword tool
• Google webmaster tool
• RankChecker by Seobook
Tools for internal and external analysis:
• Internal analysis – SWOT (strengths, weaknesses, opportunities, threats)
• External analysis – PESTLE (political, environmental, sociocultural, technological, legal, economical)
If you would like some assistance measuring the effectiveness of your marketing activities, or would like us to conduct an extensive SWOT and/or PESTLE analysis on your business, call +44 (0) 7760 986 440 or email email@example.com.