The effectiveness of your marketing efforts is important. You do not want to invest in marketing activities that do not contribute to the growth of sales and profitability of your enterprise.
Here are the ten ways of measuring the effectiveness of your marketing thanks to Letterbox Media London.
Sales
An effective marketing activity results in high revenue growth. You need to evaluate how your inbound and outbound marketing approaches generate sales. You can track the success of each marketing activity through closed loop reporting and integrating customer relations management (CRM) in your business processes.
Marketing Costs
A successful marketing strategy is cost efficient. You need to evaluate how much you incur to acquire a customer through inbound and outbound marketing. You can assess the costs by linking your accounting system and CRM platform. By doing so, you can assess the success and make budgetary allocation for each activity.
Value of your Customer
Inbound marketing offers several platforms of attracting new customers. These include social media engagements, infographics, and pay per click. You should base the value of your customer on the mean average sale per customer and the frequency of purchases per customer. A successful sales drive maximizes the value of your customer.
Return on Investment (ROI)
To assess the monthly and annual performance of your marketing, you need to calculate the ROI. The ROI aids in developing budgets and evaluating the expected sales from an investment in marketing. Using the ROI saves your money by identifying the unsuccessful marketing strategies beforehand.
Tracking your Website Traffic
The best way of making sales is your website. You need to assess the traffic to your site and evaluate the rate at which a visit converts into a sale. Tools such as Google Analytics, Bitly, Tweriod, and Facebook Insights are useful in evaluating how your social media marketing efforts generate traffic to your website.
Ratio of Leads to Customers
A complete marketing drive not only generates a sales lead but also purchase. The lead to customer ratio indicates the success of your marketing.
Conversion Rate of your Landing Pages
The content on your website influences the decision of your potential clients. You need to ensure that the content on your landing pages converts the visitors into customers.
Traffic from Organic Searches
Search engine optimization boosts the traffic to your website and increases the brand awareness. You can use Google Analytics to track the popularity of your brand.
Social Media Coverage
Using tools like Facebook Insights, Tweriod, Bitly, and Hootsuite aids in assessing how many people view your content on your social media pages.
Mobile Traffic
You should evaluate how mobile devices lead to sales by determining the lead conversion rate from cell phones.
Tracking the success of your marketing boosts your decision-making.