Website design By BotEap.com[et_pb_section fb_built=”1″ admin_label=”section” _builder_version=”3.0.47″][et_pb_row admin_label=”row” _builder_version=”3.0.47″ background_ background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”4_4″ _builder_version=”3.0.47″ parallax=”off” parallax_method=”on”][et_pb_text admin_label=”Text” _builder_version=”3.0.47″ background_ background_position=”top_left” background_repeat=”repeat”]Assessing the profitability of your marketing can be challenging – there seem to be so many unknowns and moving parts. One approach is performance management; if used well, it can strengthen your capacity for continuous improvement. The success of your marketing strategy depends on how effectively and efficiently that strategy is implemented and monitored, as well as the strategy itself.
Website design By BotEap.comThe four elements you need to assess your marketing profitability are goals, metrics, analytics, and actions, which are inextricably intertwined in evaluating marketing effectiveness and ROI. With each item in place, you can take corrective action for areas of marketing that aren’t working well.
Website design By BotEap.comFor example, you might want to evaluate:
Website design By BotEap.comDesign – how effective is your marketing funnel, what are your conversion rates, what is your customer lifetime value, as these determine how much money you can spend to convert a click to a customer.
Website design By BotEap.comprocess – how well controlled your marketing activity is in terms of regularly checking the ROI of advertising/promotional time and spend.
Website design By BotEap.comWith web analytics, it’s now easier than ever to access robust data across your entire marketing journey, tracking the customer journey from inquiry to high-cost purchases.
Website design By BotEap.comIn its simplest form, marketing success is measured through return on investment (ROI), but using metrics like cost per click and sales revenue won’t tell you how well your marketing design is working. in itself and how it could be improved; it just shows you the output versus the input.
Website design By BotEap.comDive deeper and you’ll find a wealth of beautiful data at your fingertips. If you take the time with web, email and social media monitoring and analytics, it can be very revealing. For example, you can definitely identify:
- Which parts of your website visitors are more or less attractive with (hot
- Which offers or signup forms and offers are generating the most leads
- Where your conversions are good or where you are losing people
- How well your prospects interact with you and your email messages.
Website design By BotEap.com Also, incorporating analytics tools like GoogleAnalytics or Clicktale into your website means you can assess your visitor behavior and customer experience and start to see the story behind your site click-through rates.
Website design By BotEap.comThis is critical to understanding where to focus your improvement actions.
Website design By BotEap.comwhen you know where you are
better customers come or go after, what they respond to or interact with the most, you can optimize your marketing/remarketing and drastically reduce your ad spend.
Website design By BotEap.com
“Every mouse movement, scroll, scroll, tap, and pinch exposes structured behavior patterns that determine customers’ digital body language.” _Clicktale
Website design By BotEap.comBut it’s not enough to look at numerical analysis to assess the effectiveness of your marketing strategy and risk second guessing which tactics will bring the biggest improvements.
Website design By BotEap.comMarketing profitability assessment needs to be more holistic than this. It’s definitely worth spending some time and effort first to clarify your marketing goals (awareness raising, lead generation, sales, customer satisfaction, etc.) and then to identify the
metrics What better follow-up on those goals.
Website design By BotEap.comThis way, you can focus on long- and short-term results. For example, customer lifetime value can be assessed from two completely different viewpoints:
- Quantitative based on financial metrics of your ad spend vs. sales analytics across the entire customer journey; and
- Qualitative based on reputation metrics derived from customer feedback.
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