Easily Measure Performance of your Marketing Strategy

by: Danny Veiga

Marketers are always looking for ways to measure performance and their marketing strategy.

They want to know if they're spending money in the right places, how well every project is doing, and what's working and not working.

The good thing is that there's an easy way to measure your marketing strategy and performance. You just need to know what you're looking for.

There's a lot of data out there that can help marketers measure the success of their efforts.

This blog post will give you tips on how to go about measuring your strategy so you can be sure it's successful! 

Identify metrics for success

The first step to measure your marketing strategy and performance is to identify your metrics for success.

If you measure the wrong thing, it could end up being a waste of time or money. So make sure you measure the right things.

Here are some of these metrics:

1) Website traffic

Website traffic is always an excellent way to tell if your marketing efforts are paying off. If you notice that traffic is going up and conversions are following, that's a sign of success!

You can use various tools to track website traffic. If you're running ads, use Google Analytics to see how much traffic is coming from where.

You can also pay for services that show your exact online marketing campaign ROI by tracking domain or ad impressions and clicks.

2) Social media followers & engagements

The key to measuring social media performance is feedback. There are plenty of tools out there that measure your engagement rate, which is how many people engage with your post divided by the total audience size (therefore showing you how well it resonated).

For example, Go High Level has an in-depth reporting system that allows you to gather data on what's working and what isn't. This helps make your social campaigns more effective over time.

3) Leads and sales

Proving that your marketing efforts are paying off is key. You can do this in a number of ways: using website forms, setting up email tracking, and connecting your online presence with Google Analytics.

By measuring how many leads come in from each channel and making sure you're following up on them correctly, you can ensure your marketing strategy is successful!

4) Conversion rate

Conversion is the best way to make sure your marketing strategy is working. It's like sales, but it can also include things like views or quote requests.

You can use Google Analytics to track how many people are converting on your website. You can look at different parts of your website and see which ones are doing better than others.

5) ROI from your marketing budget

Did you know that you can measure the actual ROI of your marketing budget? You just need to make sure all your costs are tracked and then compare that with the revenue made.

This will show you if you're spending money in the right places so you can adjust accordingly.

Keep Track Of Your Progress

As a marketer, it's important to record what worked and what didn't so future efforts don't go to waste.

If a project is successful, use it as an opportunity to invest more time and resources into those strategies moving forward. If something didn't work out as well as planned, try different tactics next time around. 

Measuring your marketing strategy success isn't easy, but these are some tips to help you put together an effective plan that does what you want:

  • Set up a system that will allow you to continuously monitor the progress of your marketing strategy 

Devise a system that will let you keep track of everything. This will include how your marketing strategy is performing, what changes are needed, and if it's bringing in enough profit to stay afloat.

By keeping records of all these things, you can ensure that your marketing efforts are continuously successful!

To do this, consider tools like Google Analytics, AdWords tracking, and various email tracking systems. These tools are helpful because they can help track everything that's going on.

  • Organize your data into an actionable reporting system that lets you see what's working and what isn't

Use reporting tools to organize your findings into a system that allows you to see where you're having success and where you need improvement.

Putting together this kind of report will make it easier for you to make changes when necessary. 

  • Set aside time every day, week, and month to evaluate new opportunities & maintain readiness

All marketers are always on the lookout for potential new opportunities, but if you aren't ready, nothing will happen. Making sure your plans are in place will give you the best chance at success. 

Set a schedule to check in on your goals, see what's trending, and react accordingly.

  • Consider outsourcing tasks or hiring an assistant if necessary, so you have more time for other aspects of running your business.

Outsourcing can be helpful if you don't have the time or resources to monitor your marketing efforts. Hiring someone else to take care of specific tasks will give you more time for other important business work.

If outsourcing isn't an option, consider giving employees additional responsibilities to offset some of your workloads. This will help ensure that your company's goals are met no matter what!

Remember, it's always best to keep track of everything yourself rather than rely on others to do it for you. That way, you'll always know exactly where things stand.

  • Develop a marketing strategy that suits your needs and goals

When designing a plan for measuring the performance of your business's marketing strategies, make sure it caters to your specific needs. By understanding these needs, you can design a system that works for your business.

Marketing strategies will always be different from one another since there are so many aspects to consider. Even the best strategies out there won't work if they don't suit what you're looking for.

Different marketing strategies need to be designed with their unique measurements in mind. Keep this in mind as you develop a strategy that meets your specific needs!

  • Use the insights you gather to change your marketing strategy

Once you've been able to track down what's working and what isn't, use this information to make changes for future efforts. 

Are there certain strategies – or parts of a strategy – that performed better than others? Then invest more time or resources into those things going forward. Do some strategies simply not work at all? Stop using them and try something else instead.

By making these changes, your marketing is far more likely to succeed! So it's important to be proactive about tracking those results, so you know where improvements need to be made.

If everything looks good, then pat yourself on the back and keep it up! You're doing great work as a marketer, and you're on the right path to success.

How to set up a system to monitor your marketing strategy performance

Devising a system is a great way to monitor the effectiveness of your marketing strategy. It can be hard to keep track of everything going on, so setting up a system ahead of time will help you stay organized and on top of things.

Learn which tools are available for monitoring your marketing efforts

You don't have to limit yourself when it comes to figuring out what kinds of tools are out there. There are plenty of resources out there that can assist you in tracking different aspects of how your business is doing.

Google Analytics is an excellent resource for marketers because it shows traffic analysis and conversion metrics like email signups and forms submissions. Additionally, some third-party services offer more targeted insights like campaign performance, or the type of content people engage with.

Also, create a list of all the metrics you want to track

It's a good idea to start compiling a list of potential measurements that could be helpful. This can help when it comes time to install systems and check in on your marketing efforts.

Knowing what you're looking for ahead of time will make it much easier when you're set up to monitor your performance.

After that, put together an action plan based on these data sources

Once you have a list going, think about what action plan would work best for each source. For example, Google Analytics would require a different strategy than a blog RSS feed reader.

By considering the strategies you'll use to monitor each metric, you'll be better prepared when it comes time to put your plan into action.

You don't necessarily need to monitor some metrics, depending on your goals for the marketing strategy in general. For example, if email list size isn't a vital metric and doesn't matter much to your business, then there's no point in tracking it unnecessarily.

Make sure all of the metrics you choose to monitor will help move things forward – or else they might not be worth monitoring at all.

Aside from that, don't forget about the rest of your marketing tools

A successful marketing strategy uses lots of different tools together. While it's important to set up measurements for each metric individually, remember that these data sources work best when used in conjunction with each other.

So make sure to keep all of your tools working for you, even if they serve different purposes!

Marketing is just one part of the equation here; successful businesses thrive when their marketing strategy works in tandem with their sales, operations, and customer service efforts.

Give yourself enough time to implement the new system into your marketing plan

Changing over to a new tracking system can be time-consuming, depending on how many systems need to be set up in the first place. But in the long run, it'll save you loads of time in planning and evaluation so you can get back to focusing on driving business results rather than monitoring data.  

Of course, not everyone has unlimited options available when it comes down to choosing a system. Depending on the budget you have, the number of employees in your company, and other factors involved in your business, a certain plan might work better for you than others.

Once again, depending on your specific situation, you might not be able to follow exactly what's outlined here. But as long as you keep those considerations in mind when making your own plan, it should be easy enough to come up with solutions that will work best for you as well.

Lastly, learn how to use these metrics correctly

Once you've got all of this information together and have started doing analysis, there's one more thing to remember: the numbers only tell the whole story if they're being used correctly. Make sure that everyone who needs to be looking at this data understands the context behind every number.

Otherwise, valuable insights might be lost in translation.

And that's it! By following the steps outlined here, you should have no trouble setting up a system to effectively track your own marketing strategy.

Conclusion

If you can improve your business' marketing strategies, you'll be able to further grow your company. You'll have more tools for success at all times! By following these steps, it's easier than ever before to monitor and continuously improve your effectiveness as a marketer.

It's important to track your marketing strategy's success to make the most of it. The best ways to do this are by taking note of what works and what doesn't, so you can spend more time on strategies that work well for you. If something didn't go as planned, try again with different approaches until you find a method that does turn out successful.

We hope these tips have given you some ideas about how measuring your performance and 

marketing efforts is just one piece of the puzzle when creating an effective plan that meets all your needs!

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About Danny

Danny is a 7-Figure Online Business Growth Expert, one of the Most Successful Entrepreneurs under 40, and a Growth Revenue Strategist who’s helped scale his clients to over $50M worth of sales online.
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Danny Veiga

I help businesses understand, implement, and leverage proven business growth strategies that deliver audience growth, increased revenue, and brand omnipresence.

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