As the internet and digital media continue to grow and play larger roles in our lives, so, too, does the field of marketing. Increasingly, businesses are looking to digital marketing campaigns as a way to reach out to potential customers. But how do you know if your marketing campaign is effective? How can you tell if people are actually seeing and interacting with your content? Enter marketing campaign measurement.
Learning how to measure the performance of a marketing campaign is the last step before you repeat the process. It’s a chance to evaluate what worked well and what you can improve on. You put in the effort — you deserve great results! The value of evaluation cannot be overstated.
Let’s explore the ins and outs of how to measure marketing campaign results so you can build confidence in every campaign.
Table of Contents
- What Is Marketing Campaign Measurement?
- Why Measuring ROI Marketing Campaigns Is a Must
- How Often Should You Be Measuring Marketing Campaigns?
- How To Measure Marketing Campaign Effectiveness: 8 Steps for Success
- How To Measure Successful Marketing Campaigns with Linkfluence
What is Marketing Campaign Measurement?
Marketing campaign measurement is the process of determining if your marketing campaign is having the desired effect. You can evaluate your advertising and marketing effectiveness through a variety of means, including surveys, focus groups, lead generation, web analytics, sign-ups, and more.
By taking the time to measure the effectiveness of your marketing campaign, you can make sure that you're using your resources wisely and reaching as many people as possible.
Why Measuring ROI of Marketing Campaigns Is a Must
Every marketer wants the chance to say, "Look what I did!" Measuring ROI of marketing campaigns is the only way to evaluate whether your campaigns are working. It proves all your pay-per-click ad spend, social media content, and ad campaign planning was worthwhile or highlights a need for course correction.
By measuring the return on ad spend (ROAS) and other marketing KPIs, businesses can see how much money they are making from their marketing efforts and make necessary changes to improve their campaigns.
Additionally, measuring marketing effectiveness helps businesses track their progress over time and ensure they’re using their marketing budget effectively. This can help you appeal to the C-suite when you want to increase your budget. It can also boost the morale of your digital marketing strategy team when they see they're meeting digital campaign goals.
Yes, it’s an extra step in an already lengthy process. But the value of learning how to measure the success of a marketing campaign cannot be overstated. If you can spot opportunities for improvement early, for example, you can avoid making costly mistakes over and over again. Or, if you notice a campaign is doing very well, you can increase your spending to crush your marketing goals even more.
With today’s data analytics and digital marketing tracking tools, it’s easier than ever to keep tabs on your campaigns.
How Often Should You Be Measuring Marketing Campaigns?
Now that you know you need to be measuring marketing campaigns, you might wonder how often you should do it. The simple answer is, it depends.
A better answer is that frequency depends on the length of the campaign, your campaign goals, and your people capital.
Some companies check campaign progress on a daily basis. This works if you have enough people on your team to designate to campaign measurement as well as tools that update your insights daily.
Many companies will conduct a campaign evaluation on a weekly basis, while others may choose a monthly marketing measurement report.
In some cases, you might only check certain metrics at a time. For instance, vanity metrics like impressions or sales-focused metrics like engagements, click-through rates, and new leads might be daily tasks and mainstays on your weekly reports. Target audience growth might make more sense for a weekly or month-over-month review.
It’s all about establishing a cadence that works for you given your goals, resources, marketing strategy, and technology. Should you decide to split up how often you measure campaign elements, make sure you eventually combine those insights to see the larger picture.
How to Measure Marketing Campaign Effectiveness: 8 Steps for Success
With your foundation set, it’s time to establish your marketing campaign measurement process. Follow these best practices on how to measure the impact of a marketing campaign.
1. Start With a Clear Objective and Share It With the Team
The first step in anything related to marketing campaign evaluation is to establish a clear goal. Without a goal, it's impossible to measure progress and determine whether your digital marketing efforts were successful.
Setting a goal means knowing what success looks like, who your target customer is, and how you will track your progress. For example, you might want to build brand awareness to grow your target market. Or you might want to build a higher customer lifetime value by marketing to existing customers.
Once you have a goal in mind, you can start to develop your strategy and create tangible benchmarks.
By clearly defining your goals from the outset, you can set your marketing campaign up for success.
2. Choose Relevant KPIs
Once you know what you want to achieve, you need to set and track key performance indicators (KPIs). Without KPIs, you won't be able to measure the success of your marketing campaigns and make necessary adjustments.
Some KPIs you may want to track for your marketing campaigns include:
- Leads generated
- Click-through rate (CTR)
- Open rate
- Bounce rate
- Website traffic
- Conversion rate
- Cost per lead
- Blog post views
- Landing page visits
- Customer acquisition cost
- Overall ROI
You might also have to measure multi-channel campaigns in different ways. Examples of offline campaigns might be tracking redemption codes, monitoring in-store foot traffic, or gauging website traffic as a result of offline campaigns.
Without KPIs, you're essentially flying blind. By tracking KPIs, you'll be able to see which marketing activities are working and which ones aren't.
Not just any KPIs will do, though. Every campaign gives you a lot of data to review. Since it takes time to set up, track, and analyze data, it’s best to focus on only the platform-specific KPIs that relate to your campaign objectives. This helps you avoid getting bogged down in data so you can focus on what’s important.
3. Set a Time Frame for Your Campaign
Setting a time frame for your marketing campaign is important for a variety of reasons. First, it allows you to track the progress of your campaign and gauge its effectiveness.
Establishing also helps keep your team on track and focused on the goals of the campaign. You’ll have a clear end date in mind, which can help to motivate your team and keep them from getting burned out.
Every campaign needs a time frame. Pick a date that makes sense for your team and your goals, and then stick to it!
4. Set Milestones on How To Measure Performance of a Marketing Campaign
Earlier, we mentioned that there’s no right or wrong frequency for measuring each touchpoint. But you will need to decide how often to monitor and report on various campaign metrics.
Checking your campaign performance more frequently gives you more opportunities to spot errors and make improvements. Compare your data to your overall marketing plan to see if you're on the right track. If not, make the right adjustments to get there.
Once you decide how often to measure each KPI, you can assign tasks and checkpoints to your team to keep moving forward.
5. Implement Technology To Track Campaign Metrics
Using marketing campaign platforms like Linkfluence can remove some of the guesswork and heavy lifting on your campaign analysis.
For example, Linkfluence helps you answer questions like, “How do you measure the success of a marketing campaign?” by offering built-in analytics powered by AI and human data scientists. Instead of wading through numbers, we turn data into spelled-out insights that make sense and can be implemented right away.
You can also tap into other popular marketing tools, such as Google Analytics to track website engagement or Facebook Analytics to measure your performance on Facebook.
6. Compare Campaigns to Benchmark Data
Once you have your campaign data, compare it to previous campaigns to draw conclusions. Previous campaigns can serve as helpful benchmarks to see whether your marketing is improving over time.
Whether your campaign fared better or worse compared to your benchmark data, try to pinpoint what you did differently. See whether your changes paid off or if you might try something different next time.
Using data in this way can help you maximize your campaigns even before the campaign is over. If possible, make changes on the fly so you continue getting the best ROI.
7. Use a Marketing Campaign Measurement Template
Reporting on all of your campaign data is easier with a marketing campaign measurement template. It helps you plug in the numbers and provide an attractive, easy-to-read format to your team and superiors.
Templates also let you dial in on the most essential information. You don’t have to worry about extraneous data pulling your focus and muddying your results.
8. Never Stop Monitoring and Refining
Measuring your campaign impact is an ongoing process, not a one-and-done task on your never-ending to-do list. When you’re continually monitoring every campaign, you can learn more from your data and keep making the right improvements. This also helps you get more from your marketing investment.
The easiest way to do this is to make it a habit. Build systems around how to measure the effectiveness of a marketing campaign so that it becomes another part of the process instead of a forced chore.
How to Measure Successful Marketing Campaigns with Linkfluence
At Linkfluence, we’re providing brands with 360 degrees of campaign data to make monitoring and measuring a breeze. Our platform combines the scope of AI with the power of human intelligence to bring context to your data. We’ve also designed our platform to monitor the impact of both online and offline campaigns, giving you an easy way to optimize cross-channel marketing campaigns in real time.
Schedule a demo and start measuring your marketing campaigns with confidence!