How are you measuring your marketing impact?

How much is marketing contributing to the success of your business? Do you know?

Given the availability of data and insight within all organisations, there has never been a better time to measure and regularly monitor the performance and impact of your marketing. Now is the time to identify what works, what could work better and what you should stop to ensure you get the most out of the marketing for your business.

So where to start?

In many cases simply planning ahead and identifying what you want to measure is a great starting point. Then thinking about how you could go about measuring and monitoring the the impact of the activity. Finally, consider what measurement actions and systems you need to put in place to gather the insight and data you need.

Need a place to start?

There are so many readily available systems and processes for you to use when measuring, monitoring and enhancing your marketing impact. Some examples include:

• Adding a web analytics tool e.g. Google Analytics to your website to track and monitor your website performance. Are you reaching the right audience and are they engaging with your site?

• Monitoring the performance of your keywords for your website to ensure your Search Engine performance is optimised. Do you appear high enough in google so that your customers will find you?

• Using an email based system e.g. Mailchimp that allows you to monitor your email open rates, click through rates, unsubscribes etc. Do your subscribers respond to your emails or one type of email campaign compared to another?

• Monitoring your social media demographics and engagement levels. Do your followers match your target audience? Which channel is more effective for brand building vs sales generation? What posts are more effective than other posts e.g. image driven vs video based?

• Conducting Net Promotor Score (NPS) research to understand your customers loyalty to your business. Are they willing to recommend your business to their family and friends?

• Adding UTM tracking codes to your digital advertising, social media activity or email campaigns. How do the different channels drive traffic to your website? Which channel is more effective? How does one advertising media e.g. Google paid ads compared to ads you run for example on Facebook?

• Using a CRM system to record and monitor customer engagement and sales. What approaches generate the most leads and which of these turn into paying customers?

• You can use the same CRM data to explore which customers are the most important to your business? What characteristics do this customers share and how can you find more businesses or individuals who share the same characteristics to help drive forward your business?

At e-nexus we specialise in Strategic Marketing Planning & Performance Measurement. Need some help to work out how best to monitor and measure your marketing then email info@e-nexus.co.uk or visit our website at www.e-nexus.co.uk

About the author

Richard Milton is founder of e-nexus Ltd – a Marketing Consultancy based in Bournemouth specialising in Strategic Marketing Planning and Performance Measurement. He is a career long marketer holding numerous senior marketing positions throughout his 20+ years in the profession.

Describing himself as a marketing strategist, Richard spends his time working with business owners, managers and marketers to help them improve their marketing decisions, investments and impact by connecting data, insight and creativity alongside his strategic experience.

Social media: Let’s focus on engagement

How important is fan growth to you and your organisation. Is it still the top priority, the right priority and the key metric you report back on?

If you want your followers or like count to increase you can if you wish pretty much buy them. But you’re likely buying bulk likes from people who don’t even have any interest in your brand or product. So why bother?

At e-nexus we believe that fan growth doesn’t matter if your audience isn’t engaging with your content. You can have as many followers as you like but if what you post gets no engagement, your followers have very little value for you, your organisation or your brand.

Focus on engagement rather than the number of followers

Whatever your social media objective, engagement is a far more important and useful metric. For example the level of engagement influences the probability of and the numbers of your audience who will see (referred to as reach) your content in their news feeds.

One important example of engagement is shares. Shares influence how many people see your posts.  Recent changes to Facebook News Feeds prioritise content that comes from family and friends over content posted by fan pages. Therefore it is essential to create content that your audiences will want to share with their own networks.

Another critical but currently often neglected component is reactions. Facebook has updated its news feed algorithm again, this time with an emphasis on your audiences use of ‘reactions’. The social network now prioritises reactions over “likes” when ranking your News Feed. According to the company, a reaction is a stronger indicator that you want to see similar posts to ones you like.

Monitor others

Don’t forget to monitor the social media engagement that your competitors are gaining as this can provide a useful benchmark over your social posts performance. Don’t just look at the posts but aim to delve deeper by splitting the monitoring of both organic and paid posts. If your competitors out perform you on their organic posts then it would suggest that their content resonates well with their audiences thus boosting their reach for ‘free’.

For more ideas on how to transform your marketing visit our e-nexus blog at www.measure4success.wordpress.com or visit our website at www.e-nexus.co.uk