Continuing a series of blogs on Measuring Marketing Return on Investment (ROI):
Activity Metrics: Measuring the Marketing Details
Executive management may or not may not want to hear the details about which programs or campaigns deliver the best results, but your marketing team certainly does. After all, your day-to-day program execution – everything from email and social media to webinars and web site traffic – provides the insights that ultimately drives your strategic revenue-building efforts.
The metrics that you can extract from email campaigns, web analytics, webinar attendance and other sources are too numerous to go into here. Since websites are such a crossroads and anchor of many other marketing programs, I’ll look at some website metrics. But first, there are some general Activity Metrics measurement criteria that you can use:
Marketers track a wide variety of day-to-day program activities because they are easy to measure. These include benchmarks such as:
- Email marketing and enewsletter open, click-through and response rates
- Web site visits and page views
- Content asset downloads such as white papers or published news stories
- Web site form completion and abandonment rates
These numbers can be very useful. If your email open rates begin declining from the historical rates you’ve previously captured, then it’s time to examine your email campaigns for potential problems. The same is true for web analytics, especially when you compare current data versus historical trends for page popularity and page abandonment rates.
Social media mentions, connections, “likes” and conversations are similar to other softer benchmarking metrics; you’re often comparing your metrics against your own historical data and searching for trends.
The key here, as with benchmarking metrics, is not to confuse social media success with bottom-line impact. It’s one thing to celebrate a record number of Twitter followers; it’s quite another to demonstrate just how those followers convert into leads, opportunities and revenue for an organization.
Measuring Your Brand Power
Back when I first got into marketing in the mid-90s, Chick-fil-A started their campaign “Eat Mor Chickin.” I remember driving on a highway in Atlanta with my new boss and remarking on this billboard and how clever I thought it was. I’ll never forget his response, “Does it make you want to go eat at Chick-fil-A?” He then explained the difference in branding and call to action advertising. In the previous blogs, we’ve talked about call-to-action. Measuring branding is a lot more challenging.
Your marketing investment seeks to accomplish two main goals: grow sales and build customer perceptions of quality service and best-in-class expertise in your brand.
But how do you measure the brand power of your marketing programs in the marketplace? Continue reading