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Successful marketing is the lifeblood of any company. It makes your business grow and has the potential of increasing your sales. It should be noted that not all marketing always converts to sales. How do you measure your marketing success? How do you know which marketing strategy is converting to sales and which one is not? Read on to know.
1. Assess Your ROI
Without a doubt, marketing your business is an investment and it should produce returns. Your marketing strategy should reach more people for just one purpose: they should be able to buy your products and services.
The purpose of business is to make more money. While it’s not a bad idea that you gather business friends, it’s more important that those friends buy from your business and the friendship converts into sales and more profit for your business. The sales and profit are the returns on your investment (ROI).
To know if your marketing is successful, check and measure your return on investment. How much did you invest in marketing? What is the marketing outcome? If you subtract the marketing cost from the marketing outcome, whatever’s remaining would be the returns.
Mathematically, the formula is Marketing outcome – Marketing cost = ROI. If the ROI is in the negative, you already know your marketing isn’t succeeding. And if it’s on the positive, you also know it’s succeeding. So the figures you get will determine how successful your marketing is.
2. Check The Email Engagement
Email marketing is a powerful means of marketing your business. It’s the act and art of creatively making content and graphics that’ll successfully encourage your client to engage your website. It could generate leads and even cause sales conversion. While it should be done systematically to ensure it doesn’t become overwhelming for your clients, the success of such marketing strategies should be periodically measured to determine their effectiveness.
You can determine how effective your email marketing is by checking for several things. How many numbers of open emails do you have? If people are opening and reading your emails, it means they’re getting your message, and there’s a big chance that they’ll positively respond to it.
How many unsubscribes do you have? The number of unsubscribing emails you have is also feedback to you. You may want to find out why there are unsubscribes and what you can do better to get people’s interest in your business.
3. Monitor Your Website Traffic
However, the number of visitors doesn’t necessarily determine the success of your site. You need to go further to check exactly what pages the visitors are checking and how long they’re spending on a page, what is the sex, the age range, and the location of your website visitor, among others.
The answer to all these questions will guide you to know the psyche of your visitors and what their interest in your business is. This will help you improve on your product and your content to satisfy the desire of your visitors. It’ll also help you cut out irrelevant posts that aren’t attracting enough engagements. If you’re involved in sponsored ads, you’ll also know your target audience and focus your ads on their demography.
4. Evaluate Your Targets Within The Time Frame
To measure the success of your marketing strategy, it goes without saying that you need a goal. An effective goal has a target and is within a specific time frame. Therefore, you can measure how successful your marketing is by checking if you met your target and within the specified time frame.
For instance, if your goal is to make USD$100,000 within a month and you direct all your marketing strategies towards meeting that goal, you’ll be able to gauge the success of your marketing. Check the number of sales, leads, and conversions you have in that month. If you hit your target or you’ve exceeded it, then your marketing is successful.
Marketing promotes your business. Measuring the success of your business is also easy. Just keep your money in focus and be sure you’re having the profit desired intended from your marketing. Always put a time frame to your targets, so you can measure how successful or effective your marketing strategy delivers.
Checking your email engagements and your website traffic is also a great way to measure your success. If you have social media adverts or you’re a content creator, you can further check your number of downloads to know how your marketing is faring. The awareness of the success of your marketing will help you work better on your marketing strategy.
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