Advertising is no longer an elitist game for huge companies with massive budgets.
Marketing is now the bread and butter of all businesses — especially at the local level. Local service providers depend on marketing to attract those local leads that will eventually become loyal customers. This is why most service-based companies tend to be willing to spend hundreds, if not thousands of dollars on marketing in exchange for more business.
You want to make sure your marketing spend is generating money rather than adding another expense. The best way to hold your marketing spend accountable is to use those channels which provide tracking features. These allow you to track your marketing ROI, and provide the analytics needed to tweak your campaign for better performance.
Why Should You Measure Marketing Efforts?
Local service-based businesses typically have smaller marketing budgets, with slimmer error margins and smaller teams, so tracking their marketing and sales efforts is crucial. Measuring your marketing efforts can tell you how many leads each channel is producing, give you the information needed to build better campaigns, and give you business ideas to make top-level decisions.
Know Exactly What Your Efforts Are Producing
Marketing channels and campaign styles vary greatly. Some campaigns are designed for branding and awareness purposes. Others are designed specifically to generate leads and push online sales.
Tracking and measuring capabilities within digital marketing allow you to track each spent dollar to the tee, allowing you to see what you get in exchange. You also need to set specific goals for your marketing campaign, so you can then compare the results. These results alone may give you the valuable insights necessary to create better campaigns in the future.
Improve Your Marketing Campaigns
One of the downsides to traditional marketing has always been the inability to adjust and tweak campaigns easily. Once TV and radio ads are completed and live, making any adjustments to those ads is extremely costly.
However, SEM and inbound marketing have given us the ability to track and make adjustments to our campaigns once they have been launched. You will be able to compare keywords, ad copy, and landing page performance, and make the right adjustments to get more bang for your buck.
Making Important Top-Level Business Decisions
Small business owners are often faced with important top-level decisions that can positively influence their ROI or cause it to stagnate. These include tapping into a new market, offering new services, expanding or reducing service areas, or implementing efficient, growth-driven techniques to reduce costs.
The data you collect from marketing campaigns work as an indicator of what your market is interested in, and also pinpoints sectors you may want to take advantage of. Measuring and analyzing your marketing efforts can also give you important insights about your leads, like age, location, gender, and what specific service they are interested in.
How To Hold Your Marketing Investment Accountable
Tracking and managing your digital campaigns will not require a huge money investment, but you will need to put time into it. There are tons of metrics you have to comb through in order to identify the KPIs you need to keep an eye on. Call tracking and form tracking are some examples you can use, or better yet, use them in unison to get more information.
Phone call tracking is one of the more effective ways to track your campaign success. It tells you what channel the leads came from, the area they are calling from, customer name and call length.
You should also record your phone calls to hear how leads are handled by your sales team. Use the information you have on hand to grade the quality of the leads being generated by marketing. Both sales and marketing can use the data to make adjustments, improving lead quality and closing rates.
Online forms are another great tool to measure the success of your marketing efforts. Feedback, questions, service and information requests, and contact forms are just some of the most common examples. These forms help track leads that come as a direct result of your marketing efforts, and they also provide location information, customer’s name, and contact details.
Implement Google Analytics to Measure Campaign Success
Google Analytics is a tool easily available to every business owner. It will help you hold your marketing spend accountable because it allows you to measure most of your website’s key KPIs through a single platform. Analytics offers a huge array of metrics, so be careful when choosing which stats to measure, because the level of data can quickly become overwhelming. It’s best to work with an experienced marketing performance analyst or marketing team to help you understand the information available here.
Synchronize Your Efforts Through a CRM
Customer Relation Managers, or CRMs, help you store and organize information about your leads and clients. CRMs can also help you unite the efforts of your sales and marketing team because they work as a common ground where they store information. Organization is a key part of the sales process, and CRMs let you document all points of contact with a lead or client. This information is available for the next agent or representative who is contacting the client or lead, allowing them to take control of the call easily, regardless of the department they are in.
Don’t Focus on Vanity Metrics!
As I mentioned before, Google Analytics and other tracking tools offer a ton of information. It’s very easy to be carried away by vanity metrics. Vanity metrics are stats that sound and look really good but have no real impact when measuring campaign performance. An example of a vanity metric would be a lot of visits to a published blog, but no converted leads or social shares.
A good starting point to identify important metrics is analyzing your biggest competitors, and figure out which stats they are using as KPIs. You need to choose a particular set of metrics that reflect the progress of your campaign and goals, tailored to your specific business. For instance, if you are concerned about web traffic and engagement, you can look at Bounce Rate, Average Session Duration and Average Pages per Visit, and Audience Engagement Rate.
Manage the Tracking and Close the Loop
Your marketing team should be in charge managing and measuring your company’s tracking efforts. Business owners should dedicate time to closing the loop. Letting your marketing team know which leads become customers will help them tweak campaigns, and target specific personas with higher closing rates. Closing the loop is essential to a healthy relationship between business owner and marketer. Without knowing who's closing and why, your marketing team will be working partially blind.
At Fannit, our team of inbound marketing strategists can help you launch successful campaigns, powered by growth-driven strategies. We can help you track your marketing investment, and tweak your campaigns to reduce costs while increasing leads. Get in touch with us by giving a call at 425-359-7989 or fill out our online contact form now. Contact us today!