How are you tracking the ROI of your marketing efforts? While metrics for marketing results might seem hard to pinpoint, here are a couple thoughts to consider.
Know why you’re tracking the data you’re tracking. Ideally, we capture as much data about user behavior and points of contact as we can. We’re proud of the huge amounts of data we collect, yet the term “data mining” makes many of us nervous. So if you find yourself scratching your head wondering what to do with all this data, consider what you’re currently using it to do. How much are you utilizing what you’re collecting? What is it teaching you? Perhaps you’re only gleaning knowledge from a small portion of your data – much less than the amount you’re paying to store it. If you’re missing the customer insights you want from your current analytics, then search for new ways to turn your data into information to gain a higher return on the investment of collection and storage.
Be cautious before pulling a marketing channel. You might think the money you’re putting into a “soon-to-be-extinct” channel is no longer worth the investment, but perhaps the combination of that channel with other channels is where your profitability lies. True to the principle, “The whole is greater than the sum of its parts,” consider what your individual marketing channels accomplish when totaled together, rather than too-quickly throwing out the least-profitable-looking channel completely. Your lowest returning channel may be the first impression or reminder that leads users to move to the desired buyer behavior. Analyzing marketing campaign channel results both individually and collectively will help point to the most valuable combinations for spreading your message.