Measuring Marketing Campaigns
Without reporting the results any job is always half-done. Same applies to marketing field. We collect the reports on the campaign and represent it to management with the useful information for insightful decision making to get better results next time the campaign is launched.
What will you measure in your campaign?
Consumers or businesses rarely make a buying decision in one campaign. So it is important to observe the customer response in the campaign series to record their actions across multichannel communication sources and allocate the scores for their actions/touches.
In an omni-channel scenario, it is difficult to measure the success of campaign. Prospects and customers research your website and then may go to brick and mortar store to actually buy the products. Some may buy from the website but may spend some time in your emails, social media sites before clicking the buy button.
Now when you measure delivery statistics and click metrics without comparing them to financial investment, you’ll generally come to the conclusion that sending more emails is the solution for better marketing. But this isn’t a good idea.
Businesses want to measure Return on Investment and Revenue Impact. Industries are now using financial metrics to measure the success of the campaigns by using the scoring model for behavior and demographics of the recipients.
- Top-of-Funnel Lead Analysis
- Opportunity Influence
- First-Touch and Multi-Touch Analysis
Tools like Marketo, have this advanced reporting feature which all you to setup your campaign and measure the performance by combining multiple data points — Clicks, Opens, conversions,
Unsubscribes, Program Successes, etc. — and then applies a statistical algorithm to create a single measure of engagement.
- Fine-tune to improve the engagement of campaigns, continuously.
- See how the changes you make improve engagement over time.
- Test different messages and content streams against each other to find which are the most engaging
Also as an additional information, below is the list to optimize the basic metrics and the related industry standards.
||How to Optimize
||The List members/recipients should be relevant to your messaging. The Healthy List
||prevent bad email addresses or spam traps from being added to your list
||Industry StandardAverage companies: 2.1 – 5.0%Top performers: < 2.0%How to Optimize· Remove recipients who bounce from your mailing list for future sends· real-time email validation service to minimize the chance of a subscriber entering a bad email address
· Scan your list(s) and check for obvious typos, like a missing period or mistyped domain name (myemail@aol, myemail@ aolcom, etc.).
· Monitor delivery rates by domain.
· Provide a way for recipients to update their own email addresses.
||Industry StandardAverage companies: 10-15%Top performers: 16-20%How to Optimize:Focused and well targeted audience,
||Industry Standard:Click Rate:• Average companies: 2.1 – 5.0%• Top performers: 5.1 – 10%Click to Open Rate:• Average companies: 11 – 15%
• Top performers: 16 – 20%
How to Optimize:
Make CTA (Call-to-Action) is noticeable
Test performance of the CTA
Offer deals and create scarcity
||Industry StandardAverage companies: 0.11 – 0.20%Top performers: < 0.10%
|Marked as Spam
||Remember your goal: send timely, targeted, valuable, human content to peoplewho have requested it.