Measuring your success
What does success mean?
Success is achieving your goal by taking a specific action that generates the desired outcome.
You can reach your preset goal and also over-reach it by generating more (or less) than you expected to.
Every communicational campaign has a specific goal that marketers want to achieve. This goal is set based on the main specific, measurable, achievable, relevant, and time-based objective. This objective is measured and contained with one or more key performance indicators (KPIs). These KPIs are indicators that help the marketer understand if the campaign was successful or not.
Examples of KPIs may be: Views, Open Rate, Click to rate, Customer lifetime value, Awareness rates, Online marketing ROI, and many, many more.
How do we measure success?
Here is where Marketing Analytics appears. Marketing analytics refers to the measurement and analysis of KPIs performance. The effectiveness of these performances is directly related to the return of investment (aka ROI). The return of the investment gives us is the key to understanding the campaign’s success. ROI is given by the gain from investment minus the cost of investment, divided by the cost of investment. This number will give us a real scan of the effectiveness of the marketing campaign.
There are other cases when objectives are not based on a monetary return, and success is given by the result of other key performance indicators, for example, the case of the amount in the number of new subscribers on a mailing list, or measuring an awareness rate when launching a product or even a new brand. These numbers will give you another type of return that is not directly based on money.
Marketing analytics is an essential section of marketing, it is as important as creating a campaign. Knowing if the company has or has not achieved your results allows you to understand what you did right and what you did wrong. The analysis will help marketers have tools to manage other future campaigns based on real numbers, on real achieved or not objectives, and on real insights that can be received by managing this information. Will also help marketers to notice if their goals were too ambitious or poorly built.
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