How did you measure the success of your last marketing campaign? Perhaps you surpassed a few of your top-level goals, or you’re simply pleased you were able to launch the campaign without delay. However, you still struggle to showcase your campaign’s success to the leadership team and other departments.
According to the BRITE-NYAMA Marketing in Transition Study, 65 percent of respondents said measuring the effectiveness of marketing across different digital media is a “major challenge" for their businesses. This could be attributed to lacking customer data within their organisations to effectively measure marketing return on investment (ROI).
But don’t give up hope just yet. Not all ROI metrics are lost, especially when you plan for it at the onset of your multichannel marketing efforts. To ensure you’re evaluating ROI throughout the lifetime of your campaigns, consider the four steps below:
1. Plan for ROI from the beginning
The primary reasons for investing in multichannel marketing is to reach a specific audience through a specific channel—one your target customers are most comfortable using and interacting with. In order to plan a successful multichannel marketing campaign, identify the key performance indicators (KPIs) and metrics most applicable for your audience and the campaign channel.
As you plan the tactics and deliverables for your campaign, set aside time to figure out how you’ll determine if your tactics meet your objectives. Defining the metrics for your strategy up front will serve as your guiding light to ensure all the elements of your campaign are working toward a common goal.
2. Focus on “quality over quantity” metrics
Assessing ROI isn’t just about reporting a specific number. Deborah Runge reports metrics that just answer the question, “how many?” tend to lack true insight on the results of a campaign. Choose metrics that look beyond “how many?” and force you to ask “why?” These metrics are likely to be far more effective at divulging the rationale behind a campaign’s success or opportunities for improvement.
3. Measure ROI consistently across departments
To showcase your campaign’s success to the leadership team and other departments, consider the key metrics these colleagues use to measure ROI. Take sales, for example. How can you align sales goals and objectives with those of your campaign? Are there key business objectives both sales and marketing are trying to meet? Determine which metrics align with mutual objectives and be transparent about those KPIs throughout the life of your campaign.
4. Be flexible
As your business and audience mature, so will your marketing campaigns. For example, if a new channel becomes popular amongst your target customer, your strategy and key metrics may call for a shift to effectively measure ROI. Revisit the tactics, deliverables and objectives you set during the multichannel planning phase to ensure all are still most applicable for your target audience and the campaign channel. If not, adjust according to your updated strategy.
Looking for more ways to measure marketing ROI? Have you thought about measuring the success and productivity of your marketing operation? Improving your internal collaboration and workflow processes is an important step toward more efficient marketing and one way you can measure your multichannel marketing strategy. Download the ebook “7 Ways to Optimise Your Multichannel Marketing Strategy” for more information.