In my recent interactions with numerous companies assessing the effectiveness of their marketing endeavors, a recurring question surfaces: “Is all of this money we are spending on marketing worth it?’
Interestingly, my initial response is often met with surprise – a resounding 8 out of 10 clients confess they aren’t actively tracking their marketing efforts. This persistent trend never fails to astonish me. The crux of this issue usually stems from a lack of clarity on what to track and which questions to pose.
Today, I’m dedicating some time to provide a high-level overview of the importance of tracking. Even if you’re working with an agency, it’s imperative to request monthly tracking across all marketing channels to ensure accountability for your marketing expenses.
What are KPIs?
Key performance indicators (KPIs) serve as measurable metrics that gauge a company’s progress toward achieving specific objectives. Typically, each department maintains its own set of KPIs to align team efforts with overarching goals across all projects. In the realm of marketing, KPIs play a pivotal role in assessing the effectiveness of various initiatives.
Defining and tracking marketing KPIs is important because it enables you to:
- Measure progress: Determining which marketing initiatives meet or exceed expectations
- Optimize budget: Directing spending towards channels that maximize return on investment (ROI)
- Guide decision-making: Extracting data-driven insights that can inform strategic decisions
- Identify weaknesses: Identifying underperforming campaigns or assets that can be improved
After setting marketing KPIs for the year, it’s crucial to develop a comprehensive strategy to achieve these targets. Tracking each marketing tactic, including website visits, email opens, social engagement, and lead generation form fills, is invaluable. This data helps identify where your budget is most impactful, enabling continual refinement and optimization for favorable results.
Tracking all marketing efforts helps pinpoint the most effective areas for time and resources. Here are key questions addressed.
Learn more about Marketing KPI’s in this Harvard Business guide.
Fleurish Strategy and Marketing excels in crafting data-driven marketing strategies. Reach out today for expert assistance.
How often should I be tracking to match others?
I suggest monthly reviews, comparing data month-over-month for website and social metrics. For specific campaigns like email marketing, assess effectiveness based on open rates and clicks. Factors influencing results include content, timing, audience segmentation, etc.
Will my agency track results?
Reputable agencies should track results, though it may not always be included in the contracted hours and could entail additional costs. When reviewing contracts and scopes, ensure tracking is accounted for in the cost.
How long does it take to see if campaigns are successful?
The duration varies by campaign type, but a general guideline is to track and analyze for three months.
Is there a difference between organic and paid tracking?
Yes! Many of my clients are in the initial stages of tracking organic traffic before moving to paid tracking. It’s crucial to establish a tracking foundation for at least 6 months to a year to build a history. Then, with insights from your KPIs and current results, you can decide whether investing in advertising aligns with your business goals
Learn more about the difference between organic and paid traffic in this article “Organic vs Paid Marketing: What are the Differences?”
Fleurish understand that effective marketing strategies are not just about creative ideas; they’re about precision, analysis, and delivering measurable results. Reach out to our team to discuss how Fleurish can craft data-driven marketing strategies for you today!
