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When it comes to marketing, some people seem to have all of the tricks in the book while others are still trying to find theirs. This can be disheartening for those who want to see their business succeed but also feel like they’re hitting dead ends every time they try to implement a new strategy.
As you grow your business, you will come across different metrics and ways to measure how successful your campaigns are. Some things that are used to determine success include engagement, CTRs (click-through rates), conversions, and sales.
While these are helpful numbers, there is one metric that most experts don’t talk about when it comes to marketing effectiveness. That is brand value.
What is brand value?
Brand value is defined as the perceived worth or prestige associated with a product or service. It is influenced by several factors, including popularity, quality, profitability, and utility. In other words, what types of products and services do people perceive to be good so that they will buy them.
With this definition in hand, let us now look at why having a high brand value is important to your business.
Websites have lots of different conversion or funnel-closing paths. You need to know which ones matter most so you can prioritize your efforts to increase traffic, engagement, conversions, etc.
Most companies make the mistake of assuming that because their previous marketing campaign worked, then they’re done. But this isn’t true!
You must measure the effectiveness of each step in a web conversion process. This is called measuring your site's conversion funnels.
Let’s look at some numbers to prove how cost-effective email marketing can be. According to statistics, 70% of consumers would pay more for an item if it was given away free as opposed to buying it new.1 This means that if you are offering products through email and newsletter advertisements, then it is worth investing in good quality content to draw in new customers.
By determining the return on investment (ROI) of your campaign, you will know whether or not it is worth it to keep running it. There are many ways to calculate this depending on what type of campaign you are doing. Some examples include: cost per acquisition (CPA), revenue generated per advertisement, subscribers acquired, etc.
A common way to measure the effectiveness of your business via email marketing is to determine the cost per subscriber. By taking the total amount spent on the campaign and dividing it by the number of people who subscribed to your list, you can find the average cost per person added to your circle. With this information, you can make informed decisions about your budget and whether or not to invest additional money into future campaigns.
A growing number of companies are adopting a metrics-based approach to marketing, which means they’re tracking how well its different components are doing.
One important metric is ROI or return on investment. This calculates how much you spent on an advertising campaign and what effect it had on the business compared to what it would have cost to achieve the same results in another way.
For example, spending $1,000 on advertisements that generate only $500 in profit per month is not a good use of resources. It is not giving your company enough value for its money.
A more effective method might be investing the same amount into online campaigns where you can track success quickly and easily, so that you know if it paid off or not.
Another key metric to measure is engagement. What effects did the advertisement have? Did it bring attention to the ad or the product/service being advertised? Was there activity surrounding it, such as comments and shares?
If no changes occur, then nothing happened.
A few basic principles will get you most of the way towards determining your market effectiveness. These include testing different versions of an advertisement, changing the channel through which you reach potential customers, adding or altering features to your product, and experimenting with how you promote yourself online.
The first step in effective marketing is understanding what makes an ineffective campaign fail. Once you have done that, you can avoid these mistakes by replacing them with more efficient ones!
For example, if your current advertising strategy is to test posters at a local mall during late night shopping hours, we could suggest trying instead spending time on social media sites to increase exposure. Or better yet, investing in digital advertisements designed to be viewed from mobile devices so people do not feel too overwhelmed.
By having easy access to information, individuals are able to make informed decisions about products and services and whether they are worth it. With all of this data, you can start creating campaigns that appeal to your target audience effectively and efficiently.
Your website is one of your most important marketing tools, which is why it is very crucial that you give it some significant re-evaluation.
This means going through it page by page to make sure it contains everything necessary for people to connect with you or find something helpful about your business.
Your homepage is usually the first thing visitors will see, so this should be a strong call to action (CTA) for them to do what you want them to do next.
It can also be a source of valuable information – if not, then maybe yours need an overhaul. You would like to have a well designed, easy to navigate site that clearly defines who you are as a company and what you offer.
Take some time to really look at it, and evaluate how successful it has been in producing results. If there’s room for improvement, get into the hard work of changing it!
By doing this consistently every few months, you will start seeing changes in traffic and conversions.
A few years ago, there was an avalanche of information about how to market effectively. It seems like every day we read another article or watch a YouTube video that tells us something new and helpful.
It is easy to get overwhelmed by all of this information. There are so many ways to market a business!
And what works for one company may not work for you because yours is different than theirs. You have to determine which methods work best for you and your business.
A good way to start measuring effectiveness is to do a cost-benefit analysis. Ask yourself two questions: What does it cost to try this method? And what will I receive in return?
You can then compare the answers and make a decision whether to continue investing in that approach or not. This process helps you hone in on the things that work for you and give you the results you want.
A few years ago, you needed to do everything yourself to have success with your business.
You had to manage your social media accounts, handle email campaigns, create content, advertise, measure results, etc. It was very time consuming!
It’s not easy doing all of these things yourself, but they are must-haves for successful marketing. You need to at least try to master them — and more than that, you NEED TO INFLUENCE THE CHANNELS THAT ARE POSSIBLE FOR YOUR BUSINESS.
That is where automated systems come in handy. Technology has made it possible to outsource some or even most of these tasks, which helps you focus energy on other parts of the business.
Here are some ways to automate and optimize your online advertising efforts without sacrificing quality.
Let’s look at some examples. If you are looking to increase sales, your marketing efforts should be focused on potential customers. But how do you measure whether or not those ads were effective in helping to create new opportunities?
You can use surveys to ask people if they saw the advertisement and whether they visited the company website or place an order because of it, but that is only part of the picture.
What about how their perception of the company changed due to the ad? Did it make them feel more or less likely to spend money with the organization?
For example, if an advertisement mentions that a product has XYZ feature, then what else does the advertiser mention? You would want to know if this influenced buying decisions.
If possible, try to speak with individuals directly who interacted with the advertorial or business team members to get answers. Take notes!
By asking both quantitative and qualitative questions, you will get much fuller insights than just yes-or-no responses. The better way to ensure consistency in data collection across respondents is to use structured interviews or focus groups where each participant gets the same set of questions.
