One of the main benefits of digital marketing in comparison with traditional marketing & media channels is readily available & accurate data on performance.
Many forms of traditional marketing rely heavily on assumptions, presumptions or sample data.
How many customers not only saw, but took action from your last newspaper or magazine advert? How many people screwed up your latest flyer and how many took notice? It’s not impossible to gauge, but it’s certainly very difficult and not very accurate.
The rise of digital mediums provided marketers and business owners alike, with rich actionable data in realtime. It’s an absolute dream for gauging success, tracking return on investment & gaining customer insight.
- Insight into customer behaviour
- Understand who your customers actually are
- Track R.O.I. from different campaigns
- Understand the value of each customer
- Establish the cost of winning new customers
- Make informed business decisions
As digital marketing platforms evolve and become more complex, so too can the data they provide.
It’s very easy to be blinded by science, overwhelmed with insights or just not know which of the thousands of tools out there are best suited for your needs.
Even if you’re an experienced marketer, it can be hard to make sense of the data in front of you. Even more so if you’re the owner or operator of an SME with limited experience in analytics or marketing reporting.
Establishing Key Performance Indicators (KPI’s) and reporting metrics are an important first step. They help you filter out the noise of data overload and concentrate on the information that matters to your business.
Work out what matters to you, whether it’s how people people view your website each month, the number of enquiry forms you receive or calls received from your website; establish the criteria that you’re going to measure your success from.
Once you’ve established what it is you want to track, set the parameters to gauge your success and have filtered out the noise, it’s time to get to it.
Set the time frame that you want to measure your marketing performance from and start reporting! We usually find that monthly report (from the 1st day of the month to the final day of the month) is more than sufficient for most businesses we work with.
How To Go About It
If you’re pulling data from different sources you’re going to want to use one common means of storing it, for ease of accessing and comparison. Traditionally we used to use an Excel Spreadsheet, but we’d highly recommend you consider using Google Sheets if you’re a small business.
Not only does this allow you the ability to share an editable document with other members of the team, you’ll be able to create visually appealing charts and graphs to make the data easier to understand and translate.
Include the KPI’s and metrics you established earlier on, and get inputting that data!
Inputting your marketing metrics can be time consuming but it’s an important part of any marketing campaign or overall strategy.
If you don’t know how well (or badly!) you’re doing, you can’t test, adjust and pivot accordingly. How will you know if your Google Ads are worth the money you’re investing, or whether the time spent on writing your blogs is having a positive effect?
We’ve included monthly reporting as one of the key services in our marketing support packages for small businesses.
We’ll provide you with a monthly marketing report that brings together all of the data from across your marketing channels and put it into a visually appealing, easy to understand report so you can measure the R.O.I. of your financial and time investment.
For those that don’t want all of the benefits that our marketing support packages offer, we also offer the monthly reporting as a separate low-cost service for SME’s! Get in touch and we’ll be happy to help.
Managing Director – Invoke Media