Of course, you know that an effective marketing strategy is key to driving growth and success for your business.
However, do you know how to determine whether your current marketing strategy is working or not?
These four ways will help you tell whether your current marketing strategy is working, beyond just the obvious metrics of website traffic and sales.
1. Follow metrics across the customer lifespan
One of the best ways to measure the success of your marketing strategy is to follow metrics across the customer lifespan, paying special attention to repurchases and customer lifetime value.
Measuring metrics at different stages of the customer journey helps you identify which marketing efforts are most effective at each stage. What works best for someone at the problem-aware stage will not be the same for someone who’s ready to buy. Being mindful of this and meeting your customers where they’re at is essential for success.
2. Combine qualitative and quantitative data
When it comes to measuring the effectiveness of your marketing strategy, it’s essential to combine qualitative and quantitative data. Quantitative data refers to numerical data, such as website traffic, sales, and conversion rates. Qualitative data refers to non-numerical data, such as customer feedback and social media mentions.
Combining both types of data helps you get a complete picture of how your marketing strategy is performing. Qualitative data provides insights into customer behavior and perceptions, while quantitative data provides hard numbers and statistics.
For example, if you notice a drop in website traffic, you can look at both qualitative and quantitative data to understand why. Qualitative data may reveal that customers find your website difficult to navigate, while quantitative data may show a high bounce rate on certain pages.
3. Review traditional metrics
Of course, you’ll always want to review traditional metrics, such as:
- Cost per click (CPC)
- Organic search results
- Return on investment (ROI)
- Cost per lead (CPL)
- Revenue by source
- Customer acquisition cost (CAC)
- Market share
- Return on advertising spend (ROAS)
- Conversion rates
The metrics most applicable to you will ultimately depend on your unique goals, industry, and channels used.
4. Measuring brand metrics
Brand metrics are essential indicators of the success of your marketing strategy. These metrics measure how well your brand is perceived in the market and its overall reputation. Measuring brand metrics helps you understand how customers view your brand and whether your marketing efforts are resonating with them.
Some examples of brand metrics include brand awareness, brand recognition, brand loyalty, and brand advocacy. You can measure these metrics through surveys, focus groups, or by analyzing social media mentions and reviews.
If your brand awareness has increased significantly over the past few months, it’s a sign that your marketing strategy is working. Increased brand awareness means more people are becoming familiar with your brand, and this can lead to increased website traffic, sales, and customer loyalty.
Measuring the effectiveness of your marketing strategy goes beyond just monitoring website traffic and sales. By measuring brand metrics, combining qualitative and quantitative data, following metrics across the customer lifespan, and reviewing traditional metrics, you can gain a more comprehensive understanding of how your marketing strategy is performing. This information will help you make data-driven decisions and adjust your marketing strategy for better results.
At Bizzuka, our fractional CMOs are fully versed and knowledgeable in implementing proven strategies that work. In fact, all of these metrics are covered in the Calibrate phase of our OPTICS™ Framework.
This framework is the backbone of our operating system for marketers and taught in our OPTICS™ Accelerator digital marketing course. Want to learn how to craft a marketing strategy that delivers lasting results and dominates competitors? Apply to become a member of our next cohort!