When you dedicate a significant chunk of money per month to marketing, you want to know if it’s working – and at times, this can feel like a frustratingly futile exercise. Money is going out the door, but what are you getting in return?
We get it. It can be hard to measure marketing’s effectiveness because of the tricky business of correlation versus causation. Are your leads increasing because of the email you sent out last week or because everyone suddenly needs their roofs replaced (thank you, hail storm)?
What’s more, marketing is about the long game, which can be particularly painful for new businesses looking to build their brands quickly. You need to know if your efforts are working, but how can you tell? Fortunately, there are ways you can successfully measure progress. Here are a few benchmarks you can track to tell if your marketing is working.
- Increased web traffic – What are your web analytics telling you? On the whole, if your website data is trending positively, you should feel confident that your marketing efforts are working. Google Analytics and other built-in web tools can illustrate month-over-month traffic increases and alert you to where your traffic is coming from so you can zero in on which channels are most effective.
- Increased number of leads – If your number of leads generated from marketing efforts is increasing and – even better – those leads are converting to customers, that’s another win for marketing.
- Decreased cost-per-lead – Another way of looking at marketing success is to track whether your cost-per-lead is going down. Good marketing can help bring that number down either by saving you money on your marketing spend or increasing the number of leads you generate.
- Increased engagement – More clicks on your emails or shares of your social media posts? This is a good sign that your content is resonating with your audience and your marketing strategy is working.
Measuring marketing data is a key way to monitor its effectiveness, but even if you aren’t reviewing numbers as often as you’d like, you can often feel the steady boost marketing is having on your business – more calls, increased sales, that feeling of riding on a cloud…these are all good signs.
If you’re unsure whether what you’re doing is working, give us a call at The Found Gen. We can take a fresh look at your marketing strategy to see how we can help further boost those numbers.