January 27, 2018Remarketing vs Retargeting
Essential Digital Analytics & ROI Tracking Guide For Your Marketing Campaign
If you can’t measure it, you can’t manage it.
Actually, when you be in an executive position you realize that you are responsible for justifying every penny you spend. In addition, you have to prove that you didn’t waste the company’s money, and even you managed to duple it in terms of revenue. In order for such results to be scored, you need to master your skills in tracking progress for your projects all its way long.
Here I’m going to share with you some tips and tricks that helped me to automate all the process and to increase the ROI (Return On Investment) of the projects I manage, with less stress for both me and my team.
1- Believe in Numbers!
For me, as a data driven person, I always believe in the power of numbers. However, achieving results is not an overnight process. It is a more logical measurable process that needs tools to track all the way long for developing or justifying the needed activities until achieving the company’s objectives.
You might be wondering that there are some activities do not target to generate revenue, or may it is offline marketing activity that can not be measured. Well, I’d like to mention here that with today’s new norm, where Digital marketing is dominating the majority of the budget, the availability of advanced tools allow you to track the conversions. Wasting money became not a privilege anymore.
2- Define Your Company’s Objectives
You will not be able to launch successful activities unless you have a clear objective. This objective could be either a sale/ revenue target or awareness/ considerations from clear target audience. Based on that defining of objective, you will analyze the right channel to reach them.
So when I’m saying ROI, there are additional generated resources that can be part of it that are not necessarily revenues. One of these things is your customers database. I want also to emphasize that ROI doesn’t have to be measured by actual money. Yes it’s preferable to be; but it doesn’t have to be all the way.
3- Choose Wisely The Appropriate Marketing Channels
Actually we can not let all of our laser focus just on tracking campaigns or special activities ROI. Nowadays, it is more important to track the performance of every customer touchpoints and functions. Examples of that could be your social media normal content, profile links, and even your offline collateral. All that concern is to understand the most effective channel and capitalize on it and the most weakness points to either fix or retire them.
On the other hand, let’s imagine that you are a B2B business, then may you will consider LinkedIn as your marketing channel. On the other hand, if you are targeting radiance in a specific country with clear demographics, then you may go for the most active social media channels to reach them. What that means is defining your business objectives plays an important role in choosing the appropriate marketing channels afterwards.
4- Specify Clear & Effective KPIs
Now you define your objectives and where to find your audience; so the next part is to gather your creative team to work on the attractive artwork that prompt your audience for the desired CTA (Call To Action). The CTA could be a booking from your website, selling a product or even making a buzz in the market.
To measure the progress of your work all the way long, you
need to specify clear KPIs.
Here are some KPIs that help you track online activities:
- Add to Cart
- Add to wish list
- Registered Leads (Email/Contact)
- Reach & Impressions
- Engagement such as likes, share and video views
- ROI metrics
- Purchase (In case you are selling a physical or digital product or digital service.)
- Bookings (In case you are a service provider.)
- Subscription for (SaaS)/Trial Started for (SaaS)
- App installs for mobile apps
5- Use Analytic Tools
In our digital era, there are so many advanced tools that allow you to track the conversions’ performance of your target audience. Here are some options:
- The simple options are using the analytics tool such as Google Analytics or Adobe Analytics or even advanced tools such as Mixpanel and amplitude.
- The social media channels dashboard to know the campaign performance such as clicks, Cost Per Click (CPC), Ad relevance score.
- Integrate with Pixels:
- You need to do the technical part to ensure your tools are integrated with your CTA and that social media channels pixels are integrated as well.
We can not deny that we as marketers are lucky enough to live in a digital era that allows us to scale our work more professionally. In the contrast of traditional marketing, nowadays you can sell anything behind a screen; using all the given digital tools.
Keeping that in mind, after submitting your marketing campaign, follow it up with tracking and analytic tools. You could build up on the results professionally to develop your campaigns afterwards. So I recommend for you using all the mentioned tools, hacks, and go further for more; combine them with your creativity and strategic thinking, to end up using them like a real maestro!