Why Social Media Marketing Requires Marketing Research Social media marketing is one of the most…
Why You Need to Quantify Your Marketing Goals in 2014
So many people have individual New Year’s resolutions, whether they be losing weight, forming new relationships or getting a promotion. Businesses also often form their own set of goals in the hope of achieving new corporate milestones that will really put the company on the map. However, like personal resolutions, businesses typically fall short of their goals. More often than not, this lack of achievement is due to not having a clearly defined objective.
Here on some tips that will help you define your objects and observe their development, a process by which you can set your company on track to become as successful as you hoped on January 1st.
Your Goals Need to Be Measurable
Every business will have its own benchmarks and adopted formulas for measuring progress. This means being able to have some sort of analytics in front of you where you can look at ROI for the various marketing schemes and compare those results to previous numbers. Measuring progress in this manner enables you to set realistic and achievable goals as well as make proper tweaks and adjustments along the way if need be.
Make Google Analytics Your Friend
Whether it be Google’s or any other analytics tool, you need to have a system in place by which you can look up statistics related to your website’s traffic, the sources of those traffic, and the rate at which visits are converting to sales. An analytics program is a must-have for any company that engages in common online marketing practices, such as SEO, social media, email marketing and PPC.
Measure Your Social Media Campaign
By measuring your social media campaign, this does not mean simply keeping track of the number of “likes” on your Facebook page. It is much better to create a tiered rating system to measure the effectiveness of the content you release.
When it comes to social networks, “likes” often indicate a general or passing interest. Comments are more indicative of interest on a deeper level, and shares hold the most weight because it means that the content was deemed intriguing enough to warrant sharing with friends. What you would do then is to assign a numerical point value, such as:
Likes: 1 point
Comments: 2 points
Shares: 3 points
Create various forms of content for your social media channel, from written content to images and videos, and calculate the total number of points each piece of content receives. The content that scores the highest will be the content type that you use more often to fuel your campaign. This is a simple but clever strategy that can be used for any social network.
Use Secondary Conversion Indicators
Measuring conversions can be as simple as using Google analytics, using an Excel Spreadsheet or even keeping tick marks on a chalkboard. However, it might be helpful to keep score of secondary indicators. This goes beyond raw numbers and includes keeping track of:
- Retention period
- Quality of leads
- Length of sales cycle
- Lifetime value per lead
- Amount of new referrals brought in by lead
Keeping tabs on secondary indicators enables businesses to redistribute their focus and their resources on practices that produce higher prospect leads.
Having Measurable Goals Matters More than You Might Think
When sales and leads are slumping, wishy-washy marketing goals and sales objectives are almost always to blame. In any enterprise, numbers and percentages matter a great deal, and you need to have some kind of system in place where those figures can be assessed. A long-term goal that can be completed in stages and increments is far more probable once you have a measuring tool to evaluate the progress of your short-term goals.