In this blog post, I’ll share how to create an effective marketing measurement plan. In marketing analytics, the starting point is a measurement plan. You can improve something if you measure it, as the saying goes.
As someone who is interested in marketing analytics, measuring the effectiveness of your marketing campaigns can be difficult. Even the most experienced marketers struggle to carry out the measurements and make any sense of the data they produce.
You may have learned about various forms of analytics metrics and how to calculate them, but if you are going to undertake a project on measuring your marketing campaign, you will need to follow a plan.
Table of Contents
Five-step framework for effectively creating a measurement plan for your marketing campaigns.
Let’s dive into it.
Identify your business goals.
In the identification step you figure out your business goal you talk to other stakeholders as a marketing manager and identify what business problems or business goals they are trying to solve with the help of the marketing team.
A business goal is something that an organization is trying to achieve. A business goal can be something as simple as “increase sales” or it could be as involved as “saving the planet by reducing greenhouse gases.”
A business goal is a specific objective that the business has set for itself. While there are many different types of business goals, each one is aimed at achieving a single end result (which can be either financial or non-financial). The simplest format for this might be: “I would like to make X amount of money in the next Y months.”
Let’s take an example of a car company that has a global market.
Business goal example:
- Increase the total sales of all vehicles by 20% year-on-year
- increase the total sales of sedan category vehicles by 10% year-on-year
Now that we have identified business goals now let’s move towards our next step which is alignment.
Align your business goals with marketing KPIs.
A marketing KPI (key performance indicator) is a measurable element of your marketing strategy that monitors and assesses your campaign or ad campaign. It’s a very useful tool to evaluate whether or not your company’s marketing efforts are working as planned.
Let’s continue with our previous example to understand how we can align the business goals with marketing KPIs.
So the marketing KPIs for the business goals that we do find in our earlier stage would be as below,
- Increase the test drives bookings online this may be on a website or on the app.
- Increase the calls made to the dealership.
Now that you know the marketing KPIs to work on it is time to associate these KPIs with measurable metrics.
Associate your marketing KPIs with measurable metrics
Metrics are concrete measures of performance. They help us measure our progress, assess the effectiveness of our marketing campaigns, and pinpoint where we need to change things.
Going with our example let’s see how we can associate our KPIs with miserable metrics.
These metrics are not exclusive. The metrics depend on what you want to measure and to what granular level. Suppose you want to measure the number of people who visited the test drive form but did not submit you can measure that as well. And such data will help you optimize your landing page.
Here are some other metrics apart from conversion that we use to gain more insights.
- A number of users and sessions.
- Average session duration.
- Average pages per session.
- The ratio of new to returning visitors.
- Bounce Rate.
Apply audiences and segments to your marketing campaign.
Segmentation is the process of dividing a customer base into smaller segments because each segment contains different patterns of customer behavior and buying preferences.
Segmentation is a very important part of marketing strategy and it’s often done to increase your sales by providing a more personalized customer experience.
For our example, we can have 3 segments.
- Segment 1 – National Market
- Segment 2 – Regional Market
- Segment 3 – International Market
Instruction for the technical team.
Lastly, we want to work with our tech team to get these changes made to the website or app or any advertisers agency that your company is working with you need to provide them with the necessary tags to measure the changes.
You also need to create necessary event triggers or custom variables for any special campaigns.
Measurement is important in marketing because it allows you to track the progress of your campaigns and measure their effectiveness.
You can determine whether you have reached your target audience, and if so, how many people saw your message or product.
In addition, measurement also helps you evaluate what works and what doesn’t work with your marketing campaigns.
Marketing analytics is a vital part of any business. By understanding the data you have, you can better plan your marketing strategy and create more effective campaigns.
Let me know if I can help you in any way with your Digital marketing campaigns. You can connect with me here.