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How Do You Monitor The Success Of Different Marketing Strategies?

MarkB

MarkB

New Member
Staff member
There are many many different ways in which to market your products and services online and offline. However, how many of us actually monitor which techniques work better than others? Maybe we are spending money in the wrong areas when we should be focusing on tried and trusted methods that work - we can only find these by monitoring the success of different marketing techniques, but how best do you do that?
 
Business Upside

Business Upside

Member
Verified Member
• Market Reaction - The actions of your competitors are often a barometer to measure the success or failure of a Marketing Plan
• Customer Response - Customer response in all its varied forms can help you to determine what type of reactions your marketing efforts create
• Sales Performance - They should be going up
 
Katewatson

Katewatson

Member
Verified Member
1. Reviewing Sales Numbers
2. Return on Investment
3. Marketing Partner Response
4. Customer Response and Reaction
5. Marketing Reach Expansion
6. Outside Salespeople Feedback
7. Actions of Competitors
 
jessicaherron9

jessicaherron9

Member
Verified Member
1. Market Reaction – The actions of your competitors are often a barometer to measure the success or failure of a Marketing Plan. If competitors race to copy what you’ve done, the plan is affecting them, and it should be working. If your campaigns go largely ignored, there may be an issue, and evaluation should be set in motion.

2. Customer Response – Customer response in all its varied forms can help you to determine what type of reactions your marketing efforts create. Customer service feedback, online engagement, and click-thru-rate can reveal what your customers think of your efforts and which campaigns or program have the greatest impact. Basic questions like How did you find out about us? can reveal which initiatives in the Marketing Plan are reaching the customer and driving sales.

3. Sales Performance – They should be going up! Examining the numbers can be the fastest and primary way to determine whether your plan is working. For example, if your overall sales for the last period totaled $10,000 (without marketing efforts) and your total sales for this period ended in $15,000, you can deduce that your Marketing Plan is having a positive effect. Take into account other variables like a rise in prices or sales strategies, but with all the external factors included, and in raw numbers, you are selling more this period.

4. Cost-Per-Acquisition – You aren’t a top-notch marketer if you’re not tracking the one metric that matters above all others: Marketing Cost-Per-Acquisition (CPA). Don’t get me wrong; all effectiveness metrics are necessary. But, while all metrics are important to any well-run effort, Marketing CPA it’s the quintessential metric for determining real return on investment. It doesn’t matter the market or customer response, at the end if the marketing effort is not generating revenue, it’s not successful.

5. Return-on-Investment – Does the marketing investment bring in enough new or repeat business to justify the expense? Return-on-Investment(ROI) is the top concern when it comes to marketing expense. The end goal is to check whether your marketing investment results in profit. All the other indicators can help you evaluate effectiveness, but you must measure the amount spent versus its benefit to assess efficiency. In the end, the business needs to make a profit to survive.
 
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