Marketing and advertising departments are usually the first to get cut when budgets get tight, because they are sometimes seen as superfluous or unnecessary. However, many new entrepreneurs and marketers without expertise suffer from this belief because they have a history of campaigns without tracking.
Tracking the results of a marketing campaign can make all the difference in the world. It won’t make your campaign instantly profitable, but it will allow you to determine what is effective and what isn’t, as well as generate strategies to draw new customers in.
Measuring ROI
First and foremost, tracking the results of your marketing strategy allows you to understand and analyze your ROI, or return on investment. The term “ROI” gets thrown around a lot—yes, it’s a buzzword, but it’s also a really important factor in the success of your campaigns. ROI basically juxtaposes the amount of money you spent on a campaign and the value of the new leads it generated. So, if you can track $10,000 in new leads coming in with a $5,000 campaign, it makes sense to keep going. However, if those figures are reversed, you know to end as soon as possible.
Market Trends
Tracking also gives you a key opportunity to glimpse upcoming market trends. If you have multiple products or services to offer, experiment by splitting your campaign. Use similar strategies for both products and see which one fares better or draws the best results. This way, you can generate new leads and eliminate unprofitable products in a single strategic move.
Future Adjustments
Finally, measuring your marketing campaign outcome allows you to have a better direction for your future campaigns. If something is working, you can keep using it. If something is failing, you can scrap it and try something else. Make small adjustments to historically successful campaigns to gradually piece together a perfect, surefire strategy for your company.
Keep these advantages in mind when developing your next advertising campaign. If you aren’t tracking the results, you are likely losing money.
