Do you know how to evaluate your marketing experiences to decide what you should keep, start, and kill? Effectively tracking and monitoring your campaigns helps determine their progress over time. Properly interpreting the data helps save time and money and improve your return on investment (ROI).
Evaluate the following areas of your marketing experiences to determine what to start, keep, and kill.
Website traffic
Determine how much traffic is going to your website compared to last month or last year. A growing number of users indicates greater visibility and a potential increase in leads.
Marketing goals
Focus on your marketing goals. Your goals should be specific, measurable, attainable, relevant, and time-bound (SMART) to have the most impact.
Emphasize the key performance indicators (KPIs) used to measure the success of your goals. Use your results to determine whether your marketing campaigns are on track to meet your goals. Then, you can allocate marketing spend to the activities achieving the desired results.
Marketing return on investment
Emphasize the factors impacting your ROI. For instance, track how many new leads are coming in to determine whether to modify your marketing strategy.
Calculate the cost of acquiring a new customer:
- Number of hours
- Costs of automation software and tools
- Outsourcing expenses
Marketing channels and campaigns
Adjust your channels and campaigns as needed:
- Evaluate the channels and campaigns your leads are coming from.
- Create strategies similar to your best-performing campaigns or channels.
- Increase the effectiveness of underperforming campaigns or channels.
- Pause underperforming campaigns or channels.
- Reallocate your budget to your best-performing campaigns or channels.
Cost per outcome
Determine how much you spend to attain a certain metric. Keep in mind that your cost per outcome (CPO) might increase if your keywords are more expensive or competitive. Conversely, your CPO might decrease if you target your messaging to a specific audience and your conversion rates increase.
You can use these methods to decrease your CPO:
- Market research
- Segment targeting
- A/B testing
- Performance adjustment
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