The first step to a successful online marketing strategy is to looking closely into the overall requirements of your company, These days, a good online marketing approach must entail a professional website,familiarity with SEO,and adoption of social media platforms to reach out to people.
What marketing channels are you using?
Different marketing channels have different rates of success depending on the nature of the company,product or service. therefore it is very important to select marketing channels that can brings maximum ROI for the budget you are spending. for example: – For a e-coomerce business banner Re-targeting ads can have higher ROI when compared to B2B product or service.
in your current online marketing strategy you may have email marketing campaigns, social media campaigns, google Adwords campaigns and other online banner ads. running parallel to each other. but it is important to ask a few questions about your campaign before continuing in the same old direction.
How to measure the effectiveness of your campaigns?
ROI (Return On Investment) is often take as the proof of an effective marketing plan, and it can be measured quite easily with a few effective tools. Metrics that can help measure ROI from social media and elsewhere include.
Goal Conversions :
This is the first step where you need to define targets for online purchases, contact forms, newsletters, time spent on a page, interaction on social media, etc
by measuring total of your campaigns for a given time period, you can get an idea about how much brand awareness you’ve got from the campaign and it is very important to track how your reach improves over time.
Measure referral sources to your website and check which strategies work more through Google Analytics. for example you can view traffic to your website from each of your campaign.
Keep track of traffic from campaigns to website that are converted to leads. It is important to focus on
- Goal conversion rate,
- bounce rate,
- average page views per visit and
- average time on site.
We all knows that at the end of the day customers are the once who pays our bills , so it is essential to keep track of how many leads are converted to customers.
Cost per lead/cost to acquire customers is also an important factor. It is measured by dividing marketing + advertising costs by number of new, paying customers within that period.
Rates of Conversion:
Keep a track of the visit-to-lead conversions and leads to customer conversion, Conversion rates are calculated by simply taking the number of conversions and dividing that by the number of total ad clicks that can be tracked to a conversion during the same time period. For example, if you had 50 conversions from 1,000 clicks, your conversion rate would be 5%, since 50 ÷ 1,000 = 5%, if you setup goals in your google analytics account google analytics will calculate these for you.
Social media audits can be especially helpful to track your progress and to get insights about how you can improve your marketing efforts over time.
A/B Tests :
A/B tests are one of the best processes for measuring campaign effectiveness. Apparently, only 28% marketers are satisfied with their current conversion rates. Naturally, A/B testing is a great way of testing out the kinks of marketing. To do so, you have to decide what to test, select treatment and control mechanisms, and create a test, promote it, gather data, and then analyze it: or simply use one of the pre-existing ones.
Keep track of new marketing techniques
By doing this, you open up potential communication links with your customers and stand a better chance of retention. For instance, a feedback form can be an essential part of tracking the efficacy of a marketing strategy. Here are some other options:
- Send emails with forms, thanking visitors for stopping by and then asking for a few non-mandatory answers. Keep a filing system for noting any responses.
- Use comment forms on website to create opportunities for client feedback. This is great as a tracking technique.
- Enable actionable metrics and track conversions. There are some tools that can help in performance indication.
A successful marketing strategy is based upon various metrics including target group, medium of advertising, and consequent testing mechanisms. The process is constantly growing and changing with time, making it essential to adapt as days go by. However, keeping these pointers in mind, any CMO or marketing consultant can identify the ways of tracking online marketing strategy effectiveness. Consequently, they can also discover parameters on which to align business goals and help their businesses grow furthermore.
let me know what marketing channels has bring you the most results. comment below.