The metrics that you use to measure campaigns will depend on what point in the buyer journey the prospect is at; from awareness to consideration, intent and purchase. For example, with campaigns targeted to prospects in the ‘Awareness’ phase, your goal is to make them aware of your business and how you can help them. As such, looking at metrics such as impressions and clicks will be more useful at determining the effectiveness of the campaign than looking at leads or sales. Google Display adverting can be effective in building your brand in this stage and it is important to ensure you are giving it the credit it deserves for its role in a final conversion. If you are using a ‘last click’ attribution model, you’re likely to see very small results from this channel.
As marketers, we are constantly being asked to provide statistics on how advertising spend is impacting budget, and if you can’t give persuasive figures, you may have to redirect budget to other channels. In the above example, this would mean missing out on that all-important brand introduction from display ads.
Knowing the right metrics to measure is key. Some of the following considerations can help to prove how effective a certain campaign or channel has been, as well as the overall impact that marketing has had on the business:
- % of sales opportunities that were influenced by marketing
- the average number of touchpoints| for each sales opportunity (and what they were)
- the average number of qualified leads or contacts per campaign
- revenue generated as a result of marketing campaigns
By analysing your data at a granular level, you can see how each campaign influences conversions and identify to what extent campaigns are assisting other channels to convert.
Mastering Marketing Attribution Analysis
Combining marketing attribution with in-depth analysis of your channels can provide a clear understanding of the efforts that are influencing prospects to take action. Certain tools can also give insights into user behaviour and interactions that digital marketers can use when developing their strategies in order to increase conversions.
Measuring program effectiveness throughout the entire buying journey is essential. Using the right data and analytics tools, in combination with the right analysts, can help to uncover and optimise the impact of marketing campaigns on your business’ bottom line. Get in touch with the digital marketing specialists at Digital Squad for more information. We are a digital marketing agency Singapore with expertise in SEO services Singapore and proven white hat techniques. With years of experience, we can also help you with your social media marketing Singapore, Google Shopping Singapore, Bing ads and Google display network ads. Additionally, talk to us on how your business can leverage the power of programmatic advertising Singapore, marketing automation and social media marketing Singapore.