How to Track Marketing ResultsHow to Track Marketing Results

In today’s marketing world there are many ways to measure most forms of marketing; however, they tend to be imperfect. There is no tool that provides a definitive metric for social media or for other emerging communication channels, and there’s no single metric that can evaluate the effectiveness of all spending. As a result of these conditions, it is hard to track progress and hold marketers accountable, but it must be done.

In today’s marketing world there are many ways to measure most forms of marketing; however, they tend to be imperfect. There is no tool that provides a definitive metric for social media or for other emerging communication channels, and there’s no single metric that can evaluate the effectiveness of all spending. As a result of these conditions, it is hard to track progress and hold marketers accountable, but it must be done.

Even though there is no single way to measure ROI across different channels, marketers should try and identify a way in which they can compare results more consistently. Although this task is hard, results will be produced in a way that executives can clearly understand them so they can see if their efforts are working. One example of a company effectively tracking their marketing results, is a company that adopted a simple three-step approach: measuring the impact of advertising on consumer recall, on the public’s perceptions of the business, and on sales leads and revenue. After gathering this data, the executives had the confidence they needed to reaffirm the investment and commit themselves to more complex measurements, such as marketing-mix modeling. These metrics were developed internally, so members of the company’s board were similarly reassured.

Another approach is to use econometric analysis and frequent brand tracking to understand the ROI for both the short term (within 12 months) and long term. By looking at these two sets of data different, it will allow for your company to make decisions about short- versus long-term trade-offs.

The large volume of data available today should make it possible to find metrics and analytic opportunities that provide great insight to your team. Although metrics are imperfect, they still provide your top team proof of progress and lays a foundation for more sophisticated approaches to tracking marketing ROI in the future.

Even though there is no single way to measure ROI across different channels, marketers should try and identify a way in which they can compare results more consistently. Although this task is hard, results will be produced in a way that executives can clearly understand them so they can see if their efforts are working. One example of a company effectively tracking their marketing results, is a company that adopted a simple three-step approach: measuring the impact of advertising on consumer recall, on the public’s perceptions of the business, and on sales leads and revenue. After gathering this data, the executives had the confidence they needed to reaffirm the investment and commit themselves to more complex measurements, such as marketing-mix modeling. These metrics were developed internally, so members of the company’s board were similarly reassured.

Another approach is to use econometric analysis and frequent brand tracking to understand the ROI for both the short term (within 12 months) and long term. By looking at these two sets of data different, it will allow for your company to make decisions about short- versus long-term trade-offs.

The large volume of data available today should make it possible to find metrics and analytic opportunities that provide great insight to your team. Although metrics are imperfect, they still provide your top team proof of progress and lays a foundation for more sophisticated approaches to tracking marketing ROI in the future.

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