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Marketing Tips For Beginners: 5 Tips for Measuring Your Marketing Performance

Marketing Tips For Beginners: 5 Tips for Measuring Your Marketing Performance

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01-Jan-2045

You can’t have a successful marketing campaign without high-quality content.
There are other factors at play, though.

It’s just as crucial to keep track of your marketing initiatives as it is to put them into action.
Marketing choices might be made incorrectly every day if you don’t have the necessary data.
Instead, it’s time to craft a comprehensive analytics plan.

Marketing Tip for Beginners #1: Measure the Right Things

If you’re looking at web analytics, it’s easy to be swept up in the temptation to measure everything.
With today’s free and paid web tools, you can count just about everything.
Of course, you run the risk of becoming suffocated by a deluge of information.

Decide which metrics are most critical to track before moving on to the next phase.
There is no one-size-fits-all approach to customer service.
To further understand why, we may turn to the hierarchy of effects model.

When a customer sees a marketing message, they go through a succession of stages.
Exposure, recognition, understanding, storage, and remembering are all necessary steps in the process of receiving and acting on a message (behaviour).

You lose clients at every step of the way.
In the end, a lot more people are going to notice your ad than are going to take action and purchase your goods.
In this case, you may not be getting the most benefit out of gauging each and every reaction.

There’s a term for this: the far-away measure fallacy.
Things that you care about or can impact should be measured rather than data items that appear connected but are not.
For example, rather of counting the number of visitors to your site, you should look at your bounce rate and the average time spent on each page by each visitor.
These metrics would be more accurate at capturing the full scope of interactions.

Marketing Tip for Beginners #2: Get Specific on Who You’re Looking At

You must not only use the appropriate measurements, but you must also apply them to the appropriate individuals. Using this data to target a certain group will be easier if you can be more specific about your target audience (and you should have more than one).

Creating buyer personas is a major investment for companies.
These are profiles of potential consumers’ personalities that businesses might use to tailor their responses to them. Marketers use these profiles as a starting point for developing effective marketing campaigns.

Bill Clinton’s victory in the 1996 presidential election was aided by the use of authentic personas.
His campaign staff noticed the now-famous “soccer mom,” an overlooked demographic in the electorate. As a result of his efforts, he was able to secure enough votes to win.

A fundamental benefit of marketing analytics is effective audience segmentation, which can do the same for you.
There are several ways to discover which of your messages connects with your audience.
This is especially beneficial to start-ups and small enterprises.
According to the principle of diffusion of innovations, not everyone adopts a new product or service at the same time.

The innovators are a tiny group of people who like to be the first to attempt new things. The early adopters and eventually the early majority will follow when the inventors have proven it works.
After a certain number of people have joined in, the late majority will eventually follow suit.

To be successful, you must first go after these forward-thinking individuals. Then there are the early and late majorities to consider.
You may use marketing analytics to determine whether it’s time to target a new audience.

Marketing Tip for Beginners #3: Where Are You in the Product Life Cycle?

If your product has been on the market for a long time and has a high market share, your main marketing metrics may alter. Theodore Levitt explained that goods move through discrete stages, and their demands alter as they progress.

As an illustration, let’s imagine you’re promoting a sports drink.
If you want to make a name for yourself, you may start by marketing to athletes. For example, our drink helps serious athletes get an advantage. If you’re an entrepreneur, you’re going to want to get in on this.

Of course, the market is flooded with serious athletes.
As your reputation grows, you’ll want to branch out to include non-athletes and others who aren’t particularly active.
However, your initial message that your product is intended for “hardcore fitness warriors” may have put off these potential buyers.
In other words, the message you sent in the past might hinder your future progress.

Marketing analytics are useful for the following reasons. You’ll be able to see right away whether your first appeal is stalling if you keep an eye on your statistics.
In this way, you’ll be able to tell when it’s time to change your plan (and you can see early if your new strategy is working).

The buyer profiles you’ve been creating will already have a remarketing strategy in place.

Marketing Tip for Beginners #4: Using Insights from Marketing and Analytics Research

Many companies have forgotten in the age of Big Data that the quality of any data is only as good as your ability to use it. Data is only useful when it is properly filtered and analysed.
When you have an actionable strategy in place, the information becomes valuable.
To put it another way, think about how you’ll use the data you collect when you create your buyer personas and select your key performance indicators.
Measuring your Twitter interaction is pointless if you aren’t going to invest time and money into increasing it.

Budgeting for improvement completes the picture. Good news: Marketing analytics can help you get the most out of your money by pointing you in the right direction.
You don’t have to spend more money in order to save more money.

Marketing analytics is a multiplier in this way. The best way to optimise your money is to put it to use where it’s most needed.

Marketing Tip for Beginners #5: Stop Guessing and Start Growing

Marketing and data analysis are inseparable concepts.
You can’t analyse your campaigns or figure out which advertisements are most effective unless you have a mechanism to track results. Instead of stumbling around in the dark, you can use analytics to make informed decisions.

Check out our other articles on digital marketing analytics if you’re ready to take your marketing to the next level.