“Despite putting rigorous efforts into digital marketing campaigns, only 39% of marketers believe that their marketing strategies will bring anticipated results to the table”, source: HubSpot.
Even the most seasoned marketers fail short of tactics to measure the effectiveness of their digital marketing campaigns. Why is it so? Is measuring the impact of digital marketing on the overall sales and revenues of the organization so challenging?
Let us find out here. We will crystallize the topic and try to understand each snippet in detail.
What is Marketing Effectiveness?
As the term suggests, marketing effectiveness tells you how far a marketing campaign or strategy is meeting your business goals. Failure to meet the goals can take a toll on the entire digital marketing strategy and the brand’s performance in its niche market.
Organizations do not fail due to the lack of human resources, they fall behind because they are unaware of the ways to measure their digital marketing effectiveness.
To help, we have outlined the basic steps to take while measuring your digital marketing effectiveness. Consider the following:
- First things first, set your objectives and keep everyone in the organization involved with the efforts. Some common objectives could be gaining more leads or creating brand awareness in certain locations.
- The next step should be to assign a target for each individual involved in the process. Keep in mind that the goals should be practical, time-bound, and realistic.
- We are sure you have defined your target audience, and if you are a step ahead already, it is time to establish your KPIs such as inbound links, bounce rates, unique visitors, and more.
- Last, you have to identify an analytics channel or platform to measure your marketing performance. There is a myriad of tools available such as Google Analytics, Adobe Marketing Cloud, HubSpot, etc., to help you.
Digital marketing is evolving rapidly, many brands have adapted to the major trends but still, some struggle to measure its effectiveness.
Marketing Technology News: Interview with Sean Adams, Global Insights Director at Brand Metrics Featuring Jade Power, Director of Digital Monetisation at National World
There are several reasons why brands fail to measure their digital marketing effectiveness. Here are some of the most common ones:
Lack of Goals and Objectives
One of the main reasons why brands fail to measure digital marketing effectiveness is a lack of clear goals and objectives. Without clear goals, it is impossible to determine if digital marketing efforts are having the desired impact. Brands must set clear, measurable goals and objectives before launching a digital marketing campaign. For example, a clothing retailer may set a goal to increase online sales by 30% within a year through digital marketing efforts.
Insufficient Data Tracking
Another reason why brands fail to measure digital marketing effectiveness is the lack of proper data tracking. To measure the effectiveness of digital marketing, it is crucial to track and analyze data from various sources, such as website traffic, conversion rates, and social media engagement. Without adequate data tracking, brands cannot accurately measure the impact of their digital marketing efforts. For example, a restaurant chain may track the number of people visiting their website but fail to track the number of reservations made through the website, making it impossible to determine the impact of digital marketing efforts on reservations.
Inadequate Tools and Technology
The use of the right tools and technology is essential to measure digital marketing effectiveness. Brands that don’t invest in the right tools and technology risk not having the ability to gather and analyze the data necessary to measure the impact of their digital marketing efforts. For example, a small business may rely on manual tracking methods such as spreadsheets, making it difficult to get an accurate and comprehensive view of its digital marketing efforts.
Limited Knowledge and Expertise
Some brands may also struggle to measure digital marketing effectiveness due to a lack of knowledge and expertise in the field. Brands must ensure that they have the right team in place to handle digital marketing measurement, including individuals with the skills and experience necessary to gather, analyze, and interpret data. For example, a startup may have a team of marketing experts but lack data analytics specialists, making it difficult to measure their digital marketing efforts.
Inconsistent Metrics
Finally, another reason why brands fail to measure digital marketing effectiveness is the use of inconsistent metrics. Brands must ensure that they are using the right metrics to measure the impact of their digital marketing efforts. For example, a B2B company may use website traffic as a measure of success for a social media campaign, when in reality, the campaign’s success should be measured by the number of qualified leads generated.
Marketing Technology News: The Digital Skills Gap – Why It Exists and How Solving It Accelerates Business Success
Time to land at the foreground – Measuring the Effectiveness of your Digital Marketing
Brands that want to succeed in digital marketing must prioritize measuring the effectiveness of their efforts. It includes setting clear goals and objectives, tracking data effectively, investing in the right tools and technology, having the right team in place, and using consistent metrics. By doing so, brands can ensure that they are making the most of their digital marketing efforts and achieving the results they desire.
