Marketing KPIs and Budgeting can be a difficult beast to record and report on. It can be particularly difficult to record an ROI, because success isn’t always measured in a simple one cause and effect or even always in a monetary value. However, there are five key ways of ensuring that your marketing campaigns are successful by:
- Knowing what you want to achieve, in specific detail.
- Setting measurable KPIs (Key Performance Indicators).
- Having a realistic list of deliverables.
- Setting a benchmark.
- Keeping records of activities and ROI.
When trying to achieve certain marketing goals, it is particularly useful to know what the starting point is as this enables you to set a benchmark upon which Marketing KPIs and Budgeting can be recorded.
Benchmarking
To set the benchmark, you need to gather data about your current marketing activities – whether it’s online marketing or traditional marketing as well as the success/engagement rate. For example, you could gather information on:
- Newsletter email open rate, click rate, and response rate.
- Website engagement: traffic, bouncebacks, page engagement, form completions.
- How often you post online: on what platforms, and what is the average engagement rate?
- Where your clients come from – social media, adverts, website, networking?
When setting benchmarks, it may not be appropriate to record every marketing activity you do, but instead focus on one at a time (e.g., digital marketing, mailouts, email marketing) depending on what your next marketing campaign will be utilising. Often, with digital marketing channels there are helpful analytics tools which can help you identify the activities and the engagement rates.
Keeping it real with Marketing KPIs and Budgeting
Another element to ensuring a successful marketing campaign is to be realistic; in the goals, the KPIs and the time scale.
This should also be tied in with the benchmarks that you have identified. So, for example, you could have the goal to double the click-through rate on newsletters or emails. Whilst it would be great to aim high in regard to timescale you should also be realistic. It may not happen within a week, but it could happen within a month. Also, why do you want to double click-throughs?
You also need to keep recording the results regularly, so you are able to see what is ‘working’ and whether your goals are realistic or overly cautious and then adjust accordingly.
For help with identifying your benchmarks and setting a realistic marketing goal speak with Priddey Marketing today.