How do you determine whether a marketing strategy has been successful or not? 🎯
Zekiye Nur Kesici
18 replies
Everyone has a unique marketing strategy and a unique set of metrics to determine whether those strategies are successful. I'm curious about yours.🧐
Replies
Martin Stas@martin_stas
Heya, everyone! Super stoked to be part of this chat. Measuring marketing success is like a whole adventure, right?
In my opinion, there's no one-size-fits-all method to determine the effectiveness of a marketing strategy. Every biz has its own vibe, goals, and peeps to target. So, it's mega important to figure out the metrics that vibe with your unique strategy.
Some groovy metrics to think about are customer engagement (are they feelin' the love?), conversion rates (how many are takin' the plunge?), brand awareness (is your name on everyone's lips?), ROI (is the cash flowin' in?), and customer retention (are they stickin' around for more).
But wait, there's more! Don't forget the warm fuzzies of qualitative feedback. Get the lowdown from surveys, reviews, and keep an eye on the social media buzz.
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At the end of the day, we can say our strategy is successful if we're getting close to our monthly goals. Off course, there are many other technical metrics that we inspect, too.
But, I think the most important metric is that are we understanding more about our potential costumers, are we contacting with them as enough as we can identify them better, are we getting insights about what they actually think. If we're doing this better, our approach is improving and this making marketing strategy better.
Launching soon!
@tanertuncer We also set monthly target in our company, but as you said, these goals are solely motivating ourselves. Understanding the needs of your community is one of the most important things in determining your strategy. I totally agree with your point.
I guess by conversion rates and visitors.
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@zekiye_nur_kesici that's actually a really question. It's probably easier and more business friendly to consider the KPI achievement status. Yet personally, as a marketer myself, I like to test hypothesis and if those work within a marketing campaign, I see it as success.
It's good to celebrate small achievements sometimes - to keep oneself motivated. imho :)
Launching soon!
@anastasiiahere You are so right!! Motivation is so important in this journey! I will definitely set small goals for myself from now on. Thank you.🚀
@zekiye_nur_kesici thank you for raising such interesting questions! My own answer and your follow up reply have been a good reminder to me. Already thinking of some small steps at a time, at least within PH exploration ;) Are you working atm on some interesting marketing projects or campaigns yourself?
Some people use the principle of 1 to 4. For every dollar spent on marketing, you should be getting a revenue of 4 dollars.
Launching soon!
Metrics that you should track:
1. Sales and Conversion: When you've launched a marketing campaign, you need to see whether it yielded a positive ROI. In other words, is it worth the investment?
2. Traffic Metrics: When running an advertising campaign, it's critical to monitor and analyze your campaign performance.
3. Brand metrics: Use brand metrics to assess your brand's awareness and perception among target customers.
4. Conversion rate: When running a lead generation campaign, the conversion rate is a key metric to track. That way, you'll be able to stay on top of your campaign.
As for how to determine whether the marketing strategies you implemented have been successful, it depends on what framework you're using. A good framework would be the marketing funnel. To figure out exactly where you are in the funnel, you must know what your funnel looks like.
Launching soon!
@qudsia_ali You are amazing, really! Very detailed explanation, it will be very useful for me! Thank you so much for your contribution. Would love to learn more from you! Let's keep in touch.💛
Whether a marketing strategy has been successful or not depends on two factors:
1. The strategy should have a clear objective. Whether that objective is to increase brand awareness or to increase sales or to build a social media following, that should be the end goal. And,
2. The strategy should be measurable.
Something that companies should focus on is ROI, not that they don't but if a company is good at reaching at target audience they should be able to proper figures and results on the return they expect from a campaign