Marketing campaigns are essential for any type of business. However, it is critical that you know how to evaluate the success of a marketing campaign properly so that you can run effective campaigns and continue to improve the business’s marketing campaigns. There are a variety of criteria that you can use to evaluate whether or not a marketing campaign was successful or not.
Which criteria matter most to you depends on your business’s needs and the type of marketing campaign you run. Marketing attribution and closing the loop are important parts of a successful marketing campaign. Rokt provides good data linking marketing campaigns to outcomes that are useful for business value like purchases and app downloads. Here is what you should know about evaluating the success of a marketing campaign.
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Your Return on Investment Is One Way to Evaluate a Campaign’s Success
Not all metrics for a marketing campaign’s success are financial, but financial metrics can provide a good way to evaluate the campaign overall. One such financial metric is the return on investment or ROI. Return on investment allows you to compare the amount of money you spent on your marketing campaign and the amount of money you earned as a result of the campaign.
For example, if you spent $2,000 on a marketing campaign advertising a new pair of headphones and the marketing campaign earned you $6,000 in sales, your ROI was 300%. Naturally, the higher the ROI, the more successful the marketing campaign proved to be. You should go with Rokt for the best tools for evaluating marketing campaigns.
You Can Evaluate a Campaign Based on the Cost Per Lead
Another way to evaluate the success of a marketing campaign is to take a look at the cost per lead. This is another way of evaluating the marketing campaign from a financial point of view. The cost per lead focuses on the number of leads the marketing campaign generated instead of the number of sales it generated. Rokt’s tools can help you track all this data.
One example of this is if you spend $2,000 on a marketing campaign for orange juice and get 40 leads that result in 20 sales. That means that your cost per lead is $50. Of course, a lower cost per lead means that you spent your money on the campaign more efficiently.
Customer Retention Rates Can Be Useful
You can also evaluate the success of a marketing campaign based on your company’s customer retention rates. This is useful if you targeted the marketing campaign toward your company’s existing customers. In that case, you can follow up by taking a look at customer activity on your website. Rokt’s marketing campaign solutions allow you to examine this customer activity quite closely.
If they spent time looking at a product you advertised in your campaign, then you have at least drawn their interest in it. The next campaign could lead to that customer purchasing the product. On the other hand, if your customer retention rates decrease after a marketing campaign, then you will need to make changes to your messaging or your overall strategy.
You Can Evaluate the Campaign Based on Website Traffic
Website traffic is one more method that you can use to evaluate the success of a marketing campaign. You can first look at the total website traffic and compare the website traffic during the campaign to the overall website traffic. That can help you understand if the marketing campaign is successful in driving traffic to your website. You can even be more specific than that by comparing traffic from computer users to traffic from users who use mobile devices. You can use Rokt tools to track website traffic using email addresses.