Online and digital marketing campaigns are not a set-it-and-forget-it endeavor. You need to be in-tune with the data and statistics rolling in from your marketing campaigns to find out what works, what doesn't, and which channels can be tweaked to further maximize the results of your marketing spend.
If you want to boost your ROI, we've got a list of four tips that can help you effectively evaluate which of your local ads are performing up to your expectations, as well as identifying which ones need to be reevaluated.
4 Ways to Evaluate the Performance of Your
1) Tracking Successful Conversion Paths
Modern consumers cross a lot of barriers online in their path from search to purchase, and keeping an eye on that path can be difficult. However, it's important to understand the attribution path to conversion across all ad campaigns to determine which channels are catching their interests and how that is influencing certain buying decisions.
For example, some consumers will start a search on a desktop device, only to move to social media for reviews of your company before going to their mobile device to make a phone call or otherwise connect with your brand. The trick is to figure out each successful conversion path and determine which ones have a proven ROI for your business so they can be replicated with success in future marketing campaigns.
Read More: Succeed with Local Marketing
2) How do Those Various Networks Interact?
As just mentioned, consumers move across multiple networks and ad channels in the path from discovery to conversion as a paying customers. More importantly, it helps to have insight into how your consumers are moving between your desktop website, physical stores, and client apps (for example) in the path to purchase. Insight into this cross-network journey can help you better understand which networks are funneling customers to your brand, and how they are moving across your various networks in the process.
3) Evaluating the Value of Each Media Channel
Omni-channel tracking is a new concept in digital marketing, and when paired with rules-based attribution and algorithmic attribution it is allowing brands to view visual reports on the true value of each media channel used in marketing. Advertisers in your company, as well as distribution partners, can better see how mobile channels (for example) impact a customer's journey, and provides a clearer picture of the return on investment you enjoy from each channel.
Additionally, you can gain insight into outside factors like economic conditions and seasonal changes in purchasing that impact different marketing channels and campaigns.
4) Sifting Through Buying Insights with Cross-Channel Engagement
Fragmentation and inconsistent measurement of marketing performance across various technological platforms often results in a lack of clarity on customer engagement. Your consumers engage with your brand on a variety of devices and through various marketing channels. Finding a unified data platform through which you can view all of your cross-channel performance for consumer behavior makes it easier to properly target your consumers.
With the right information in hand, as a result, your marketing team can decrease wasted ad spend by enhancing their targeting measures for "known profiles" across a variety of digital devices and marketing channels.
Read More: Succeed with Local Marketing
Evaluating and reevaluating your marketing campaign performance is critical to the long-term success of your advertising, and can help your company avoid wasted spending. Digital spending by companies is expected to surpass $72 billion in the US in 2017, which puts digital ad investments ahead of TV and represents almost 37% of the total media ad spend from companies in the United States. With so much money being spent, it's important to analyze where and how that money is being spent to ensure it's not wasted.