It’s easy to let a bit of complacency sneak in when your business is doing well. Stable sales and smooth daily operations can make you put your marketing analytics in the backseat. However, you cannot let such important components go unchecked for long. You need to know where every dollar you’re spending on your business’s marketing is going. There are some crucial insights that you can only get if you collect data related to your marketing campaigns. Here’s why tracking your marketing campaign accurately matters big time for your business.
Digital marketing campaigns play an all-important role in creating brand awareness and reaching out to potential customers across diverse social media platforms. That said, many marketing campaigns fail to yield desired results for marketers.
Why? Because marketers fail to track their digital marketing campaigns accurately, which further can lead to stagnant business growth. Unsurprisingly, only 22% of marketers have data-driven initiatives achieving significant results (Forbes Insights Report). And that’s not all. Another survey by ITSMA and Vision Edge shows that 74% of marketers fail to gauge the impact of their marketing efforts on the businesses they're working with.
In the absence of using top-rated marketing analytics and social media reporting tool, how can any business expect to register a boost in efficiency and revenue when it has vague figures to show in the name of marketing campaigns?
The aforementioned stats are shocking considering the fact that the performance of digital marketing campaigns is measured primarily on figures.
Your marketing campaign goals could be diverse; from drawing in increased organic traffic to conversions and more registrations. However, without tracking marketing campaigns, there’s no sure-shot way to know whether your ad campaigns are reaping the desired results or not. If so many businesses’ marketing campaigns are failing to hit the set target, it is because they’re operating in the dark.
Imagine your business’s website is drawing massive amounts of organic web traffic in recent days. That's great news, isn’t it! However, on a closer look, you discover that this steep surge is only for a couple of days in the week. Tracking your marketing campaign’s analytics will help you identify who is visiting your website, where they come from, and how long they are staying on each page.
The surge could be due to an engaging post on your social media accounts or it could also be due to fake traffic. You’ll be able to identify the exact reason that led to a steep increase in page views and click-through rates. Tracking your marketing efforts provides you with detailed insight into what factors are working and what are not.
If you are running ads on various social media platforms (Facebook, Instagram, etc.) and other major ad networks (Bing Ads, Google Adwords, etc.) then you would want to track their performance accurately. You would want to know whether your paid ad campaigns are working or not.
Conversion tracking tools are vital for marketing teams to fetch crucial information on new users, sign-ups, new sales, app downloads and more. This is also a fairly quick process to implement and the insight you’ll gain by tracking these efforts will help you manage your budgets more effectively.
Businesses need to analyze marketing teams’ performance through accumulated data to get insights into their performance. To achieve this purpose, many successful marketing teams invest in a feature-rich, easy-to-use project management software that they can use daily from any location, any device.
The tool enables marketing teams to plan, organize, and execute projects, create tasks & subtasks, assign them to the right people, manage schedules and files at one place, set deadlines, track project progress through workflows & timelines, and create custom reports. Since every marketing agency works differently, every marketing team would need a different type of project management software to track their performance and organize accumulated data in a single place.
For example, marketing teams can use Kanban boards to create custom workflows, add custom fields to tasks, visualize project timelines on Gantt charts, use project templates to save time, and keep an eye on all activities through activity logs.
By studying analytics and other relevant data, business owners will have the information they need to decide whether to make any changes to existing marketing plans or start fresh with something more relevant.
Some businesses are mainly dependent on generating phone leads. It's a good sign when both potential and actual customers call back for more queries. However, it’s important to find out where they are coming from and how they hear about your company.
For example, your customer support team receives 500 calls in a day. You should categorize these callers into different categories - their geographical locations and source of lead generation (organic search, social media, website visitor, referrals). This will enable you to invest more in those marketing platforms from where you’re getting the most traffic.
Having correct answers to these questions will equip you with more productive future digital marketing efforts. You must know the source of the origin of your phone calls to be able to track marketing campaigns effectively and increase your sales.
Tracking your marketing campaign enables businesses to understand what the target customer expects from your product/services. You can spend a heavy amount on your marketing and promotion, but you can’t sustain your business with a poor product.
Customers no longer invest in products and services that are offered; they invest where their expectations are met. Tracking your marketing campaign with the help of a powerful project tracking tool allows you to take crucial feedback from potential customers, and build a better product.
A lot of businesses are of the view that monitoring marketing campaigns is reserved for tech-savvy marketing teams, which is not true. With the easy availability of easy-to-use marketing analytics tools, businesses of every size can use them to get valuable insights related to your marketing campaigns and users’ behavior.
So, what are you waiting for? Invest in the right marketing analytics tools and reap the benefits.