Key metrics to measure campaign success

Effective marketing measurement is vital to ensure the optimisation of campaigns and to get the best return on investment. However, it continues to be a big challenge for B2B organisations.

According to Demand Gen Report’s ‘2018 Marketing Measurement & Attribution Survey Report’, more than half (58%) of respondents admitted their current ability to measure and analyse marketing performance “needs improvement” or worse, increasing nearly 10% from the previous year.

In total, just 7% rated their measurement efforts as excellent, dropping 6% from 2017. Meanwhile, 40% said their measurement skills needed improving and 34% consider their measurement capabilities to be average. 

Despite this, the overwhelming majority (87%) said marketing measurement and reporting were a growing priority for their business. 

But why is measurement so important?

Effectiveness and how it helps

Early 20th-century department store pioneer John Wanamaker famously joked: “I know that half of my advertising money is wasted. I just don’t know which half!” 

And it seems not much has changed over the years! As Survata’s ‘What is Ad Effectiveness and How Does it Help Your Business?’ explains, measurement helps companies to determine which ad campaigns have worked and which haven’t. 

With digital marketing providing businesses with the tools to engage across the whole buying journey, they can tweak their ads as they go along, making sure they don’t waste marketing budget - marketers no longer need to wait until the end of a campaign to analyse how well it has done. 

How to measure marketing success

What metrics do you look at to gauge campaign success? As Digitalist Magazine notes, many businesses make the mistake of simply looking at sales figures. But marketing does more than boost conversions. It can also be used for lead generation, lead nurturing, and raising brand awareness, and these can’t be measured solely by sales. So, what should you look at? 

End results

End results, such as web traffic and sales metrics, are, naturally, a key focus as they create revenue. You need to be able to measure how much of an impact your campaigns are having on revenue and site traffic. But remember that different campaigns have different objects. 

That’s not to say you should completely write off end results for other campaigns. Brand awareness and impressions can, of course, also help boost business growth, so it still worth monitoring these metrics but these shouldn’t be the only ones you focus on. 

Click-through rates

Whether it’s your email marketing, search engine marketing, or Facebook ad campaign, click-through rates will give you an indication of how well you are motivating your audience to take action and engage more than simply opening or liking your ad. 

Open rates

If open rates on your digital ads or emails are low, you might want to reconsider your call to action - is it clear? Is it engaging? Are your subject lines relevant and catchy? High open rates mean that you’re creating content that is enticing your audience. 

Unsubscribes

You’re always going to get people unsubscribing from your email marketing, and this has probably risen as a result of the EU’s GDPR, but if you’re seeing unnaturally high unsubscribe rates, you might want to reduce how many emails you send or double check that you’re sending personalised content that meets buyer needs and wants. 

Social media engagement

Whether through your organic social media efforts or your social media ads, engagement is a key metric. Shares, comments and retweets should all be measured and don’t forget to keep track on how they are trending over time. 

A/B tests are a great and cost-effective way of boosting engagement and can help you identify patterns around the type of content your audience will respond to. 

Looking ahead

Ad fraud, calls for greater transparency, brand safety, GDPR - all these external factors are having an impact on marketing and measurement. But these don’t all have to be negative consequences. 

In fact, they already influencing marketers to move away from attribution modeling and focus more on evidence-based marketing results, PerformanceIn reports. We’ve already discussed what metrics marketers can look at to powerfully measure effectiveness, but the future will, undoubtedly, focus on a holistic view of marketing. 

This Holy Grail, as PerformanceIn puts it, will focus on “connected measurement and optimisation of the entire media investment”, involving funnels across the buyer journey and ensuring they are given credit for their contribution. 

With B2B buyer journeys becoming increasingly complex, marketers need to adopt an approach that takes into account all marketing and non-marketing influences to ensure they optimise investment in different channels accordingly. 

The digital world has not only provided marketers with more opportunities to connect and engage with their target audiences, it has also created a wealth of data that companies can analyse to gain deeper insights into the content and channels that work. 

Effective measurement provides marketers with deep insights into how well their marketing campaigns are doing, whether they’re reaching the right audience and, ultimately, whether they have met their marketing objectives.

If you’d like help making sense of your marketing data or are struggling to effectively measure marketing success, get in touch with Kingpin today. We create actionable insights from your data to understand how your audience is behaving and what their motivations are across the buying journey, so you can deliver the ideal message to the ideal audience at the right time.