Just because you have an online marketing strategy doesn’t mean you have an online marketing strategy that generates positive results.
It’s critical to have a plan in place for tracking the results associated with your strategy, as this helps you answer questions such as:
– Which aspects of your online marketing strategy are generating positive results?
– Which aspects of your online marketing strategy are costing you time and money, with – nothing to show for it in return?
– How can you adjust your approach in the future for better results?
Since no two online marketing strategies are identical, the way you track your progress and success is unique to your company, goals, and overall circumstances. However, there are a few details that deserve your attention:
1. Number and Quality of Leads
Simply put, your online marketing strategy should generate high-quality leads. If it’s doing just that, you’re on the right track. But if it’s not, you need to adjust your approach to better spend your resources in the future.
Keep in mind that “qualifying a lead as a lead” means something different to every company. For example, if you own a local HVAC company, a lead can be as simple as someone who calls you for a quote or additional information.
But if you own a software company that generates leads 100 percent via the internet, you’re seeking a different type of lead, such as someone who contacts you to schedule a free demo.
2. Action from Multiple Tactics
There’s nothing wrong with finding what works and milking it for as long as possible, but the best online marketing strategies are those that are rooted in multiple tactics that produce results.
For example, corporate blogging may be your bread and butter, but that doesn’t mean you should ignore video marketing, social media marketing, and creating a podcast.
A well-rounded online marketing strategy is one with less chance of quickly fizzling out, thus leaving you stuck and searching for answers.
3. Increase in Revenue
It’s one thing for your online marketing strategy to engage your target audience, but that’s not good enough. It needs to have a positive impact on your bottom line.
Don’t just track leads. Track leads that convert into sales, and then make note of how these sales impact your revenue.
You can have what you consider to be the best online marketing strategy in your industry, but if it doesn’t lead to an increase in revenue you’re simply spinning your wheels.
4. Positive Feedback from Your Target Audience
Don’t second-guess yourself as to whether or not your online marketing strategy is working. Ask your target audience for feedback.
For instance, if you have a contact form on your website, add a field for the lead to share where they came across your product or service.
Taking this one step further, ask for direct feedback when communicating with leads. You may not like everything you hear, but they thought enough of your company to get in touch. You might as well secure as much information from them as possible.
5. Track Your KPIs
A KPI, also known as a key performance indicator, is a type of performance measurement that allows you to better understand if your marketing strategy is working.
Some of the most commonly used marketing KPIs include:
- Number of leads
- Cost per lead
- Customer lifetime value
- Lead to customer ratio
- Organic traffic
- Social media traffic
- Mobile traffic, leads, and conversions
- Landing page conversion rates
You’re likely to find that some KPIs are trending in the right direction, while others are not. Regardless of your findings, you’ll have the data you need to take the appropriate action.
Understanding the performance of your online marketing strategy isn’t always black and white. That’s why it’s so important to have a system in place for measuring your performance and results, making changes as necessary, and ensuring that you’re always moving in the right direction.
An online marketing strategy that yields results is one that you can confidently rely on. Conversely, if you’re unsatisfied with what you’re seeing in return for your efforts, the time has come to change your ways.