U.S. ad expenditure is expected to grow 3.6% by the end of 2015 according to a June forecast from ZenithOptimedia. In 2014, the top 200 U.S. advertisers alone spent $137.8 billion. That’s a staggering number. And during a time when most companies are tightening their marketing budgets. How can business owners and smaller marketers compete? As Nick would say, “It’s time to get scrappy!”
To do that, we need to look at the big picture. Marketing isn’t a cost center, it’s a revenue driver. It’s about showing the value your brand delivers. Marketing helps convert prospects into customers. Focus on these three meaningful marketing metrics, no matter what platform or medium you’re evaluating.
1. Engagement
Where and how are people connecting with your brand? When you look at your web traffic, this metric can manifest itself in your referral sources, time on site, and pages viewed.
2. Lead Generation
How many of those become leads? How quickly do they become leads? In analyzing your web traffic, this could include lead forms completed and newsletter subscriptions.
3. Conversion
How many of those leads convert? How quickly do they convert? For web traffic, this could include online purchases or paid subscriptions.
For digital marketing, the best way to start measuring is Google Analytics. It’s free and easy to get started. Don’t get overwhelmed by the enormous amount of data it collects. Focus on measuring your marketing efforts using the three areas above.
You can use this framework to evaluate all of your marketing efforts, from campaigns to individual touch points to different channels. Identify what works best for your business and spend your dollars where they count the most.
