Whether it’s based entirely on a hard financial measure or softer metrics such as brand awareness or share of voice it’s key that you do have some measure in place to ascertain whether your marketing has been successful , or not.
You don’t necessarily have to go the hold hog and develop a complete ROI model, in some cases if this is the first time you’ve tried to allocate metrics against your activity that might prove a step too far ahead at the moment. However whether you’re looking to track an increase in traffic to your website , an increase in online sales or measure ‘buzz’ online, knowing how your activity performs is key to being able to accurately allocate future spend against media attribution.
An increasing trend with most of the companies I work with sees a larger split of marketing budgets moving towards online but that is not to say that traditional advertising has had its day and the whole future relies on the internet. This trend merely supports the consumer’s way of accessing and absorbing information in today’s world.
It’s true to say that it’s easier to track, optimise and report online activity but there are also accurate assumptions you can make between press circulations / reach and DM mail outs for example.
The bottom line is that reporting on effectiveness shouldn’t be an end consideration to your activity; it should be considered and planned in from the start. By identifying your key metrics for success at the beginning you can clearly and accurately report back on whether or not you deem your marketing activity successful or not.
So ask yourself, what are you trying to achieve and what in your eyes would you deem to be a success? What do you want the results to be?
That’s your starting point, remember it’s an ongoing process and by measuring the effectiveness of your marketing you can continue to optimise your spend. What is right now may not be right 12, or even 6 months down the line.