A large part of running any business is ensuring that you not only have a marketing strategy but also making sure that the money you’re spending is providing a return to your business. While it’s not always possible to get an exact figure on the financial return that a marketing activity has provided, it is still important to not only monitor your revenue but other numbers as well such as website traffic, online advertising figures and customer enquiries. By tracking and analysing these numbers you’ll be able to make informed decisions around what is working for you and what isn’t.
Watch your sales
One of the fastest and easiest ways to see if your recent marketing event has generated sales is to check your revenue figures. Depending on your sales cycles you should be able to find a comparable time period to compare your revenue to see if it’s had a boost. If your business doesn’t work on a recurring revenue model then fluctuations in your revenue won’t be uncommon however if you notice a large spike directly after your marketing event then there is a good chance it’s related.
Analyse your website traffic
Your business’ website shouldn’t just be a way to sell products or provide more information about your business, it should also be a way to learn more about your customers by monitoring their traffic. By using website tracking (such as Google Analytics) you can glean useful information such as which pages are the most popular on your site, how long people are spending there, and where they have come from.
By analysing this traffic you’ll be able to see if your recent marketing activity has paid off for you. For example, if you’ve recently had an article that mentions your brand on the front page of a popular website you’ll instantly be able to see if your traffic has been referred from their website. If they don’t provide a direct link to your website but you’re still seeing an increase in traffic then you can have a look and see if the search terms that are sending people to your website are your brand name.
Another example would be if you’ve just sent out an email blast to your subscribed audience and want to see if this has worked for you. If you’re using an online marketing platform then these will usually provide their own reports, otherwise, you could look at Google Analytics and see the exact amount of revenue it’s generated for you!
Of course always make sure that you comply with the necessary privacy laws and let people know in your website terms and conditions or privacy policy that their activity is being tracked, or provide people with a way for them to opt-out if you’re complying with GDPR.
Check out your online advertising reports
If you’ve recently had some great publicity online and want to generate some traction while it’s still relevant then you may want to create some Google or Facebook Ads. These ads might direct traffic to a page on your website that hosts the publicity or has a video embedded in the ads of your appearance. All good online advertising will provide their own reports on your ad performance that will clearly show you the amount you’ve spent on your campaign and the number of sales you’ve generated from them.
