Frequently called marketing metrics, depending on the scale of your company or program, measuring marketing results can range from simple to a variety of complex methods and approaches.
In fact, some of the traditional methods of measuring results are still some of the most important. Below we will identify traditional approaches to measuring marketing. Make sure to check out the other blogs in our measuring marketing series including Internet measures and social media measures.
Financial measures like sales revenue, unit volumes, or profit margins are not only important, but also closely tied to company or brand success.
Other traditional approaches might include identifying new customers, and having sales, service or telemarketing personnel ask (and document) how they found out about your product or company (source of exposure). Inbound telephone calls and inquiries can likewise be qualified, as can trade show and/or event inquiries. At one time trade print advertising supplied reader response cards and reports, which are now less used, if at all. In the PR area, clipping services provided “hard copy” clips of publicity placements, most of which have been replaced with electronic distribution and reporting.
Another traditional approach to measuring marketing results is the use of marketing research, which can be a variety of types and methods. To learn more about the types of market research, read Market Research – Types & Tips. Use market research to measure:
- Market size
- Market share
- Brand awareness
- Brand preference
- Market trends
- Customer satisfaction
Tracking measures can be facilitated by a customer or prospect database, or for smaller scale marketing programs, a spreadsheet. If and when the database is integrated with corporate information systems, CRM systems, or sales force automation, these customer records can help manage reporting, as well as identify such customer or marketing scenarios as new customer acquisition, retention, dormant, and lost customers.
Relating back to specific marketing campaigns or initiatives is a challenge with traditional measures. To eliminate this challenge, always use direct response offers and promotional codes for all initiatives and campaigns.
Check out the other blogs in our Measuring Marketing Series:
What traditional metrics do you use? Let us know in the comment box below and share this post using the social bookmarking tools below!