Your advertising initiatives — whether print, online, television or radio — are costly endeavors that are often done without understanding the true return on investment (ROI). Unfortunately, it can be a challenge to evaluate the success of your advertising campaigns. You may think you know what’s working well, but it’s best not to fall into this trap and instead have simple methods to help you measure and evaluate your advertising spend based on data.
While these tips are provided to give you easy-to-implement ideas for tracking, they may not always be true reporting measures. There is value in each impression your advertisement has, and building your brand awareness is also important. Be sure to consider your target audience and overall campaign reach when planning your advertisement schedule.
- Use coupons. Everybody wants to save money, so coupons are a natural way to get people to respond. While coupons work great for print advertisements, you can use also use a promotion code with social media or IP targeting. Track the business you get from coupons/promotional codes so you can identify where you got the strongest ROI.
- Email. Email campaigns are one of the most cost-effective ways to advertise your business. If you send an email to your target audience, use a professional company like ALLPRO Direct Marketing so you can see metrics like open and click-through rates. Other features and measurement tools are also available, but opens and clicks are the easiest to start tracking now.
- Split test. Sometimes, you may have several advertising concepts you want to run with. To maximize their effectiveness, consider doing a split test. This involves splitting your distribution list into groups and testing each ad with a small percentage of the whole. See which performs the best and use that version to distribute to the rest of the group.
- Landing pages. Consider adding a custom landing page for each advertisement you place. This will direct your audience to the page that is most associated with what they’re looking for, and will help you measure how well your ad performed by showing you how many people visited each landing page. ALLPRO Direct Marketing can help you get started.
- Just ask. When in doubt, if you’re not comfortable with implementing any of the above initiatives to track your ROI, you can simply ask your customers how they found out about you. You might be surprised at what they tell you, but this will give you data to go on. Plus, the conversation will help build rapport with that customer.
If you aren’t measuring any of your efforts, you may be throwing money away without realizing it. You’ll find that not every advertisement is successful but, going forward, you’ll at least have the data to make better business decisions and to nurture your prospects.
For additional information about branding your business and general marketing assistance, visit www.ALLPRODM.com or call 866-472-3982.