Part Seven: Measuring Effectiveness
Today’s topic concludes our blog series – how to build a successful strategic marketing plan.
We’ve covered the following steps in building out a strategic marketing plan:
So you’ve put all this work into researching, developing the plan, assigning roles and responsibilities and have started implementing the plan.
How will you know if your marketing plan is effective? By measuring your specific tactics.
Many times we hear, “I tried doing that and it didn’t work.” Our first question is “How do you know?” Without setting specific goals to measure your tactics, it becomes very subjective as to what did or did not work.
Review your tactics and decide how you are going to track its “effectiveness” to reach your business goals. Know your baseline (current state) and put a value on each tactic. How valuable are new leads – $50, $100? What is the cost of a product or service? Knowing this value will help you determine your ROI for each metric, which will answer the question “is it effective?”
Examples of metrics to use include:
- 30% monthly open rate of newsletter
- 10 new leads from email blast
- 10% new visitors to website
- 8 monthly purchases of product or service
- 12 new registrants for event
Let’s look at a quick example for metric #2 listed above – sending out an email blast.
Say the cost of sending out the email is $500. If you value a new lead at $100, you’ll need at least five new leads to cover your cost. Ten new leads and you’ve got a good ROI.
The true effectiveness is the value you put on it. Some may consider covering the cost effective enough, while others may view the engagement with the content effective. These are values you will need to determine based on your business goals.
There may be some situations in which a tactic cannot necessarily be tracked, for instance a brand awareness billboard. In these cases, we recommend training your employees to get in the habit of asking people where they heard about your company, your products/services. It could be as simple as asking them to check a box from a list of choices.
Lastly, and more importantly, we need to remind you that there’s no one-time silver bullet for engaging response or gaining leads. Many times tactics need a specific length of time to run to become effective or need to be tweaked. You just need to start somewhere to start gaining those insights and seeing those patterns to make adjustments to continually improve.
So this concludes our blog series – how to build an effective strategic marketing plan! We hope you found these posts helpful and insightful. When it comes time to plan your marketing, make sure to refer to these posts or contact us to help!