Updated: Sep 12, 2019
Measuring results from your marketing plan sounds complicated, but it can be very simple if done correctly. Your small business marketing plan should be comprised of five categories: business summary, business goals, target audience, marketing strategy, and budget. Using the elements of your marketing plan can help you tremendously when it comes to measuring results. Follow these five easy steps to discover if your marketing efforts are living up to your expectations.
Look at your marketing goals.
Comparative analysis is the key to determining the outcome of your efforts. In order to measure the quality of your marketing plan, you must recall the original goals you set out to achieve. Fortunately, you included a “business goal” category in your plan, which lays out your ideal results. Did your business reach any of these goals? For example: If your business goals state that you want to increase sales by 15%, grow your Instagram following by 1,000 people, and offer your product/service in two additional states, the data generated by your company can tell you how successful you are. However, to determine what marketing efforts contributed to your success or failure, you must dig deeper. Whether your methods are growing your business or sabotaging it, you need to know what is attributing to the change.
How is your marketing strategy holding up?
As we’ve discussed, your marketing strategy is crucial to the success of your marketing campaign. What methods and platforms did you decide to use, and did they live up to your expectations? How is your owned media performing? Are you attracting more traffic to your website and/or social media pages? Although it seems like you’ll be doing a lot of work sorting through every platform and method, you won’t have to. Social media networks have made marketing simple for businesses. Not only is it free to create your company’s presence, they provide statistical feedback for your page.
When it comes to paying for advertising, or paid media, most come with analytics, data, and suggestions to improving your advertising efforts. Take a look at these individually to see what’s working for you, what’s not, and what platforms are worth the money. And if you decided to advertise with any social media network, you are given insights and analytics that help you grow your presence. This makes it easy to determine not only if social media is working for you, but how, why, when, and where it’s working.
Did you pinpoint your target audience?
Knowing your target audience is crucial to the success of your business, and the success of your marketing campaign. Review the demographic and character traits of your audience. Do most of your new customers fall into the category of your target audience? If yes, then you’re definitely on the right track. If not, review which customers you’re attracting, or losing, to determine what changes need to be made to your idea of your company’s target audience.
What is your budget looking like?
Is the success of your marketing campaign lining up with the budget you set in your marketing plan? You already know how important it is to use your money efficiently in order to grow your business. Now it’s time to look at how well your money is working for you when it comes to marketing and advertising. Look at what methods and platforms are using the most financial resources. How are they performing? Compare each method to the amount of money it costs to use them. If you’re seeing the best results from your most expensive marketing techniques, perfect! However, if you’re seeing discrepancies in the amount of money that you’re spending vs the results you’re seeing, it’s time to change it up to suit your marketing goals.
How is your company performing?
Sometimes your marketing plan can be on point, but there are other areas of your business that diminish your success. Your marketing efforts can only take your company so far. If your goals, marketing strategy, target audience, and budget all fall into place, but your company is lacking success, you have issues elsewhere. Creating a marketing plan can help you pinpoint your trouble areas. First, review your business summary section of your plan and see if you’re adhering to the purpose and mission of your company. Second, pull up your SWOT analysis to recall the strengths and weaknesses of your team. Do the strengths listed in your plan remain strengths? How have you improved your weaknesses?
Measuring the results of your marketing campaign can be a challenging process, but having a well written marketing plan can make an incredible difference. It helps you analyze each facet of your marketing efforts and determine what is contributing to your success or causing your failure. Still unsure how to create a marketing campaign that suits your company?
Contact us at The Social Bullpen, and let us hit a home run for your business!