Every business owner is curious to know whether or not their marketing strategy is actually working. Understanding why your strategy is faltering—or why it’s working—is essential to know. Here are a couple things you can do to see if your marketing strategy is actually doing its job.
Compare the Actual Results to the Expected Results
At the onset of your marketing strategy, you and your team probably projected a certain amount of sales. But what is the point in setting goals if you don’t compare your projected increase to your current trends in sales. If you really want to know if your marketing strategy is working, it is time to see whether you are falling short of your initial goal. If you and your team are not meeting the mark when it comes to projected sales, there are several things you can do to get back on track. First, ensure that you are catering to the right audience. Second, make plans and goals to increase customer retention, size, and frequency.
Use an Attribution Model
A decent portion of business owners aren’t sure how to measure or interpret their marketing strategy’s effectiveness. Fortunately, using attribution models can help define the efficacy of your marketing channels. In simpler terms, an attribution model helps business owners recognize what channels customers most frequently interact with before they decide to purchase an item or service.
There are different attribution models you can use to figure out if your strategy is responsible for the improved performance you’re observing. One is the first-touch attribution model which measures which channels tend to first bring customers to your website. Another is the lead-conversion touch attribution which measures which channels tend to generate leads on sales. Try these to see if your marketing strategy is really working
Surveys—Just Ask Your Customers
One of the cheapest and simplest ways of measuring the efficacy of your marketing strategy is through online or in-store surveys. Sometimes business owners try so hard to hypothesize what their customers are feeling—but nobody can read minds. For this reason, surveys or questionnaires can help you and your marketing team understand if your marketing strategy is actually doing its job.
There is no use in spending money on a marketing initiative if it isn’t fulfilling its original or projected purpose. Take the time to meet with your marketing team to compare your actual and expected results, analyze your attribution models, and offer surveys to customers. Then make the necessary changes to reach your sales goal.
To really get your business up and running, try coaching!