GoodThinking the masonbaronet newsletter

How do you measure the success of your marketing dollars?

It’s complicated

It’s a no-brainer that we all want to increase revenue, but multiple marketing channels make it more complicated than it used to be. So how exactly do you know your marketing dollars are being effective and the spending is correct? It’s a broad spectrum, and there’s not a one-size-fits-all answer. Every company is different, but all need to have a marketing plan, follow the plan, and determine in advance how you will know that your marketing dollars are working for you. To do this, you’ll have to evaluate multiple factors.

 

There is no longer just one success indicator in marketing. We know there are many touchpoints that lead to that sale; we can’t possibly say it was due to one single line of impact. Who knows about the initial sales contact or how much exposure to your brand was received through advertising, website opt-ins, and so much more? Hands down, increased appointments and more traffic to your site are measures of success, but think about today’s customers. They have so many ways to be exposed to your product or business. Maybe they saw your Facebook page, heard a commercial, or had a friend recommend you — or maybe they can’t even remember.

 

The point is, not every marketing dollar you spend provides immediate trackable results. Because it happens over time, businesses must look very broadly at all of the touchpoints affecting success. And because success looks different for every company, be sure you know what success looks like for you, and how to measure it. Are your results being achieved or is it time to take another look at your strategy and marketing dollars to see where there may be issues.

 

At MasonBaronet, our forward-thinking creative is only as good as the strategy, data and research we put behind it — and our sole purpose is to help you with yours.


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