33% of marketers do not measure marketing ROI at all, isn’t that shocking? This means that there are businesses out there that aren’t measuring how their marketing efforts are performing.
We know that any time the words “measuring” and “tracking” are heard, most people visualise spreadsheets and data, then zone out immediately. This is because we want to see the results, and not how we got to these results.
What you truly need is a user-friendly and easy to interpret reporting platform. The beauty of dissecting your marketing performance is that you can pinpoint where your weaknesses are, and work on strategies to improve these shortcomings.
Let’s run through 3 reasons why measuring marketing performance is important for any business or industry.
Reason #1: Creates a competitive advantage
Choose the right type and amount of metrics that are important to your business to gauge your performance. It is too costly and time-consuming to measure every aspect.
Remember, your competitors may not be looking at their marketing performance at all, and this is where you can track, analyse, and determine where you can improve your strategies!
Reason #2: Saves money
An estimated 26% of marketing budgets are spent on the wrong strategies or channels.
The main goal of measuring your marketing performance is to see where your strengths and weaknesses are. By analysing these areas, you can redirect your marketing efforts and budget accordingly.
For instance, you can use the budget that was spent on less effective marketing efforts and invest these funds to improving and expanding on other marketing methods.
Reason #3: Prioritise your main target audience
Not all customers are created equal, some are more profitable than others. For instance, a dental practice may know that 50 to 60-year-old parents are their most profitable customers. Although their services appeal to a wider audience, they may be more successful in targeting ads to their main target audience.
Dental Practice Example: How To Measure The Effectiveness Of Marketing
Different companies use various metrics to measure and analyse marketing performance. Let’s apply this to a dental practice:
|Search or Display ads
By monitoring and analysing your marketing performance, you can increase your competitive intelligence, assess market strengths and weaknesses, and make purposeful budgetary decisions across the marketing mix.
Measure Your Marketing Performance with LANA
LANA is your lead capture and nurture automation machine that helps you measure your marketing performance with reporting features that cover:
- Google ads – Clicks per campaign, impressions, cost, conversions.
- Facebook ads – Clicks, impressions, average CPC, CTR.
- Attribution report – Contacts created, opportunities closed, revenue closed.
- Call reporting – Answered vs missed calls, first-time calls, top sources.
- Appointment report – Booked, confirmed, showed, no shows.
One place to see how your marketing efforts are performing – your data is accessible and up-to-date, know what’s working and what’s not.
Talk to the LANA team today and we can help you get started with measuring your marketing performance! Call us on +61 2 5503 5262 or book a demo now.
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