3 Steps To Effectively Measure Your Marketing Efforts

Many new or small businesses use the wrong metrics and data to measure their success. Are you one of them?

Today, we're diving into a crucial topic for all B2B businesses: How do I measure the success of my marketing campaigns?

It's a big question that boils down to three crucial considerations...

1. Start with Clear Business Goals

First, you need to define your business goals. I feel stupid having to say such an obvious thing… but I still see many people failing at this step.

Your goals could be anything SPECIFIC from increasing your yearly revenue by a certain percentage to boosting your customer lifetime value (LTV) to a certain number.

Once you have your business goals, you can tie them to marketing goals and metrics that measure the success of each step of the funnel. Avoid getting caught up in "vanity metrics" such as likes or impressions. They might look good on paper but don’t always translate into actual business success.

Impressions, Traffic, or Likes on their own do not necessarily mean revenue. Keep in mind that to choose the right metrics for your business, you need to take into consideration your own business and marketing goals.

2. Implement Proper Tracking

Next up is tracking. The tracking methods we used just a few years ago don’t cut it anymore. With privacy policies changing and cookies disappearing, you need a solid marketing tech stack that allows for precise conversion tracking and integrates seamlessly with your CRM.

This means you can accurately measure results and understand where they’re coming from. If your tracking isn’t working, you will inevitably end up spending money on the wrong tactics or targeting the wrong audience.

Make sure you have tools that provide real-time data and insights so you can adjust your campaigns as needed.

Many of the clients that I onboard think that they have a proper event tracking setup, but they actually don't. It's mostly an obsolete tracking setup that doesn't work anymore.

3. Conduct In-Depth Analysis

Now that you've set your goals and established tracking, it's time to analyze the results. Don’t just look at the numbers—ask yourself why you're seeing those results.

For instance, if you're getting lots of Marketing Qualified Leads but not many converting into customers, dig deeper. What’s happening in your lead generation process? Where are your leads coming from or dropping off? Why?

Sometimes, it’s difficult to understand your customers only by looking at dashboards. Talk to them if you’re unsure about why something happens. And keep your mind open - some answers might run contrary to your assumptions.

Finally, what’s the most important aspect that ties all of these together? It’s strategy. A good marketing strategy can help you understand the entire marketing landscape that surrounds your business.

This is where my agency, WiiN Digital, excels. I’ve left a link to our free marketing audit in below so you can get a taste of what good digital marketing looks like. See you there!