Organizations run tons of campaigns whose majority of focus is thriving digitally. Brands depend on specific benchmarks and metrics to plan the campaign’s results. Performance monitoring tools should be implemented to evaluate the performance of marketing strategies and determine their impact.

Considering the intense competition in the digital sphere, marketers are under massive pressure to keep up with desired results and Return On Investment (ROI). Understanding campaigns’ data and measuring their KPIs have become increasingly important for businesses to cut costs and secure more profits.

How Metrics and Tools Help Measure Campaign’s Success

Metrics are like benchmarks for every campaign used to determine whether the digital marketing campaigns are fulfilling the desired results. With metrics and KPIs, marketers can clearly visualize their expected results. This prevents them from shooting in the air aimlessly and knowing precisely the expected results. Meanwhile, tools help in measuring the performance of the campaigns, which means whether the campaigns are reaching the desired KPIs set by businesses.

Without the right tracking tools, brands execute their campaigns blindly and don’t know which specific areas or aspects are drawing problems for their campaigns. Generally, tools and metrics determine whether the marketing efforts contribute to the brand’s campaign goals.

A Step-By-Step Process To Measure Digital Marketing Campaigns

How do we start measuring campaigns better? This step-by-step process will help businesses create a comprehensive approach to measuring their campaign effectiveness.

Set Transparent Goals

To measure the campaign performance, brands first need to set specific goals to set the foundations for the success of their campaigns. In setting goals, companies need to figure out particular questions, such as:

Are we looking to increase our paid subscriptions?

Are we looking to boost our lead generation growth?

Are we looking to raise brand awareness?

The goals should use the SMART framework, ensuring established goals are “specific, measurable, attainable, relevant, and time-bound.” This practice will ensure that goals are clearly defined and can be easily tracked through certain KPIs and metrics moving forward.

Define KPIs

Key performance indicators are used to make sure that marketers have to follow them as campaign benchmarks. Brands see KPIs to see whether the campaigns are meeting goals or not. Retention rates and Return On Investment (ROI) are examples of KPIs. These KPIs indicate the success and failure of any campaign.

Schedule Your Measurement Practices

Brands need to set the schedule for measuring different aspects and areas of their campaigns. Marketers must develop a plan that tracks certain areas throughout a campaign. The aim is to track results over the time period of campaigns instead of waiting for them to be finished. This alerts marketers about potential campaign barriers, helping them improve their strategies and capitalize on crucial opportunities.

Selecting The Right Marketing Tools

Brands usually cover various marketing channels for their campaigns. From social media and B2B email marketing to the website, every channel campaign needs to be measured using the right marketing tools.

Brands can also use Google Analytics tools to see how, why, and where the traffic is coming from their websites. With tools like this, marketers can track every aspect of advertising and content marketing efforts.

4 KPIs To Measure Campaign Success

One can use multiple KPIs to measure the effectiveness of B2B digital marketing campaigns. However, one needs to figure out which KPIs are primarily relevant to one’s campaign initiatives.

Return on Investment (ROI)

The most common KPI that is used in every business campaign. This shows how much one makes on top of a specific investment. If one spends $500 on B2B PPC campaigns and earns $1000 in sales, then that’s %100 ROI.

Customer Life Value

Customer lifetime value is a crucial metric, mostly in SaaS businesses. It shows how much time one customer uses the company’s service. For instance, if the customer pays $500 a year to subscribe to any SaaS service and then remains a paid subscriber for two years, the CLV of that customer is $1000.

Retention Rate

This is a KPI that is used in every business type. It means how many users stay on to be subscribed to a service after using it for the first time.

Conversion Rate

Conversion rate is another important metric that signals the desired action taken by customers. For instance, if a content marketing campaign generates 2000 new website visitors and converts 200 visitors into qualified leads, that results in a 10% conversion rate.

Conclusion

Businesses need to set specific metrics or KPIs to measure the success of their digital marketing campaigns. Without the right metrics, marketers will be completely unaware of the problems within the areas of their campaigns and will surely fail to make the best out of their campaigns. Brands need to use modern tracking tools to closely monitor their campaigns’ performance and various aspects.