ROI - not to be confused with your mate Roy...
How should I measure campaign performance?
Without clearly defining marketing campaign goals, you will be unable to determine whether the campaign was successful.
Normally, success is measured in terms of ROI (return on investment). To build an estimate for your anticipated ROI, the calculation can be based on the anticipated conversion ratio, multiplied by the estimated average customer lifetime value (or value over a defined time-frame), divided by the total communication cost.
The communication cost calculation will normally take into consideration the cost of running the campaign in addition to standard fixed overheads, including for example, data, printing, paper stock, call centre costs, postage and design.
Ultimately, before running a campaign, you should be confident that the overall campaign, or at least measurable elements of the campaign, will create a measurable positive ROI over a defined time-frame.
Where possible, try to divide the campaign into measurable test cells / a testing matrix, so that learnings can be determined around which areas of the campaign would likely be successful and unsuccessful in a roll-out. By measuring in this way, even an unsuccessful test might highlight opportunities for future success.
An experienced data strategist will be able to build a matrix that enables multiple learnings from a relatively small campaign.
Are you cornering your market with your campaigns?
Businesses are facing increasingly complex marketing options across ever-changing channels.
Few options enable the marketer to reach their audience with the same level of targeting, impact and measurability as direct & digital marketing campaigns.
This new series of newsletters will outline how to evaluate these types of marketing options effectively.
Each article will focus on a key consideration to take into account:
1. How will segmentation in acquisition reduce wastage and improve campaign ROI?
2. How can I avoid tests that are designed with someone else’s goals in mind?
3. Will my communication actually reach and be read / heard by my target audience?
4. Will my audience engage with my communication and ultimately respond positively?
5. Will the data I source for my campaign be accurate and up to date?
6. How should I measure campaign performance?
Author in Waiting inspiration Igniting Souls. AAE soon. Left, not gone from DDG or Mississauga Available, never free ;)
8 年Great tips, thanks for sharing. That Roy guy.........he's cost me way too much money over the years!