The Key Role of Tracking Results
After Targeting, Messaging, and Reach, the final major component of our Basic Marketing Formula considers results. Tracking results is key to knowing what’s working and what’s not. And your media tracking guides the path to success.
This final installment of our Marketing Formula 101 series discusses how best to be tracking results and offers up a structure to make sure you never to the same thing twice unless it works.
Using media tracking avoids waste in your strategy that lowers your potential ROI.
The Basics of Media Tracking
Today’s technologies offer simple ways to track just about anything on-line. We most commonly utilize tools from Google such as Google Analytics and Google Tag Manager as the foundation of our media tracking. These are now both part of the Google Marketing Platform.
These tools allow us to track every individual campaign (and even our A/B testing within campaigns) to know what’s driving traffic and engagement, what’s creating actionable leads and revenue growth, and — more importantly — what isn’t.
Over the past decade, we devised our Bullseye Marketing Method to provide a structured framework for deploying a media plan, tracking and analyzing what’s happening, and making informed adjustments. The goal is to never do something twice that’s not working unless we’ve changed a variable in the Basic Marketing Formula.
Common Adjustments Based on Media Tracking
As we’re tracking results, we look for patterns and opportunities to make improvements.
For example, if a campaign is generating a lot of engagement but a low rate of conversion, that points us in the direction of our landing page to look for friction that’s stopping the sales process.
If a campaign is generating a lot of impressions with a low click-through rate (CTR), we’ve either got a problem with our messaging or we’re talking to the wrong people.
If a campaign is generating a lot of actionable leads that aren’t converting into sales, we may have a problem with our value proposition.
Having the data in front of you makes you a smarter marketer. And it’s the only way you can know whether your marketing plan is truly growing the business in meaningful ways or not.
When you know it’s working and you can see tangible growth, investing in your marketing becomes a no-brainer.
How Tracking Results Fits In With the Overall Marketing Formula
As you consider media tracking to optimize ROI, realize it’s only 1 element in our basic marketing formula:
TARGETING + MESSAGING + REACH = RESULTS
When you work this basic marketing formula and let it drive your overall strategy, you’ll find that you do a much more effective job of:
- Targeting your best prospects
- Clearly communicating your message to them
- Reaching them where, when, and how they can absorb your message and take action
- Track your results to get your best marketing ROI
Here is a quick reference to all the posts in this Marketing Formula 101 series:
RESULTS (This Post)
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If you’d like to talk more about our Basic Marketing Formula, we’re always happy to schedule a free initial marketing consultation. Or connect with us in whatever way works best for you.