Getting the Bang for Your Buck

I recently came across a King Fish Media study published by eMarketer that revealed that 63 percent of mobile marketers are either not trying to measure return on investment on mobile campaigns, or simply just don’t know what their return on investment is. This was puzzling to me [See data below].

Why put the time, money and effort into a mobile campaign if you aren’t even going to measure the success of it in the end?

Measuring the outcome of any type of marketing effort is crucial for a business, whether it’s tracking ROI on mobile campaigns or analyzing key performance indicators on social media. No business can afford to continue pouring money into campaigns if they don’t know for sure that their efforts will turn into revenue in the end. Marketing efforts are wasted if success is not measured.

Marketers need to constantly analyze their results to find out what works, so that they can leverage that success in future campaigns. Say, for example, a restaurant owner is utilizing mobile marketing to send text offers out to loyal customers. He sends out a text offer at noon urging customers to come in that night and enjoy a free appetizer with purchase of two entrees. Later that night, the restaurant is PACKED with customers coming in to redeem the offer. What should the restaurant do? Measure the number of sales that resulted in the offer, track conversion rates, and plan to send out a similar offer next week.

Think of the legitimacy your business will gain if you have real, quantifiable results on the number of impressions, reach, clicks as well as measures on customer loyalty and revenue. Businesses must engage in the same measurement of success when they listen and interact with customers on social networking sites as well. Keeping track of Facebook likes, Twitter followers, and any other type of feedback on social networking sites is important for businesses’ strategy on measuring success.

By measuring all the components of your marketing strategy, you will be able to assess which methods work best and thus plan your future campaigns accordingly. Don’t ignore the hard-earned results of your campaigns. Get the bang for your buck by knowing what works and building the future off of that knowledge.

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