bryan coe digital marketing strategist

If You Can’t Measure IT, Should You Do IT?

In this world of all things digital if you can’t measure it you probably shouldn’t do it. In the marketing world of yesteryear TV, Radio, billboard advertisers sold ads on hunches, beliefs and maybe correlation at best.

We believe 1,000 people drive by here every day.

According to our survey (based on a small sample of the population) this show has 5 million viewers.

According to a national survey (based on a small sample of the population) our station has 20,000 listeners on Thursday afternoons.

analyitcs graph - if you can't measure it don't do it.

Does that sound like real measurement? No!

Traditional media continues to panic because they can’t really tell you how many people will actually see/hear/read your message.

Don’t waste your time with these outlets unless they can give you a clear measurement of the value.

Digital advertising provides you with a much better way to track your ROI. You can see how many people saw your ads and who took action and converted.

If you are going to use traditional channels then make sure you invest in an analytics platform like Google Analytics or Adobe Analytics. Both platforms continue to improve their offline tracking abilities. The beauty of it is you can then view your on and off-line efforts all in one place. Then slice and dice the data to see how your marketing efforts are working.

How Do I Prove My Marketing Value? What Should I Measure?

These days when it comes to Digital Marketing we pretty much have the ability to measure anything we want. The bigger challenge is deciding is what really matters. I often here the questions.

How do I prove my marketing value? How do I calculate ROI? What do I measure?

The amazing thing is the answer is simple, but most businesses and marketers miss it:

MONEY

Dollar bill How to track roi = money

“Show me the money!” 

Ultimately if what you are doing online does not make or save you money, is it really worth it? Traffic alone does not translate to money. You need people to convert in some way for there to be value. Then you can track your ROI (Return on Investment).

Once you understand this there’s a simple formula. To get started you need are two metrics from your sales team.  How much is a new sale worth and your conversion rate from leads to sales. With this information, apply the formula outlined below.

If you start from the bottom and move up; What’s your ROI and what do you need to do to win 10 new clients?:

  1. diagram for tracking ROIDetermine or define the average value of a new client or sale. (Let’s use $1,000)
  2. Next if you know your average conversion rate (Let’s use 50%)
  3. Now you can figure out how many leads you need to get 10 sales. (In this case it would be 20 leads)
  4. Then figure out the percentage of visitors that become leads. We’ll use 1% here. So then you need 2,000 visitors.
  5. So finally, use digital and online marketing tools to drive 2,000 visitors to your website and record the cost to do this.

Using this formula you’ll be able to see exactly the return on your online marketing investment!

And no more wondering what to track.

Viral Marketing

One of the things I’m looking at for marketing my company is using videos as well as other forms of viral marketing. I was doing some research this morning and I came across the short film below. Check it out. I think it’s quite good.

Watch and share full screen at www.webFives.com

German Marketting: Sex can sell anything..

German advertising has always baffled me. I mean I’m not such a prude that freaks out if there is a lot of skin in an advertisement, but I really think the Germans use sex/nudity a bit too much in their advertising. I remember there was a long running ad on TV that featured a naked woman swimming in a lake. Some of the footage was from underwater looking up at her as she swam. Then she climbed out of the water… remember naked. Can you guess what they were selling?? Probably not. Margarine It all makes sense right?

I came across another good one today. It’s for a gym. Check it out:

Leo’s Sport Club