Studies show that 74 percent of marketers aren't tracking their marketing results properly. They don't know what's working and what isn't, or the number of sales they're missing.
Online marketing lets you track your customers from their first contact right through to when they convert to a buyer. Let's look at some of the benefits of having effective marketing campaign tracking in place.
One of the traps a lot of marketers fall into is assuming they know everything they need to know about their audience. This is especially true for people who have been in business for a while and have a pretty good idea of what it is their customers need.
In reality, your audience will constantly surprise you with needs and interests that you may not have considered. If you're tracking marketing campaigns effectively, you'll uncover these opportunities.
Your marketing campaign could be running on Google Ads, Facebook Ads, other social media sites, or any number of other platforms. That doesn't mean these places are the only ones your audience will find you though.
You could get referrals from other sites in your market or something you post in one of your normal channels could get shared somewhere that you never considered. By tracking your marketing campaigns, particularly the sources of traffic, you'll know from where those people are coming. If there are enough of them, that could be a good target for expanding your marketing.
Tracking your marketing campaigns also shows you what resonates with your audience and what doesn't. It could be a particular topic or certain types of content, such as video or infographics.
If you focus on what you think your audience wants, you might get some decent results from it but you could be leaving money on the table by not offering something they prefer.
You should always be testing your ads, content, formats, and anything else you can identify for potential improvement. Using good campaign tracking lets you compare the results from one experiment with another to figure out what lands best with your audience.
Your first attempt at any kind of marketing is rarely so perfect that there's no way to improve on it. You can probably improve the wording of an ad, the images you include in a blog post, the call-to-action in a lead capture form, or any other component of your campaign to get a higher conversion rate.
Tracking lets you see the effect of small (or large) changes so you can compare the before and after results.
For example, you might change the wording of the call-to-action on a lead capture page on your website. If you've set up a decent marketing automation system, you can see how many visitors land on the page, how far down the page they read, how many submit their contact information, and how many ultimately convert into paying customers.
If you want to test a different call-to-action (CTA), you can make the change on your website and track the numbers after the change goes live. Depending on how much traffic the page gets, you could have enough data within a day or two to know if the original CTA or the new one converts better.
If the new one works better, that's your new baseline. You can test another one against it or try changing another component on the page, such as an image or a headline, to see how the change affects your conversion rate.
As long as you keep good records of the results of each change, you can always go back to an earlier iteration of the page if you want to do a follow-up test.
Along the same lines as improving your conversion rate, a good tracking system can help you increase your return on investment (ROI). This can happen in a couple of ways:
Tracking your ad campaigns lets you see how changes in your ads affect the cost. Modern ad networks like Google Ads and Facebook Ads look at a range of factors to determine how much you pay per click or per view when your ad gets shown.
How much you bid is only part of the equation. If you can get a higher click-through-rate on your ad and fewer people immediately clicking back from your website after clicking an ad (known as a bounce), your per-click costs will go down. At the same time, your ad will show in the same or even a higher position in the results.
The other side of the coin for improving your ROI is to sell more so you can generate more revenue. If you can keep your marketing costs the same while converting more leads into buyers, your ROI goes up.
Tracking your audience from the point of entry into your marketing funnel through to the point where they convert into a buyer lets you measure the effects of changes at any point through the funnel. If you make changes without proper tracking, you might increase sales but you won't know what actually helped.
If you can lower your marketing costs while also increasing sales, you'll have the best of both worlds. This is how you can drive your ROI way up with consistent testing over a longer period of time.
But if you're not tracking all the steps in your marketing campaign and how different changes affect the end result, you're flying blind.
Setting up effective marketing campaign tracking isn't particularly complicated but it does take some time and knowledge of the various marketing automation tools like Google Analytics and the various ad platforms' systems.
If you're not already familiar with those tools, you'll have a bit of a learning curve ahead of you. If you'd rather focus on what your business does best and leave the marketing work to experts, Konvursions can help.
We've got a proven track record of helping clients with user acquisition, helping our clients reach hundreds of millions of people every month. Let us put our process to work for you, bringing you new customers and more sales. Get in touch with us today to find out how we can help.