The important thing about measuring the effectiveness of promotions and marketing campaigns is selecting the right key metrics. There are several businesses that are focused on collecting as many stats and numbers as possible. On the other hand, some businesses are not data-driven at all and rarely look at their analytics to find out the value of their campaigns.
Getting as many metrics as possible does not necessarily help you get insight into your campaign. What’s more important is that you monitor and assess the right key metrics that are responsible for the growth of an organization.
How can you do that? Let’s dig deeper into the promotion value assessment process with Cloudcafe Technologies.
Choosing the Right Metrics for Promotion Value Assessment
Measuring the effectiveness of your promotional campaign is one of the most important tasks of a marketing department. It is important that a dashboard with stats on campaign success should be shared among everyone who is working on the campaign.
Two of the most important aspects of advertising and promotion effectiveness are sales and engagement. Let’s take a look at the metrics of both of these elements.
Key Metrics of Sales
If you want to know whether your promotion results in higher sales, you should evaluate the following metrics:
Total Visits: This is the number of total users who have visited the website during a promotional campaign.
CTR: The click-through rate is an important marketing metric that can be achieved by dividing the number of your ad views by the number of clicks.
Leads Generated: This refers to the number of new customers that a business acquired during a promotional campaign.
Website Traffic to Lead Ratio: This allows us to see how many visitors become leads or customers.
Customer Acquisition Cost: This refers to the amount a business spends to acquire a new customer. You can monitor this metric for each channel you are promoting your business in.
Key Engagement Metrics
The quality of the content can also be determined by engagement metrics. Some key engagement metrics to determine the value of a promotional campaign is:
Reach: This metric shows how many users have viewed your promotional content. It can also allow you to view the performance of the ad by device platform and geographical location.
Brand Mentions: This refers to how many times an ad viewer posted the content, which shows your promotion.
Total Shares and Like: These are two of the most important engagement metrics to assess the value of a promotion.
Brand Name Search: The number of times people searched your company on the net during the campaign.
Average Time on Page: This can give us clues on whether the user is actually interested in your ad or leaves your site after leaving the header and description.
Scroll Tracking: By measuring how much time a user spent scrolling down your website, you can find out whether the user is interested in the promotion.
All of the metrics above can give you some idea of whether your promotion will increase the sales and profitability of your business.
Determining the value of an ad is complex; however, thanks to advanced analytics, it is now easier than ever to make inferences from metrics.
At Cloudcafe Technologies, we can help provide you with a core marketing metrics system that can help you decide which ones of your promotions are working and which ones are not. It can be next to impossible to track every single marketing activity, but it is possible to track promotional effectiveness in terms of engagement and sales.
Reach out to us today!
Cloudcafe is the eCommerce evolution of Aurora Digital which was established in 1998 by Sanjeev Srivastava. Bringing together talent, creativity, and foresight, Cloudcafe utilizes local and offshore development teams to deliver end-to-end solutions. By leveraging high-end technical consulting, custom software development, and our own software, we provide more insight and achieve an all-around better customer experience for our clients.