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Are You Tracking Your Marketing Efforts? If Not, It Could Cost You

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As busy as marketers are today, it’s easy to become so busy launching new campaigns, we don’t have time to track the results of the ones we already have going. But with so many tools available to simplify the process of tracking marketing campaigns, it’s easier than ever to keep up with how many customers you’re reaching with each campaign. By taking the time to analyze your efforts every now and then, you can save time and money.

With many businesses still recovering from the recession, marketing budgets are often limited. Every penny you save by maximizing the impact of your efforts is a penny that can be put toward future campaigns. Before you come up with your next big idea, consider how failing to track your marketing efforts may be costing you.

Proving Yourself

No matter what business you’re in, you’re accountable. Chances are, someone wants to see tangible proof that the hard work you’re putting into your campaigns is paying off. Campaign tracking allows you to create reports that can then be shared with shareholders, clients, potential investors, or your boss, depending on your particular situation.

The results of your marketing campaign tracking can be used as supporting evidence when your team creates its next strategic marketing plan. You can use past experience to justify every dollar you’re requesting. Plus, you’ll impress them with how much effort you’ve put into determining what works.

Trim the Fat

But the biggest cost savings comes from pinpointing inefficiencies in your campaigns. Instead of wasting months and countless dollars targeting a 18-35 demographic, you may learn right away that your product appeals to those aged 35-45, allowing you to narrow your efforts to websites and areas of town frequented by that age group.

You may also learn through tracking that your customers are more likely to respond to a social media post than an e-mail, allowing you to redirect more of your marketing dollars toward social media marketing. This will also help maximize the time you spend marketing, ensuring every minute is spent on productive campaigns.

Make Your Dollars Accountable

If you’re putting money into your campaigns, track your results to make sure you’re getting your money’s worth. Keep in mind that for each customer that responds to one of your ads, you’ll have to make a profit in addition to a) recouping your payment for the ad and b) paying your cost of delivering the service or product to that customer. Your ROI should be enough to make it worth the expense.

With each campaign, you should ask yourself what you hope to gain and what methods you plan to use to get that end result. When your marketing decisions are based on solid, concrete numbers, you’ll have the confidence to boldly initiate targeted campaigns…and your confidence will inspire your investors and business partners.

Whether your marketing efforts center on social media, print materials, TV commercials, or one of the many other modern methods of promoting a product or service, knowledge is power. By learning as much as possible about how your message is connecting with customers worldwide, you’ll be able to save money and see more success.

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