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Campaign Tracking: What it is & How to use it

What is Campaign Tracking?

The modern methodology of campaign tracking goes back to a company named Urchin Software Corporation, a data management company that was acquired by Google in the year 2005. Urchin created the standard known as the UTM, or the Urchin tracking module. This tracking module sets today’s standard for campaign tracking, which is the organization of relevant data that comes from your social media pages and other promotional efforts.

Campaign tracking can take on any form that you wish depending on the key performance metrics that you set. If you are looking for the answer for how to increase company revenue, you will track a particular set of data. If your goal is conversions or impressions, the campaign of data that you track will be different.

Basically, you are putting eyes on the money that marketing says that you should spend. R&D and IT might have a point – those guys DO get carte blanche to say anything they want. No more! The data never lies.

 

How Do You Use Campaign Tracking?

Use campaign tracking to quantify your assumptions about how your key performance metrics are being met or not met. For instance, if you are trying to find out which social media network deserves more of your marketing dollars over the new quarter, then you should probably determine the network that drives the most traffic to your landing page. The secret is to focus your efforts on the data that is most relevant to the goal that you are trying to achieve.

Use tracking for bragging rights. If your marketing guys get into a friendly competition about who gives the best predictive analysis reports, bet on the next data tracking campaign – loser has to set up every report in Excel for the next month!

 

Why Use Campaign Tracking?

Not only does campaign tracking give you a benchmark for future predictions that are based in data, but you also give yourself a more effective platform on which to move in your current business efforts. When you are trying to sell a business, your tracking will come into question. Investors are just as interested in how you gather your data as they are in the data itself. Each channel that you are comparing can have its ROI tracked, so you can compare apples to apples for whatever metric you are trying to find.

Tracking solves arguments. Forget about office politics – take it to the spreadsheets. Data will shorten the time that your people spend talking about empty strategy and move people towards a singular goal, one that is agreed upon by the dispassionate computer. Save the emotions for the happy hour bar!

 

When Should You Use Campaign Tracking?

In short, use tracking whenever you can. It always costs a company less to analyse data than it does to play trial and error with marketing and development strategies. “A stitch in time saves nine,” as Aesop might say, meaning that “an ounce of preparation is worth a pound of cure.” Yes, it is bad form to define one pithy, taboo quote with another pithy, taboo quote, but you get the point.

Peazie is fast becoming an industry choice for promotional campaigns because of its ability to quantify analysis through quality campaign tracking. We organise campaign tracking for each promotion and competition we create. We manage the campaigns from end-to-end and advise how to optimise your traffic during the campaign to ensure the best quality leads, and highest amount of leads.    

 

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What’s A Good ROI?

Whenever we are asked to illustrate the success of marketing campaigns, we are often met with the fear inducing acronym, ROI.

 

Return-on-investment (ROI) is commonly used in business terms to prove the success of financial investments. Simply, how much ‘return’ a single investment makes.

 

When it comes to marketing, it can get a little more complicated. In our world of relationships, community building, brand trust and lead generation, the term ROI has come to mean so much more.

 

In the traditional sense, ROI is focused on financial gain. In marketing, it gets quite murky. What is the gain/cost of developing a brand ambassador? Is your social community providing provable financial gain? Did your Twitter conversation lead to a sale, or was it the email?

 

The truth is that trying to measure the financial ROI on individual elements of your marketing campaigns is kind of ineffective. But don’t abandon all hope of using metrics and KPIs to measure the success of your marketing campaign. You simply need to understand that revenue and gross profit is not necessarily the right metric to be tracking.

 

Of course metrics and KPIs are more crucial than ever. But instead of revenue and profit, marketers should turn to goal based KPIs. Metrics that illustrate the success of campaigns in relation to the overall business goals.

 

For example, If your business goal is to grow your customer base, chances are your marketing goal is lead generation. As such, look at the number of leads your marketing campaign generated as your ROI, don’t look at the number of sales.

 

That being the case, there are no pre-existing average benchmarks, other than those relevant to the history of your business. If you have previously converted 100 cold leads to warm leads at a cost of $500, use that as a benchmark. Or perhaps your goal is brand awareness. Use the current reach and visitor stats as benchmarks alongside the cost of pay-per-click campaigns. Aim to optimize your campaign and increase on your chosen metric, at the same cost or less. It’s that simple!

 

Some businesses focus on growth, others on community, and some simply want to exist. Whatever the case, your campaigns should be judged on how they help the business meet their goals.
The truth is every business has unique goals and targets, and should have unique metrics relating to their business goals, to measure ROI.