Measurement Plan

Effective measurement plan for marketing strategies

Today marketing is undergoing a tremendous evolution because of the propagation of several digital marketing channels. As a result, marketers who want to scale more heights in their specific industry are redirecting their efforts and concentration on a more holistic understanding of their marketing performance. To drive maximum digital response and identify appropriate digital marketing mix in this new paradigm, it is important you determine the factors critical to your company’s success, measure those metrics, devise strategies and implement them for continually improving performance. Producing an effective measurement plan will help you earn healthy revenue and huge profit margins. Here, we are going to discuss about the core factors that are an integral part of an effective
measurement plan. They will help you to measure digital marketing effectiveness and overcome the most challenging situations faced during the execution of your business processes.

Identify your business objectives

Identifying your business objectives is important because it will keep you grounded. Your objectives will keep your business on the right path. Together with your goals, they form the road map of your company. Without them, you risk taking wrong decisions and turns, thus wasting your precious time investing in digital marketing efforts.
What will help you identify your business objectives better?
While working on your objectives, you should try to involve everyone who will have the responsibility of achieving these objectives once you have laid them down. It is your objectives that make you more efficient and work accordingly to strive for betterment.
Remember, your objectives should be achievable and measurable. You can achieve your objectives when you have the right resources in place, for example quality skills, advanced digital marketing tools and technology. You need all these things to support the tasks required to fulfill your business objectives. When you are focused and know exactly what your objectives are, it becomes quite easy for you to plan strategies for your different work processes. It will help you in measuring the effectiveness of your business growth. Measuring the performance will help you find out whether you are on the right path to reaching your objectives or not.

Identify goals

The next crucial factor for producing a result-oriented measurement plan is identifying your goals. Your goals establish where you intent to go and tell you when you reach there. They help you improve your overall effectiveness as an online business.
For example –As an online business, your goal will be to increase traffic on your website, increase your search engine ranking, enhance your website speed, and more. So, you need to define them carefully. This will help you in doing things right in the first place and achieve what you want to accomplish in the first place.
Goals fall under major four categories. They include day-to-day goals, problem solving goals, innovative goals and profitability goals. Each of them is crucial for taking your business to the next level. They all are essential for the success of your business. It is important your goals are clear, simple, specific and realistic. This will help you and your people to discuss and formulate business strategies that yield good results. Involve your quality resources in brainstorming sessions. They will come up with great innovative ideas to give a new shape to your business.

Identify KPIs

KPIs stand for Key Performance Indicators. They are an integral part of a successful measurement plan. When you use them properly, they can be one of your best tools for gazing the overall performance of your business. It is crucial you should choose the right KPIs in order to get most out of them. They should be linked to your defined goals and need to be quantifiable. The main purpose of this effective tool is to drive future improvements in performance. Your KPI will let you know what is going on in your different work areas related to your business performance. If the trends are shaping in wrong direction, you know you have issues to solve. On the other hand, if the trends are moving in positive direction, you know you are on the success path or on the right way as per your decided goals and objectives. As a leader of your business, you will lead a major role in selecting each KPI. You should always look for smart KPIs. They will play a crucial role in taking your business to the next level.

Identify targets

Identifying targets is also crucial for your company’s success. There are many benefits of identifying business targets. It is a natural step to let everyone in your company have a clear sense of what they should be striving for. Although it may be difficult to communicate your strategic visions, but breaking down your objectives into smaller easy to understand targets will help you manage the process of delivering them easily.
Why it is important to identify targets?
Very simple – To gaze effectiveness. Your targets let you decide whether you are doing a good job or not. You can set your future targets after analyzing your previous performance or by comparison your performance with your competitors. You will need help of resources while defining them. You can include your senior executives, clients, finance and top management to help you in identifying your targets.

Identify segments

Once you have identified your objectives, goals, KPIs, targets, it’s time to identify segments. You need to determine segment that are viable target markets.
Why you need to do so? To increase market efficiency by targeting effort especially towards any particular segment. This will also reduce risk in deciding where, whom, and how the products will be marketed. You need to identify the group of people you need to target, their sources, their behavior and the outcomes. You need to find out right source for your traffic, their attributes and what they are expecting from you. You need to understand the temperament of your visitors and about the factors that influence their buying decision. Involve your top management and industry experts to help you identify your target audience. Keep brainstorming sessions with them to make sure they come up with valuable suggestions and tips to bring great returns.

Google tag manager

Tag management is another good tool that can help you in enhancing the effectiveness of your digital marketing techniques. It has been observed many businesses add tags to their websites to enhance tracking, optimization, or any other functionality. This can slow the speed of the websites. And, it’s a fact speed counts a lot in today global market place.
If your website is slow in loading, visitors are more expected to visit your competitor’s websites. You can manage this with the help of an effective tag management. Google Tag Manager is a free solution for better tag management. With the help of Google Tag Manager, you will be able to remove, add, or edit marketing and measurement tags without any intervention of webmasters. This will help in enhancing the speed of your website. This will further help you have more visitors and engagement on your website.

Creating the right snippets

Creating right snippets is another step for effective marketing of your business. They are just awesome! They can help you generate more traffic from SERPs, thus enhancing traffic to your website. Snippets extract information from your website to display on your site’s listing in search results in addition to page URL, Meta description, and page title. Snippets are generally extra information about your company, your products and services. They can be in many forms including photos, ratings or author information. Snippets attract the attention of traffic while they are searching for your kind of products and services. You can create impressive snippets for your business by adding your location and contact information, price ranges working hours and customer reviews.

Understanding the data

Last but not the least, it is important you understand your performance data properly. As a leader of your business, you might be dealing with a lot of data on a regular basis. Your business data can have both simple and complex relationships. You need to understand them properly as they will help you measure your performance. It is important you should divide your crucial data into sub categories. This will help you and your employees who are accountable, to find out the effectiveness. For example, a data that gives an insight on the behavior of visitors to your website will let you decide what strategies you should have in order to cater to their needs properly. Similarly for other aspects too, you should have different data that lets you know how well your activities or campaigns are running. Your next steps for improvement will majorly depend on the analysis of the data.
Train your people to read and understand the information in the data properly. This will help them to excel better in their further efforts. Better understanding of your data will help you communicate important information to those who play a major role in taking your business further.
Hope you will find the above information positive in producing a better measurement plan for your online business. It is really important to have good measuring or monitoring tools to monitor the overall performance of your online presence. This leads to better conversion rates, huge profits and better returns on investment. Introduce the above tips in your digital marketing campaign to yield better gains. They are indeed instrumental in helping you have a strong online presence and stay ahead of competition.
Following the above tips will equip you with best digital marketing practices. You will be in a win-win situation.
Good Luck!