Posted By IndustryArchive.Org on 03/12/2018 Marketing Strategy

How to Evaluate Your Marketing Campaign

By: Robert Hennessey

How to Evaluate Your Marketing Campaign

Here is an easy way to evaluate your next marketing campaign, establish goals, identify your audience and analyze options before you spend any money. 

Before you rush out to waste your budget and time in executing your next marketing campaign, you might want to take a deep breath. Take a little time to establish your campaign goals and analyze how your marketing campaign might perform before spending any money. You might find that this will be your best marketing investment. 

Knowing the answers to questions like these will help you make smarter business decisions.

  • Do you know if your next marketing program even stands a chance to break even, let alone return you a profit? 
  • Do you know, which marketing program is the one that gives you the best opportunity to be profitable? 
  • Do you know how much could your next marketing program generate for your firm regarding return-on-investment? 

Do you want to know?

  1. Define Your Marketing Campaign Goals

Below are some typical campaign goals:

  • Introduce my company to the market 
  • Introduce my products or services to the market 
  • Introduce a new product/service to an existing market(s) 
  • Introduce a new product/service to a new market
  • Increase my market share 
  • Stop market share erosion from competitors 
  • Reverse negative sales trend do to __________________ 
  • Develop new market segments for my product/service 
  • Increase profit margins 
  • Improve my product service sales mix 
  • Implement new pricing strategies

2. Identify your target sales prospects:

  • Existing customers 
  • New customers 
  • Both, new and existing

3. Determine the distribution method or methods; you will employ to deliver your marketing message?

Below are some typical distribution methods of your marketing message:

  • Direct Mail 
  • Trade Ads 
  • Email 
  • Search Engine Optimization - SEO
  • Public Relations 
  • Radio/TV/Billboards 
  • Social Media 
  • Seminars/Webinars

Once you have outlined some basic marketing campaign goals, you are ready to turn your attention to setting the sales and profit goals of your campaign. You will need to establish realistic performance criteria and to think through your sales goals and assumptions.

4. Set Marketing Campaign Sales Goal Assumptions

  • What is your sales goal for this marketing program? 
  • What is your profit goal? 
  • What are the average profit dollars of the type of sale you are estimating for this program?
  • How many sales can you make to the same customer?
  • How many sales meetings does it usually take you to make one sale? 
  • What is your estimate of the % of sales leads needed to obtain one sales meeting? 
  • What is your estimate of the % of sales suspects that will agree to a sales presentation? 
  • How much as a percent of sales, would you be willing to spend to acquire an average customer?

5. Analyze Your Campaign Sales Goal Assumptions

This step will help you analyze the logic and establish benchmarks to evaluate any B2B marketing campaign. With this information, you will be able to establish marketing benchmarks to track the actual results of your marketing campaign against your benchmarks.

To assist you in analyzing your sales and marketing assumptions, you can use a free and simple marketing campaign analysis tool. It makes it easy for you to evaluate your next marketing campaign. Below are a Marketing Campaign Analysis Tool and an example of an accompanying Marketing Campaign Report that could save you thousands of dollars in wasted time planning and executing your next marketing campaign. You will then be able to evaluate 14 different key marketing metrics to answer these critical questions: 

1. What is a reasonable sales goal for my marketing campaign? 

2. Will this marketing program generate sufficient profits to be worth of my marketing investment? 

3. What is the projected return-on-Investment for this marketing program? 

4. How many total profit dollars will this marketing campaign generate? 

5. What is my new customer acquisition cost in this program? 

6. What is the new customer acquisition cost as a % of total sales? 

7. What is my marketing cost per contact? 

8. How many new clients are necessary to reach my sales goal? 

9. Have you assumed a reasonable client closing percentage? 

10. How many sales presentations will you need to make to reach my sales and profit goals? 

11. How many leads will we need to obtain one sales presentation? 

12. How many sales prospects need conversion to sales leads? 

13. What is the total number of suspects needed to contact and what is the cost to reach them? 

14. How many suspects will require contacting each day of the campaign?

Takeaway:

By taking a little time to plan and analyze your next marketing campaign before you spend any money, you will reap substantial benefits. It will enable you to increase the quality and effectiveness of your marketing campaign through better decision making.

These downloads are instant and require no email or other private information to obtain them.

Download the Marketing Campaign Analysis Worksheet

Download the Marketing Campaign Report


Contact IndustryArchive.Org
B2B Solutions Newsletter Button