One of the most important things to remember when you launch any digital marketing campaign, is that it doesn’t end there! Similar to the way that you’d check your financial reports to verify costs, you must also analyze the data from your digital marketing campaigns in order to understand how well they’re working. After all, if you can’t measure it, how can you expect to improve it?
At WSI we regularly reference Avinash Kaushik’s Digital Marketing Measurement Model (DMMM); this top-down model enables marketers like yourself to efficiently focus on the elements that truly have an impact on your business and your marketing initiatives.
In this guide we’ll explore five essential steps for tracking and measuring your digital marketing campaigns.
1. Business Objectives
Okay, we know this one might seem really simple, but the reality is that this first step is absolutely fundamental to the rest of your DMMM. Place your website and its purpose under a microscope and answer the question “why does it exist?” Is it a tool for commerce, lead generation, great content, or providing support to customers? Whatever the answer is, you can apply that knowledge to the campaigns you’re running online! This is an important step at getting your Digital Marketing Measurement Model off to a great start.
2. Goals for Objectives
Now, you must set goals to meet your business objectives. The goals you define in this step will carve out the pathway and enable you to develop the strategies and choose specific tactics required for completing the objectives you identified in step one. In other words, these goals will be the ‘how’ you successfully accomplish your ‘why?’.
3. Key Performance Indicators
It’s time to take your goals to a more measureable level with –you guessed it –DATA! A Key Performance Indicator (KPI) is a measurement that determines how well your campaign is doing in terms of your objectives and goals. Your KPIs will reveal which metric is going to be used to measure the goal it belongs to and will act as a great benchmark throughout your campaign.
In this fourth step, you now need an answer to the all important question: “What does success –or failure for that matter –look like?” Much like a baseline, the purpose of setting specific, numerical targets for each of your campaigns is so that you can determine your success (or failure!) and act accordingly. Without set targets, you’ll have no idea what your campaign results even mean!
Finally, it’s time to decide which objectives, goals and targets are the most valuable to your company and take a close look (meticulously close!) at all the data. Are you satisfied with the results? Are the campaigns working? This analysis of the marketing efforts you’ve put forth so far will help you understand how well your campaigns are performing and what you can do to make them even better.
For more in-depth information, watch this video recording of a recent WSI webinar: