Campaign Evaluation – How to Measure Key Marketing Metrics

How to Measure Key Marketing Metrics

When it comes to campaign evaluation, your marketing team should know how to measure key metrics. These include costs of acquisition and customer retention rates.

This type of formative evaluation can help prevent wasting resources by discovering that a campaign could work but is not doing so, at least as implemented. This discovery may lead to a new strategy.

A/B Testing

One of the most popular marketing strategies is A/B testing. This is a way to test the performance of different versions of a website element, such as a landing page or an email campaign. By comparing the performance of each version, you can determine which one produces the most click-throughs and conversions.

A/B testing is especially useful when you want to make major changes but don’t know how your audience will respond. For example, you might decide to change the color of your conversion button. Rather than investing thousands of dollars on a complete redesign, you can run an A/B test to see how the new button performs.

A/B tests sometimes produce surprises. For example, you might think that a long-form blog post will attract readers but end up discovering that short-form content is more compelling. Then you can incorporate what you learn into future campaigns. This will improve the overall return on your investment.

Conversion Rate Optimization

Conversion rate optimization (CRO) is one of the most popular marketing strategies for businesses that want to drive website visitors into leads and customers. By building a conversion rate optimization strategy that integrates personalization and experimentation into your overall digital business plan, you can achieve meaningful growth and better results for your website.

CRO involves using data and testing to improve the user experience of your website and increase the number of conversions. It starts by identifying what your goals are, such as purchases or submission of contact information for future follow-up and lead generation.

Then, you start analyzing your website’s current performance with tools like Google Analytics and determine what improvements can be made. Then, you create and test hypotheses that will help your site convert more users into paying customers. Lastly, you measure and analyze the success of your tests to identify what changes are working and which are not. You can then implement those changes to improve your site’s performance and make more money.

A/B Split Testing

A/B testing is one of the most popular marketing strategies. It involves creating a variation of something (for example, a website, email subject line or advertisement) and testing it against the current version to see which performs better. This testing is usually done without users even knowing. For example, if you test an email subject line with a question and a statement against each other and one is deemed more effective, the system will automatically start using the new subject line in future emails.

This method of randomized testing eliminates the guesswork that comes with making website changes and allows experience optimizers to make data-backed decisions. Typically, an A/B test is comprised of 2 variants of the same thing, but it can be as many as 12 versions. The results from the randomized experiment are then analyzed and compared to determine the best option. The winner is then rolled out to the entire audience. A/B tests are also used for other marketing purposes, such as determining which type of button gets more clicks.

Email Marketing

Email marketing is one of the most popular marketing strategies, as it provides a way to reach potential customers through the channel that they prefer to use. Email marketers can experiment with a variety of email campaign elements, such as emojis in subject lines, different color formatting, hero image placement (the positioning of best-selling products within an email), and tone and style of the written copy to discover what resonates with their target audience.

Email personalization is another reliable marketing strategy. It involves using data from purchases and browse behavior to provide subscribers with emails that are customized to their specific interests. For example, camera and electronics retailer Adorama used data from past customer purchases to create an email that displayed varying banners depending on camera brand preference, and then compared the results to a control email without personalized content.

The bottom line is that email marketing is the most effective tool for achieving sales goals, especially during economic downturns when consumer tastes and purchasing habits change. However, it is important to monitor the results of your email campaigns.