There are about a million and one different things you can (and probably should) do for your brand online. To make matters even more complicated, for every task you complete online, there are hundreds of statistics that may or may not signify success.
So how do you cut through all the noise and find out if your campaigns are working? Use this as a guide to find out what’s working and see where you have room for improvement.
This step is step zero because you should already have set goals before starting your campaigns, however, if you do not currently have goals, go back and set some. This will guide your future success.
Good goals should help drive company success. Getting more likes on Facebook is well and good, but if you’re not utilizing those Facebook likes to support your business, those Facebook likes aren’t going to do you much good.
The first step is looking at your KPIs to see how your campaigns are running. These KPIs should be directly related to your goals. If your goal is to generate more leads for your company, you should look at the stats that support getting leads. However, if your goal is awareness, then you should look at KPIs like impressions and reach.
Make sure you review your KPIs regularly. This will allow you to catch trends and make adjustments as needed.
I keep a spreadsheet of all the KPIs I track for every account I manage. I update this spreadsheet monthly and sometimes weekly depending on the account. For every KPI I track, I also track it’s % change month-over-month or week-over-week. This allows me to compare data and track changes at a much deeper level.
It also helps when you have something like a shifting budget. Take the following scenario for example:
Client ABC increased its budget by $200 and as a result, saw 500 more clicks.
Would you consider this a success? Potentially. It’s important to know the cost-per-click (CPC) before the budget change and after the budget change. If the budget increased by 20% but the clicks only increased by 12%, it means we are experiencing diminishing returns for that money.
That doesn’t mean we necessarily need to decrease the budget on this account, but it is important to know so you can track that trend going forward. We are now able to anticipate the future of the account and be prepared for the future.
There is no such thing as the perfect account. There will always be room for growth, especially since so many channels value fresh content. If you have channels trending down, work on opportunities to adjust that downward trend. If you have channels making superb growth, pay close attention to them to see if you can expand on that success. Keep nurturing your campaigns and you should see long-term success.
Even though this is an extremely important part of every campaign, it is last in thing on this list, because analyzing costs should not be the first sign of a failing campaign.
At Savvy Bee, we operate under a strong marketing principle. Good marketing should always pay for itself. This is how we approach all of our strategies.
That being said, good marketing will not always pay for itself in the first month, or even the first three months. It is an investment that will bring returns eventually. So, while it is VERY important to track your expenses to make sure you are on track, it is ill-advised to cut and run after looking at a few months of expenses.
Still unsure of your campaign’s success? Drop us a quick message, we’re here to help!