Plan, create, and implement campaigns. Sound familiar? If you’re a marketing person, then this is part of your world. In marketing, you get to devise and initiate, but much of your job is also all about analyzing and measuring to boost the return on investment (ROI).
It’s the results that matter. That is an integral part of the marketing process and your job. Your campaign has to have positive results. You have to know your market opportunity, build on that, analyze and segment, and maximize the campaign ROI.
According to “How to Measure the ROI of Your Marketing Programs,” by Jon Miller, VP and co-founder at Marketo, it’s not easy to measure a marketing program. Miller discusses some of the challenges when measuring, which include:
- Knowing when to measure
- Multiple touches
- Multiple influencers
- Extraneous variables
Marketing and Sales – The Perfect Partnership
As a marketer you strive to hit the right target. There’s definitely a lot of competition out there, and you cannot afford to go wrong. You need the correct prospects on your list and in your database. If not, someone else will get to them first.
Your program or campaign is only as good as the audience that receives the information. If you have the wrong email addresses, for instance, you’re not hitting your mark. Work in concert with sales to determine your best prospects, the ones who want to hear from you – the ones who want what you have.
As Lisa Vitale writes in “Maximizing Campaign ROI Begins with a Solid Foundation – the Database,” where you start the procedure of acquiring your list is integral to its success. She stresses the importance of working with sales to make sure “both campaign objectives and the needs of your sales team” come together using the following steps:
- Clearly define your audience
- Determine your target roles
- Specify the “no-contact” list
- Determine your objective, then validate accordingly
First, analyze and segment your market, find your customers, then build the list/database to ensure you are hitting the right target. It is truly all in the details, so be sure you include everything such as industry, location, size of business, and roles you are targeting, according to Vitale. “Beginning this process by inviting your sales team into the earliest conversation ensures that both campaign goals and the needs of your sales team can be effectively and efficiently met to help optimize the whole campaign.”
Who Wants What You Are Selling?
The goal is a return on investment, but are you gearing your product toward the right customers? How you accomplish that is very important. You can’t just throw caution to the wind; you have to segment your market. Certain customers want certain things, and you have to be able to analyze effectively to attract the right audience.
According to “Market Segmentation,” the process is really cut-and-dry:
“Market segmentation is the practice of dividing the consumer or businesses in your target market into meaningful groups, or segments, for the purpose of creating a more targeted and focused marketing strategy, with the goal of higher marketing return on investment (ROI).”
The more information you get upfront, the better for your purposes in the long run. Find your target, your best customers, and then you can segment all the information. Once achieved, you can continue other campaigns with the same strategy and same positive goals that all lead to your ROI.
by Rhona Melsky
Article from: http://bizmology.hoovers.com