Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.
+1 212 318 2000
Europe, Middle East, & Africa
+44 20 7330 7500
+65 6212 1000
More than ever, marketers are expected to deliver targeted campaigns with measurable results that refine messaging to specific audiences. As more money is being spent on Internet, mobile, and e-mail advertising, it is more important than ever to track effectively—especially since some digital media are still struggling with quantifying their ROI. How, for example, can you measure social media’s impact on your sales?
The following are tips that will help you maximize your marketing dollars and measure the effectiveness of your campaign through tracking:
1. Use different media to integrate your tracking mechanisms. Integrate your media campaigns by combining the ability of new media to connect consumers anywhere at any time with the reliable timing and presence of traditional ads. In other words, use digital to drive print ads, and vice versa. For example, mail a postcard containing a unique keyword redeemable to online retail sites or offer an online printable coupon redeemable at stores.
2. Motivate consumers to share their data with you. A July 2010 New York Times article indicated that today’s consumers expect to be rewarded for divulging personal data—a perfect complement to couponing, since consumers can receive offers in exchange for divulging personal information via a registration process. The benefit is twofold: you strengthen the loyalty of your consumers while also gleaning important knowledge about who they are and what drives response. Generally, the stronger the offer, the better the response will be.
3. Keep it simple. The best tracking technologies are of no use if consumers don’t redeem the offer. With simple messaging, make it easy for consumers to understand how, where, and when to redeem their coupon.
4. Put the collected data to good use. Don’t stop at finding out whether a campaign was successful or not. Segment your data according to who redeemed what offer when. The knowledge gained about consumer lifestyles, preferences, spatial patterns, and demographics can be applied to future campaign strategies.
Director of corporate communications
Want to improve the way you run your business? Entrepreneurs, academics, and consultants from diverse industries offer practical advice on a variety of topics each business day.
To submit a tip for consideration, first check our archive of previous tips to make sure you're not repeating a tip someone has already contributed. Then send the tip to Small Business channel contributor Michelle Dammon Loyalka. Because of the volume of material she receives, she may not respond to each individual.