Marketing has two sides. The more popular one is called “Return on Investment”. This is the more popular component. Business owners tend to focus on this one more. When they observe that it’s not producing the expected monetary outcomes, they begin to pull away. The other side is “return on influence”. This term refers to the people and faces that a business employs to bring credibility and influence to their product. Confused? Here are four essential things to know when investing in a marketing campaign.
Know Your KPI and Goals
Of course, you need to begin here. Clear goals are an essential part of every successful business. These goals should also emanate in your marketing campaigns. Before you start, make sure that you have defined goals. Ensure that your marketing goals successfully capture what you want to happen at the end of its cycle.
Having no goal in your campaign could lead to losses in resources and money.
Know How Analytics Work
If you already have your goals and KPIs, now’s the best time to invest in platforms that could measure your traffic. These platforms give you data and in turn, could lead you to make actionable insights. This is the essence of analytics. Making business decisions with the help of data. Good thing that a lot of social media sites integrate analytics within their platform.
Know Your Measurements (and their meaning)
We talked about investment and influence earlier. Investment is easy to track. Influence on the other hand is a different subject. It’s a subjective concept which means that you need to express it in some form or another. Do you want to measure the engagements with your website? There are a lot of ways to measure influence. You just need to specify what term you wish to express it in.
Know Your Budget
The budget has to appear in this list one way or another. Contrary to popular belief, spending a lot on your campaigns does not necessarily mean that you are going to have a large ROI. What if you don’t have thousands of dollars to spend? Over being filthy rich, you need to be strategic in your campaigns.
Ensure that every cent counts in your campaign. The last thing you want to do is waste a lot of money on an ineffective campaign. Remember, you should spend your precious money on your target audience. This yields greater returns compared to just showing your advertisement to the whole world.
In Summary
These four items should be part of your arsenal whenever you are planning your campaigns. If you take note of these, it’s easy to say that you’ll be having a successful marketing campaign. Read here for more tips about marketing.
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Katelyn Dethridge is an independent writer and author based in London. She has previously wrote for the Entrepreneurial Inquirer and EWQ News.
