We recently surveyed marketers to find out more about what brands are looking to spend on digital marketing throughout 2024. One quarter said that they would be spending exactly the same budget as last year, and another quarter said they would be increasing their spend by 20%.
In fact, most respondents said they’d either be keeping their budget the same or looking to increase it by between 10-30%. With these stats in mind and very few businesses looking to reduce spend, marketers are being given larger budgets or keeping their budgets the same, it’s more important than ever to measure and track the results of digital marketing spend over the next year. We know that marketers are under more pressure than ever to deliver better results through their budgets so we’re here to help! In this blog, we’ll have a look at why it’s important to measure and track digital marketing results and how you can do this.
Measuring and tracking digital marketing results is essential for understanding the effectiveness of your campaigns and areas in which you might need to make improvements.
You can track the performance of your campaigns as well as gain a better understanding of your target audience and the channels that are performing well. All of this information will allow you to make more informed decisions about where your budget is best spent and where your resources should be allocated.
According to Mark Skinner, Director at Logica Digital, “Measuring campaigns is key to success. We always take a measure twice, cut once approach at Logica Digital. This means you’re not going to waste valuable budget and resources on something that’s not working and prove to the board that the activities are effective when reporting on the effectiveness.”
To truly understand how your campaigns are performing, you need to know what goals you’re trying to achieve in the first place. This involves taking a step back to gather an understanding of what you’re trying to drive through your campaigns. For more information, read our blog: Key actions to take today to prepare your marketing campaigns for 2024.
The metrics you measure to decide whether your campaigns are effective will depend on your overall business goals and the channels you’re investing in but these are some of the most common channels and the metrics you can track to understand the effectiveness of the activity.
Track these results on a monthly basis to find out more about how your results are growing (or not growing over time). Have you got channels that just don’t seem to be gaining any traction? After making improvements over time, it might be time to stop using these channels and move on to something that’s more likely to work.
Remember that some strategies, such as SEO, are slower burners than others so it’s important not to invest time or budget for a few months and give up when you don’t see results. You will need to track SEO over the course of 6-12 months to really understand whether or not you’re seeing any improvements.
Now we can see how important measurement is; let’s have a look at the key benefits.
When you know which channels are performing well and you’re investing in those rather than the ones that aren’t performing as well, you can find the activities that allow you to reach your goals. Investing more in the channels that work and optimising them over time helps to increase their success, your return on investment, sales and conversions.
When you know the ins and outs of the data surrounding your digital marketing campaigns, you’re in a better position to make informed decisions about where to invest your budget and resources for the best success.
Again, when you know how your digital marketing activities are performing, you can get the most from your budget. Being able to prove tangible results can help with getting budget sign-off for subsequent years.
With so many digital marketing channels available to you, knowing which ones are worth investing in and which ones aren’t can be tricky. By measuring the results and understanding performance, you can make informed decisions on the right channels for your business.
When you know which channels and ads are working well, you’ll also be able to see which messages, images or videos are resonating with your target audience. You can then use these insights to improve and tweak messages to develop more targeted campaigns in the future.
Measuring and tracking the results being driven by your digital marketing campaigns allows you to make informed decisions on where your budget is best spent and where it’s going to deliver the best results for your business. Running digital marketing activities is just the first part of the work. Knowing exactly what’s performing and what isn’t is essential to success and growth for 2024.
If you'd like to know more about what to expect from digital marketing in 2024, download our whitepaper: The State of Digital Marketing in 2024?
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