Creating a personalized print or
multichannel marketing campaign takes significant investment in time, energy,
and resources. You want to get maximum return on your investment. How do you
know what is working and what isn’t? You have to measure the results.
Measuring
results goes beyond determining ROI. Sure, it’s important to know what kind of
return you are getting, but it’s just as important to ask why you got the
results you did. What factors influenced the conversion rate and value per
sale? Why was this campaign more or less effective than the one before?
Say you give
respondents a chance to win a sweepstakes for $500 if they log into a website
and fill out a survey. The campaign generates a 5% response rate with 28% of
those responses converting to sales of $200 each. It’s important to calculate
the ROI on this campaign, but it’s equally important to test which parts of the
campaign were responsible for the results and what happens if you change them.
For example,
what if you increase the incentive to $2,500? Does the response rate go up? If
so, does the dollar per sale increase, as well? Or does it not have a
significant effect on the response rate or value per sale at all?
Don’t stop at
one or even two tests. Analyze over time.
- If you increase the
incentive even more, does the response rate continue to go up? Or does it
flatten out?
- Does the effectiveness
change based on the audience you are targeting?
- Does a sweepstakes to
win a free mountain bike motivate one audience, while a Nintendo Wii
motivates another?
Mix it up, and test, test, test. This is critical intelligence
that will help you refine your programs over time and get the maximum results out
of your marketing dollars.
Need help? Just ask!
Please give us a call at 440-946-0606
Or visit our website here for more information.
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Please give us a call at 440-946-0606
Or visit our website here for more information.
Share On LinkedIn
