One of the core components of the PACE process is evaluation and effectiveness. Determining the success of individual campaigns and of your overall marketing plan is much more complicated than determining if sales are up and profits are escalated.
Mediastead clients, as a component of a strategic marketing plans, are given a customized Marketing Scorecard. This scorecard acts as a single page digest to evaluate the overall progress of critical measures of success.
Calculating Marketing Effectiveness
Often when we ask small business owners “How effective is your marketing?”
They begin, “I feel…” or “I believe…” and frankly, we stop listening. Success in your marketing needs to be measured and quantified to be fairly evaluated.
Our clients begin, “Compared to last quarter…” or “We’ve seen X% growth in…”. Mediastead clients clearly know the overall effectiveness, and how the mix of campaigns impacts that effectiveness.
Clearly Defined Critical Measures of Success
To create your Marketing Scorecard three things are required:
- Clear definitions of data points to be measured
- A clear process for collecting data
The goal is to create one to three measurements for each marketing element. Then determine the impact of each data point to overall company success.
Creating Data for Quality
Most companies track revenue and expenses. Most companies can track profit, and tear expenses down into individual campaigns.
Unfortunately, this seldom tells the whole story. Every company has qualitative and subjective goals that are more difficult to define.
Mediastead will help you evaluate these “fuzzy” values, by building a process. By taking a subjective measurement, running it through a consistent process, we can create quantitative data.
All strategic decisions, whether marketing related or not, need to have supporting quantitative data. Good business owners need analytics they can trust, custom created for their business.
Likes, Followers, Subscribers, Visitors and Hits
Today small businesses have the ability to track tons of important analytics. However, understanding them, and finding meaning is much more challenging.
Mediastead can help you identify your most important stats, and show you how to determine if you can influence these numbers.
Finally, Mediastead can help business owners stop wasting time analyzing data that is either not important or not valid.
Having your page views skyrocket is great, but it doesn’t translate to cash. Effectively measuring the quality of your traffic on your website, social media or even measuring how often your telephone rings can be far more insightful than the raw quantity.
Lastly, making good decisions based on poor data is called “luck”. We try to limit the occurrence of “luck” because generally there are two types and if you’re having one, the other is bound to show up.
Making bad decisions based on great data is disappointing, however it’s educational and leads to better decisions.
Long term success is built on a foundation of good data, and continually improving decision making.
We can help, and prove it.
At Mediastead we help our clients track everything. As consultants our value is based on the value we bring. The best way to prove the PACE process works is literally to prove it with your data.
Even if you already have a marketing plan and campaigns running, a Marketing Scorecard can help you judge your own work more effectively.
Let Mediastead help you make better business decisions beginning today!