Marketing Effectiveness and Marketing Attributions for Small Businesses
It is no secret that marketing’s (and marketers’) influence on revenue is often underestimated and downplayed, especially by the sales team. There’s actually a good reason behind this, marketing often focuses on long-term goals: develop a brand image, create a sustainable SEO strategy, develop long-term automated lead generation/sales funnel strategy, and so on. So, measuring the short-term influence can be difficult. To tackle this issue, we will need to measure the effectiveness of our marketing campaigns against revenue. In this guide, we will learn how. First, let us discuss the concept of marketing effectiveness itself.
What is Marketing Effectiveness?Marketing effectiveness, in a nutshell, is how well a specific marketing campaign (or the overall marketing strategy) can optimize its spending and thus maximize ROI (Return on Investment). So, marketing effectiveness is about measuring the right metrics, and there are three main issues to focus on here:
- Key Performance Indicators
- Customer Acquisition Cost
- Return on Investment