CRM Hack: Measuring the Right Marketing Campaign KPIs
Watch: How to choose the right KPI for each marketing action
No marketing team should ever pay the price of generalization when it comes to measuring a marketing campaign’s success.
Your team is putting their blood, sweat, and tears to create the right copy, design, template, and offer to send to the right audience at the right time.
Therefore, you need to make sure that you’re using the right measurement to find out what’s working, and quite frankly – what’s not.
How do you measure the right KPI, you ask?
It’s all about tying the marketing CTA to the measured results.
For instance, if you send out an email to customers promoting a new pair of pants – you wouldn’t want to be judged on whether they bought shirts. Right?
See how it’s done:
From the video:
3 Different Levels of Campaign Measurement:
1. Entry – most marketers are familiar with deliverability metrics like opens and clicks. However, open rates are predominately a measure of your email’s subject line copy. In contrast, click rates are more about measuring the email template itself.
What’s important here is that you need to tie the evaluating metric to the corresponding connection.
2. Intermediate – has to do with using other customer behaviors, such as net revenue, deposit days/amounts, and the number of orders/order amount to incrementally measure your campaigns.
Such customer activity and purchase behaviors also allow you to create control groups to really understand your campaigns’ impact.
3. Expert – unlike the above evergreen measurements used to calculate a campaign’s success, expert-level measurements allow you to look at more specific CTAs in your campaign.
For example, loyalty signups, cross to products, change in subscription, website visits, etc.
With Optimove, nearly any data point that you have available can be turned into a campaign KPI. This can significantly improve the relationship between your campaign’s CTA and the evaluation of your measurement.
Want to learn more about how you can translate a marketing initiative into a campaign KPI? Contact our strategic services team. They can help you create the logic that you would like to see in your marketing campaigns.
P.S. Don’t miss out on last week’s CRM hack on how to gamify your CRM campaigns.