3 Performance Management Techniques for Digital Marketers
Integrated digital marketers (IDMs) rely heavily on data analytics to track campaign performance over website, social, and mobile channels. To ensure each initiative is achieving the desired effect, they may track various performance management metrics, including website bounce rates; keyword performance rankings; eMail open rates; landing page conversions; visitor-to-lead, lead-to-customer, and customer retention ratios; and ad click-through-rates and costs-per-impression. Striving for perfection, IDMs rely heavily on user data to compare marketing initiatives with real-world results.
In other words, they keep their EAR to the ground.
Here are three ways to do the same:
Engage - The first step is to collect both external and internal feedback on each IDM campaign initiative. Marketers should reach out to the people who interact with prospects and customers on a daily basis. This could be members of a company’s sales or account team, CSRs, or strategic partners such as affiliates or distributors. This kind of “3rd party” input can be invaluable, especially when compared against internal feedback garnered from the IDM group’s social media manager(s). Doing so also helps mitigate the myopia that often comes when a business is too reliant on the sole perspective of the marketing team.
Analyze - With the aid of new technologies such as marketing automation software, today’s IDMs can review and dissect numerous data points from a company’s web, social, and local-mobile marketing initiatives.
IDMs are most effective when they combine both inductive and deductive reasoning to data analysis:
1. The inductive approach relies on specific data to form broader generalizations: “When we offered W piece of content to X audience segment on Y medium, we got Z response rate. Therefore, we would do well to offer more W-type content to X segment in the future.”
2. The deductive approach uses data to arrive at specific conclusions gleaned from broad generalizations: “Typically, audience segment X seems to like W-type content over all media. Therefore, if we offer this new piece of W content on Y medium, we expect to get a favorable response rate from X.”
Refine - When used properly, data can breathe meaning into past efforts by creating a framework to assess the success or failure of specific campaigns; its conclusions can also inform how future marketing initiatives can be tweaked to produce better results. By combining feedback from external resources with internal data analysis, brands can improve upon existing digital strategies and formulate new ones.
Integrated digital marketing is disruptive and dynamic, constantly shattering the status quo. To succeed, its practitioners must always focus on performance management, relying on high-tech marketing software and tactics to efficiently track key performance indicators (KPIs); by doing so, IDMs can nimbly tweak campaign elements to respond to changes in consumer demand.
For today’s integrated digital marketers, performance management is all about keeping your EAR to the ground.