Measuring the market: How to gauge results

With global companies now spending 12% of annual revenue on marketing, gauging results has never been as important. Businesses need to know if the juice is worth the squeeze. That’s to say they want to ensure the thousands and hundreds of thousands of dollars are not wasted. Marketing is an abstract art in many respects because emotion is hard to codify. Still, there are ways to understand if the advertising is a hit or a dud.

Here are the tricks of the trade to keep in mind regarding measuring the marketing effort.

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A/B Testing

Also known as split testing, this is where you provide two different versions to the public. Then, you gather the results and the one with the highest ROI is the winner. Once you break down why it was successful, you can use the basics throughout campaigns from now well into the future. The perfect place to start is the website because you control content and can use analytic software to gather the findings. On the homepage, for example, there may be two uses of calls to action based on location. This is just a simple example but you can up the ante and make the process more complicated.

Prototypes

Asking customers how they feel about a product or service is a sure-fire way to collect general feedback. But, there has to be an emotional attachment for this method to work. Simply asking ‘have you seen the brand?’ and ‘what do you think?’ won’t elicit a proper response while they are trying to remember and deal with the pressure. Instead, use a nylon carbon fiber 3d printing machine to create small testers and hand them out in the street. Because the prototype is fresh in their mind, they can riff how it makes them think and feel.

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Price Is Right

Entrepreneurs can learn a hell of a lot from TV shows. On ‘The Price is Right,’ there is a valuable lesson about finding a financial balance. It’s essential to remember that consumers are volatile as money can be tight. So, they may find it difficult to afford a product or service from one day to the next. Some simply refuse to pay even if they have the cash in their pockets. The best way to increase conversions is to test to see which prices generate leads by splitting markets and varying the cost. That way, you can adjust the amounts accordingly.

Social Media

Email marketing has become very popular over the past decade as electronic mail is less obtrusive. People see it, decide whether they want to open or not and go about their day. The thing to consider is the tagline or the title. Only the best ones lure in the reader, and that is why they are important to test. With Twitter, all you have to do is set up a few links and analyze the click-through-rate. The Twitter-sphere is particularly useful because it has a limited number of characters and headlines should be short and sweet.

Can you think of any more ways to gauge your marketing effort?

*This is a contributed post

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