Video:How to Quantify Marketing Effortswith Laura Lake
Want to know how to quantify marketing efforts correctly? Here, see helpful information about knowing if your marketing plan is working.See Transcript
Transcript:How to Quantify Marketing EffortsWe spend marketing dollars to display at trade shows, to attend events, to hold conferences, and to produce marketing material for campaigns. How do we know what we are getting in return? How can we quantify the results to make sure they are worth the revenue spent?
Information About Quantifying Marketing EffortsWhile marketing can be in the most part trial and errors, you can diminish errors by actually using calculations to see which campaigns are bringing in the most results for the money. It's vital to develop a consistent plan and strategy that will help you project, measure and evaluate your marketing campaigns.
Crucial Marketing StrategyIn each marketing campaign you must develop a plan and strategy that identify the following:
- Quantitative and Qualitative goals
- Campaign budget
- Fulfillment and response strategy
- Follow-up Strategy
- Tracking and testing criteria for your campaign Depending on your objective, most goals can be measured effectively using one of three methods
- Cost per sale
- Cost per qualified lead
- Cost per visitor
Calculating Marketing EffortsOnce you decide which result you want to measure and you have the costs incurred for the event; calculating is actually fairly easy. Cost per sale = Amount Spent for Event or Campaign / Number of sales Cost per Qualified Lead = Amount Spent for Event or Campaign / Number of Qualified Leads Cost per Visitor or Response = Amount Spent for Event or Campaign / Number of visitors or response Using these formulas and having a developed plan for each campaign will give you the information you need to decide if in fact the campaign or event was effective for your business.
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