Article

Categories Data & Analytics

How to Set Realistic Objectives for Your Next Marketing Campaign

Discover how to use data analysis to set clear, realistic objectives for your next marketing campaign.

Discover how to use data analysis to set clear, realistic objectives for your next marketing campaign.

Most Marketing Managers recognise this situation: "We need 10% response rate from this campaign or it doesn’t work for us."

The request – from the Marketing Head, Sales Director, or other budget holder – is fair enough. But aiming for one number, in isolation, carries risks.

If 10% is where you need to go... you need to make sure you’re starting from a place that makes it achievable. A method called business data analysis can help.

 

To get where you’re going, start from the right place

 

Much business data analysis is about asking the right questions. "We need 10%" isn’t the right one. So it’s useful to rephrase. Try asking your budget holder: what has success looked like in the past?

If 10% is the target because that’s what campaigns normally achieve; terrific. You’ve got a very high-performing department. (It’s also a very positive result – since over 80% of marketers use campaigns mainly to increase sales.)

But if it’s 10% because the last three campaigns only managed 1% ... other questions emerge. Start with:

  • Who are we talking to? Has this audience been approached before?         

  • How large is the audience? A mass market or a niche?

  • What are we saying? Have we sent these messages in a past campaign?         

  • What happened last time? Did we achieve that 10% target?         

  • How long did it take? Did 95% of responses come in within two weeks?         

  • How many leads do we want? Would one good new customer cover it?

  • How much revenue should it generate? Do the numbers make sense?

 

The right metrics can be surprisingly simple

 

When it comes to lists, an existing list will almost always perform better than a brand new one. If you’re campaigning to a completely new list, the main objective is to find out what happens, not achieve 10% - it’s more of a research project.

(Knowing the ROI of a new list is valuable data in itself.)

While looking at messaging, business data analysis can be easier than you think. For example, you could look only at subject lines of past emails. What words and phrases delivered higher openings and clickthrough rates?

A few simple numbers will help manage expectations. If your average response rate is 2%, that’s already good. (The Direct Marketing Association notes a 0.12% average for email, with 4.4% for direct mail.) While even a low response rate can deliver great results if 1 in 2 of the recipients become customers.

Marketing data analysis isn’t about numbers. It’s about the story behind those numbers.

Finally, remember your objectives are at the end of a sales funnel, not a single campaign. How long is the sales cycle (time between initial lead and first sale?) What revenue does the campaign need to add to your topline?

These numbers let you question any outlandish expectations – such as a new list of 3,000 needing to deliver £1m in sales this quarter. Setting you up to exceed expectations later. (In a survey, an incredible 47% of respondents gave "Measuring the success of a campaign" as their single hardest task.)

So if you’re setting business objectives for a future campaign, make sure you know where you stand today. Knowing which metrics to measure makes it win-win.

 

How to find those metrics

 

Discover how to find the metrics to set realistic objectives for your next campaign in this guide; Which metrics to measure

 

Please login or register to add a comment.

Contribute Now!

Loving our articles? Do you have an insightful post that you want to shout about? Well, you've come to the right place! We are always looking for fresh Doughnuts to be a part of our community.

Popular Articles

See all
Digital Marketing Vs. Traditional Marketing: Which One Is Better?

Digital Marketing Vs. Traditional Marketing: Which One Is Better?

What's the difference between digital marketing and traditional marketing, and why does it matter? The answers may surprise you.

Julie Cave
Julie Cave 14 July 2016
Read more
How To Create Landing Pages That Convert

How To Create Landing Pages That Convert

Effective landing pages are often standalone web pages written with one specific goal in mind. This goal is usually conversions or getting readers to take a certain action. Knowing what action you want readers to take is helpful for turning them into customers. This article will explain the six essentials of creating a landing page that converts.

Eric Gordon
Eric Gordon 20 March 2017
Read more
4 Important Digital Marketing Channels You Should Know About

4 Important Digital Marketing Channels You Should Know About

It goes without saying that a company can't do without digital marketing in today's world.

Digital Doughnut Contributor
Digital Doughnut Contributor 5 November 2014
Read more
7 Advanced Ways to Reduce Email Churn Rates

7 Advanced Ways to Reduce Email Churn Rates

While you can’t always prevent readers from opting out of your emails, you can reduce the likelihood of them doing so with a few proven practices. In this article I’m going to show what many influencers do to reduce email churn and nurture a better relationship with their audience, and how you can too.

Kristian Jønsson
Kristian Jønsson 16 March 2017
Read more
12 Online Editing and Proofreading Tools Content Writers Should Know About

12 Online Editing and Proofreading Tools Content Writers Should Know About

If you've got great ideas to share, but your content is riddled with errors, you could lose the trust of your readers and your credibility. Get through this editing process quickly and painlessly, by enlisting the help of some online editing and proofreading tools, so you can get your error-free content out there and read.

Gloria Kopp
Gloria Kopp 22 March 2017
Read more