A key component of your direct marketing campaign is planning the ways in which you will measure success. Success however can only be assessed by looking at your multichannel approach and finding key performance indicators for each individual channel.
Methods for measuring the success of your campaign channels include:
Direct Mail - Measuring the success of your direct mail marketing requires evaluation of the total responses, only possible if effective response handling processes have been enacted (see our previous post).
Online - If you are using a website as a major communications channel there are numerous ways to measure responses. Web tracking technology such as Google Analytics will enable you to track, measure and report on the success of marketing communications. Similarly, this is possible with online advertising mediums where click through rates and interactions should be measured.
Email - If your campaign utilises email the most efficient ways to measure success are to track and assess the number of successful sends, the rate of opens and furthermore, the interaction levels for the emails sent out.
Telephone – The call-to-lead ratio is one of the key indicators for success with direct telemarketing activities. Measurement of success with telemarketing however should be based upon both qualitative and quantitative data.
Combining the insight from each of your communications channels makes it possible to assess the overall success of the campaign. Essentially there are two identifiers for success. The first is whether the campaign costs were exceeded by the attributable revenue - this will tell you whether the campaign was financially successful; in the short term.
The other indicator of success is the amount of new customer revenue the campaign achieved. This figure gives not only gives an idea of the short term accomplishments of the campaign but also provides an idea of the future revenue and the added value provided by the marketing activity.
Measuring the success of your campaign is not however the final element in an effective direct marketing campaign, in our next post will explore the ways in which it is possible to use this data to learn from your campaign and improve future marketing activities.