In some cases, success is something you experience in the moment. A line of people at your register, a crowd at your event, an empty display case or shelf that needs restocking—these are all signs that it’s been a successful day.
Other small businesses might be more analytical. Measuring success by comparing sales month to month, a full calendar of appointments or higher than normal repeat visitors found on a Google Analytics report are all things you can point to as promising signs for the state of your business.
As a business owner, these are the ways you measure success because they’re what you’re closest to on a day-to-day basis. They are the things that you, as a business owner, are most familiar with.
But what about when it comes to marketing—how do you determine whether the return on a particular marketing investment is worth your while? For a lot of business owners that we talk to, how to measure marketing ROI is something that’s much less clear.
Finding a better way to measure success
While an empty display case or an uptick in foot traffic are both welcome sights for any business owner, they do come with certain limitations when it comes to measuring long-term success.
When you’re running a particular type of marketing campaign—like a local deal for example—it’s impossible to truly know what type of return you’re getting on your investment if you don’t have a better way to track your results.
If you’ve ever tried running a deal with one of the big-name deal companies, you know exactly what I’m talking about.