Measure your marketing goals
1. List the outcomes you want, such as specific goals for customer acquisition, customer retention, sales growth, or revenue increases. Establish milestone thresholds, such as revenue or number of units sold over days, weeks, months, and quarters, so you can measure your progress to your goals.
2. Set secondary or micro-goals as well, as focusing solely on larger goals could hide trends and patterns.
If your goals are too broad, it becomes harder to see if progress is actually being made. For example, Achieve 4MM more MRR this year compared to last year. In order to see if you are on pace for this, you’d need to set micro-goals that level up to this macro goal.
3. Research your market share and historical data analysis to understand realistic aspirations before setting goals.
Conduct market research but also review your own website/sales historical data. Unless you are making significant investments in ads, hiring personal, opening up different channels, don’t expect big changes – and some channels (like SEO) take time.
4. Use annotations about your changes along the way to help build a why the results happened. Use a consistent place, like Google Analytics, where anyone and everyone on the team is able to leave notes on what medium to big changes were made.
Using annotations in your marketing can really help you identify what outcomes were the biggest contributors. Especially if you are working with a team. For example, Increased ad budget by 20% in Q4. Hired sales rep to start following up with all the leads we are generating.
5. Review the numbers, ensuring that you're comparing similar times of year and situations.
If you are a B2B business, then seasonality around the holidays will more than likely have an effect on your marketing – make sure you are comparing year over year, etc for such situations. Your own, first-party data is the best to “compare” but if you lack a lot of it (historically) look into other market-research data to help you better understand how you are doing vs the competition.