On April 23, 1985, The Coca-Cola Company made marketing history for the wrong reasons. However, they saved themselves by listening to their campaign metrics.
To regain the lead against its competitors, Coca-Cola changed the formula for its famous soft drink. Branded New Coke, taste tests showed people preferred the new formula. What could go wrong?
However, they underestimated how changing the taste would affect their target audience's intangible but important bond with Coca-Cola.
Calls flooded in. The Coca‑Cola Company received 1,500 calls daily on its consumer hotline, compared with 400 a day before the taste change. People started hoarding the ‘old’ Coke - getting depressed over losing their favorite soft drink. Protests groups sprung into action.
Coca-Cola had enough data to know this campaign was a mistake. In July 1985, they announced a return to the ‘old’ Coca-Cola, and the rest is history.
Coca-Cola’s story is a lesson on how tracking campaign metrics helped save the company from one of the biggest blunders in marketing history.
Likewise, monitoring campaign metrics can help you understand where to divert your marketing efforts. We’ll show you how to create a campaign key performance indicator (KPI) dashboard and campaign KPI examples to ensure you’re measuring the right actions.
For example, you might use these metrics when developing a summer sale email campaign.
While metrics depend on your industry benchmarks and specific marketing goals, we’ve got a step-by-step process to show how to choose the right metrics to track the effectiveness of your campaign.
Naturally, setting goals as part of your marketing strategy provides direction and a target to align your marketing team. Marketers who set goals are 377% more likely to be successful than those who don’t.
For example, you’ve noticed your brand has dropped in search rankings over the last six months.
Organic traffic is one of your primary methods of lead generation and new customers, so you put together a search engine optimization (SEO) and content marketing campaign strategy to improve brand awareness and turn organic website traffic into marketing qualified leads (MQLs)
Don't stop there once you’ve got an idea of your goal!
How a goal can look like using these methods:
Double the total number of leads from organic traffic over the next 12 months by refreshing five targeted blog posts per month.
Double the number of leads from organic traffic for our company’s key search terms:
Your action step:
Use the OKR or SMART goal-setting method to get specific on your campaign goals
So you've defined your marketing goals, and now you want to measure progress toward them and quantify the impact of your campaign.
Metrics chosen should answer two questions:
So if you’ve got a business goal of meeting an annual recurring revenue of $1 million, your marketing campaign goal can be to generate 25 inbound marketing leads per month in the next six months.
Metrics to measure progress:
Your action step:
Consider metrics to measure campaign progress
Now that you've got your metrics and goals, it's time to turn information into insights.
At its core, reports are a communication tool. So here’s your opportunity to help your client or team:
And while Excel spreadsheets might work for reporting, they take time to assemble. Plus, they’re not the most intuitive to look at.
Before marketing agency Jelly Marketing used DashThis they were creating client reports with Microsoft Excel.
Reporting tools like DashThis can help with these steps! Fine-tuning your reporting process and creating visual dashboards can clarify your campaign reports to your client.
Ask our customer Jelly Marketing, who saved over 20 hours of work per month on reporting alone.
Your action step:
Impressions are the number of times your ads are shown to people and measure how much attention your campaigns get.
Clicks and clickthrough rates are essential for email marketing and PPC campaigns as they track how relevant your campaigns are to the people who see them.
While marketing budgets are projected to grow in 2023, advertising costs can increase quickly. Monitor your cost-per-click, cost-per-conversion, and overall campaign spending to identify cost-effective keywords and campaigns.
Most campaign reports will include conversion rate metrics because it's one of the metrics that most impact business results, whether it's a purchase, a form, or a free trial signup. For instance, an organization might measure its website conversion rate. This way, they can see how well their website converts visitors into buyers.
Cost per acquisition answers how much you spend to gain something that isn’t a paying customer yet. Think leads, free trial conversion, or landing page signups.
Note: Cost per acquisition and customer acquisition cost (CAC) are similar metrics that measure different things.
Return on ad spend tracks how much you’ve earned in sales and leads against total campaign costs.
Have this metric in your report if you’re presenting to budget-conscious stakeholders like your executive team or evaluating which marketing channel is most efficient at generating results. Track ROAS against metrics like cost per lead or customer lifetime value to get a complete picture of your pipeline.
How much revenue does a customer create for your business over their lifetime?
That’s where measuring customer lifetime value comes in.
Here’s how to calculate CLV:
To make the data even more helpful, segment your CLV data! Try these segments:
Running PPC campaigns on Google Ads or Facebook Ads?
Monitor your Quality Score (or Quality Ranking on Facebook Ads) as it affects your campaign’s cost per click and how often your ads will show for your target keywords.
Get your campaign KPIs into a report with your own domain and branding with DashThis’s white-labeled reports.
Gather all your campaign performance data into one easy-to-read report, whether email campaigns, Facebook ads, or social media engagement rate data.
Here’s what you get with our campaign report template:
Quality campaign reports take time to assemble, structure for maximum impact, and analyze.
That’s where automation tools like DashThis help save you valuable time on reporting - time that compounds the more clients you have. Rather than manually assembling reports, your time is better spent brainstorming ideas or refining strategies for your clients.
Track your most crucial campaign metrics with Dashthis
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