Measuring Marketing Effectiveness
The collection of accurate data is essential in measuring marketing effectiveness. By thoroughly analysing data, marketers can improve the success of their efforts and make better business decisions. Popular metrics include tracking visitors, sales and customer conversions.
What do visitor analytics tell the marketing department?
- Combining people counts with sales transactions shows the customer conversion rate (customer conversion is the percentage of people who actually buy something as opposed to just browsing)
- With people counts and customer conversion figures, directors can determine their return on marketing investment. Marketing professionals get a full picture and can determine the costs and benefits of getting more people across the threshold.
- Armed with people count information, marketers can easily test different promotional techniques across different stores or venues.
- Each person entering a store is a potential customer, an opportunity for a sale. Knowing the number of potential customers is essential to measure how the opportunities converted to sales.
- Without customer conversion figures there can be no valid comparisons between promotions, stores or regions.
- Adding artificial intelligence lets retailers log consumer’s age, gender, what products they are looking at and for how long. When integrated with digital marketing the right offer can be presented at the right moment to the right person. This boosts revenue and improve the shopping experience.
Marketing departments are now under more pressure than ever to deliver results that can be tangibly measured. As video people counting systems are over 98% accurate, they provide concrete data and key performance indicators. Counts are available in real-time, so Marketers can fine-tune their strategies in the midst of a campaign. In a retail example, more people may be visiting a store, and sales may be up, but without the conversion figures it is unknown how many potential sales were lost. If, though, marketers have real-time conversion percentages – and they are going down – then quick action can make all the difference, converting quite good results to an outstanding return on investment.