At the start of every new year, you should take some time to really evaluate how well your business strategies performed in the year past. This certainly extends to your media marketing approach. If you have been faithful in your collection of data throughout the recent years, then this will be much easier. However, even with only the data collected in 2017, you can get a good picture of what worked and what didn’t, so you can make more informed decisions as you move forward in 2018.
Run a Year-to-Year Analysis
This is where it is handy to have data from at least two years’ past. You can compare your media marketing results from 2016 and from 2017. Was the return on investment better or worse last year? If it was worse, what might be the cause of that? Sometimes, the answer is obvious. There may have been some bad press, a product recall, or some other sort of negative attention that hurt your brand. In that case, the numbers might make sense. On the other hand, there are times when you will have to delve a bit deeper, looking at the engagement on individual campaigns to determine where the weak points were in your strategy. More on that topic to follow. If, though, 2017 proved to be prosperous where media marketing was concerned, then you can use that momentum to make 2018 even better.
Finding the Weak Spots
As mentioned above, one of the considerations to keep in mind, as you audit your media marketing strategy, is which campaigns helped your cause and which were more of a drag on your resources. Looking through the data related to engagement, sales figures, and general social media reach can paint a good picture of how well a particular campaign performed. This can really give you a head start in your strategy development for the New Year.
Other Metrics to Consider
There are several things that you should consider when evaluating your media marketing success, always keeping in mind what goals you had set when you started the various campaigns. A few questions to ask:
- Has Your Followership Grown in the Past Year? By How Much?
- How Many Click-Throughs Have You Achieved as a Result of Each Campaign of 2017?
- How Many Times Was Your Brand Mentioned During Campaigns? How Many Times Was it Mentioned Unrelated to Marketing Campaigns? How Many of Those Mentions Were Positive? If Recommendations are Being Made, by Whom and What For?
- How Did Your Media Marketing Budget in 2017 Compare to the Marketing Budget in 2016? How Much Did Each Engagement Cost you in 2017 as Compared to the Cost Per Engagement in 2016?
With this sort of information at hand, you can host much more production and informed meetings with the marketing team, so 2018 can be your most successful year to date.