As marketers, we’ve all heard John Wanamaker’s famous quote…
“Half the money I spend on advertising is wasted; the trouble is I don’t know which half.”
The reason that this quote is so popular is because it resonates very well with business owners, entrepreneurs, and advertisers. It turns out to be fairly true due to the fact that many people don’t or don’t know how to set up their campaigns efficiently.
Agencies and marketing employees continuously attempt to justify their advertising budgets but they end up using buzz words like “awareness”, “frequency”, and “reach.” Although these are important concepts, the truth is they pop up because of a lack of insight into the true number of conversions. This is especially true for complex industries where a product is sold through multiple third parties or for long purchase cycles with many prospect touch points.
So what do you do?
One idea is leveraging the power of the Campaign ID. By Campaign ID, I’m talking about the “Lead Source” or where the customer, account, or prospect came from. If you have multiple touch points, it may be advantageous to track multiple Campaign IDs or create rules such as first/last Campaign ID attached to that lead wins. The important part is that you know where your customers and prospects are coming from and attributing their transactions with their related marketing campaigns.
The way to accomplish this is to store your Campaign ID inside of your customer relationship database (CRM). At the time of entering that contact, whether via a sales rep or an online registration form, you must pass the “Campaign ID” into a field in the database. It’s easy to accomplish this online but also possible through in-store sales, tracked phone calls, and traditional advertising. You just have to always ask “How did you hear about us?” or “Have you seen any of our marketing lately?” When you get the answer, be consistent and add your Campaign ID to that customer.
What can you track with a campaign ID?
- Paid Search
- Display Advertising
- Social Media
- Phone Calls
For some of the more traditional advertising such as billboards, magazines, newspapers, and television you’ll need to develop a strong call-to-action (CTA) that drives people either online or to call a phone number. Make the phone number unique for each campaign and measure your conversion rate. How many people called the number and became customers? Compare that with some of your other campaigns and you’ll begin to see where you can spend your advertising dollars the most efficiently.
Brand awareness is import. If your prospects don’t remember your brand or recognize who you are then they likely won’t become customers anytime soon. That being said, it’s also important to be driving towards advertising that is efficient, measurable, and sales centered. Focus less on the impressions/views and more on the engagements that are further down the purchase funnel. That is the goal of utilizing the campaign ID.