Proving the success of your marketing efforts can be a moving target. While most AEC businesses wish it was as simple as “Hi, I’m calling because I saw your ad…” it rarely is.
Because of the complex and often indirect nature of successful marketing campaigns it is important to assign accurate metrics, and those metrics shift depending on the type of marketing or campaign you’re executing. The following are different ways to define success when marketing your professional service firm.
Direct Metrics
These are the first level of data available from marketing efforts. Direct metrics would include new leads from advertising, click-throughs, new contacts/opportunities from conferences and Google Analytics. These are often what people look for at the end of the year, or “budget time” but they are far from the only way to determine success.
Market Comparisons
Market comparisons may seem like a “soft” metric, but in actuality they can be quite telling when used appropriately. Comparing company growth against industry averages is especially helpful in slower economies or times of decline. While your firm may have set an objective for 10% growth, not meeting that doesn’t mean that marketing efforts were ineffective. If industry revenue is down 10% for the year, then just maintaining company size is a success. Additionally, market comparisons have to be done over an extended period of time for them to be valuable. Since marketing isn’t the same thing as sales, there could be 6 months or more before the impacts are seen for a professional service provider.
Campaign Goals
The other side of the coin from market comparisons are internal campaign goals. Campaigns are designed to have a beginning and an ending with clear goals. Those goals may be as bottom line-related as new contracts, but may also be more relationship-oriented like network developed or other results for a social media effort.
Buzz
There is a reason that PR agencies exist. Earned media is extremely valuable and is a fantastic reputation builder. Earned media placements such as mentions in trade magazines, or at best feature stories, are often more likely to drum up a lead than advertising. Social media campaigns can produce a different type of buzz, but still equally as valuable. The quantity and quality of placements, retweets, followers and press mentions are crucial metrics to monitor.
Launching and executing a successful marketing effort doesn’t always equal an immediate increase in revenue. However, when looking at the entire picture and evaluating by the right metrics, it’s very possible to determine a clear success when you have one.