Outsourcing your marketing activity to a professional agency can bring huge benefits to your business, but it can also be stressful if you aren’t able to monitor performance well.
For a strong and long-lasting relationship with your marketing agency, being able to effectively measure performance across a campaign is vital. You need to know how your chosen agency is contributing towards your overall activity.
Everything from clear goals to transparent reporting can help you to assess if your marketing agency is performing well, and take action if anything is awry.
Here’s how to know if your marketing agency is performing:
The key to evaluating your marketing agency’s performance, and the very first thing you should do, is set goals.
When discussing campaigns with your agency, you both should be able to come to an agreement on a set of achievable, measurable goals for the campaign.
Think about what you’d like to achieve from your outsourced marketing activity and set benchmarks for your agency to achieve.
A responsible agency will not be afraid to tell you if your goals are unrealistic and will be able to contribute their own ideas of what your campaigns could aim to achieve.
You’ll then be able to refer back to these goals, and measure the performance of your agency against them.
A professional and trustworthy marketing agency will be very transparent with their reporting.
They’ll give you regular updates on key metrics, and will be able to offer ongoing recommendations for further improving the campaign.
Having an agency that reports clearly and transparently will enable you to see how you are progressing towards campaign goals, and you’ll also be able to feed this data back into your wider business monitoring.
You should be able to keep an eye on key marketing metrics provided by your agency, and use them to assess whether your marketing agency is performing.
Lifetime customer value is a great indicator of the health of your business, and the quality of your marketing efforts.
A good marketing agency will be able to increase your lifetime customer value, bringing in repeat custom and fostering loyalty through their campaigns.
Attracting sales from existing customers carries a much lower cost than acquiring totally new customers. So while you, of course, want to bring in new business, a good marketing agency will be focused on driving repeat business as well.
A focus on lifetime customer value indicates your marketing agency really cares about the health of your business, not only their campaign.
Marketing can be incredibly complex, and as a result, your marketing agency should be constantly evaluating and adapting your campaigns to improve them.
A great marketing agency will run reactive campaigns, constantly tweaking and improving their campaigns to generate better results.
Taking an iterative approach like this means your marketing agency should be hands on, always looking to generate better returns. They’ll be able to test different changes to your campaigns, quickly finding the improvements that have a positive impact.
These small changes will ensure that your agency is always producing the best value for money, and making the most of your resources.
You’ll then be able to see evidence of this approach in the reporting they provide.
A marketing agency that is performing well should generate some fantastic short term results, but that’s not the end of what they should provide to your business.
A great marketing agency should also be developing a strong foundation for the future.
To truly assess how your marketing agency is performing, look at the long term value they add to your business. Are they building a robust basis that will allow your business to flourish into the future?
The importance of lifetime customer value, as mentioned earlier, is a good example of an agency laying the foundations for your future.
A marketing agency that is performing well isn’t just driving short term results, they’re working in partnership with you to grow your business.
Having an agency that produces great results with transparent reporting and reactive campaigns is fantastic, but if you aren’t familiar with the platforms being used and campaigns being run, you won’t be able to effectively assess performance.
A strong knowledge of everything from your chosen eCommerce platform to marketing tools like Google Adwords can give you greater insight into how your agency is performing.
Reading your agency’s blog, as well as other online resources is a great way of keeping up to date with how these tools are being used, and will help to inform how you evaluate your agency.
While outsourcing marketing activity to an agency can be a big step to take, especially for the first time, monitoring your agency’s performance should give you the piece of mind that your agency is firmly on your side.
A great marketing agency should give you clear reporting, work towards achievable goals and be working to create a promising future for your business.
If you can monitor key metrics against the goals you’ve set your agency, and understand the tools and campaigns in action, you’ll be able to effectively evaluate how your marketing agency is performing.
Interested in how Statement can help your business grow with digital marketing. Feel free to get in touch and one of our team would be happy to have a chat with you about what your business needs and what your goals are.