Get All Access for $5/mo

To Track the Effectiveness of a Marketing Plan, You Need Modern Day Measurement Times have changed, and taking a look in annually is no longer a sound strategy.

By Jim Joseph

Opinions expressed by Entrepreneur contributors are their own.

Pixabay

Back when I first started in marketing over 20 years ago, we didn't think that hard about measurement, to be perfectly honest.

Sure, we tracked sales and market share, and of course we tracked our marketing spending, but that was about it. We would set sales and market share goals, checking in throughout the year only to worry that at the end of the year we wouldn't hit our goals. So much stress!

Today, our marketing plans call for something far more complex. It's way too late if all you do is mark annual sales and market share at the end of the year. You need to be measuring all year long, and then course correcting along the way so that you can make sure you make you hit your annual goals.

This all starts with your marketing plan. You've outlined your strategies and identified your tactics, so now you must create your measurement protocol.

Related: 10 Data Tools Every Marketer Needs to Be Using

It starts with your goals, of course, which was the first installment of this series on marketing plans. But then you need to identify the elements that will make up those goals, the interim steps that will tell you if you are on track.

The interim goals could be anything that will track your progress, be it social media followers, numbers of shares or coupon redemption. Your interim goals should prove whether you will make your annual goals, allowing you to do what's necessary along the year to change the trajectory.

This is modern day marketing measurement -- not allowing the entire year to go by before you know if you'll succeed and doing everything in your power to stack the deck towards making your goals by using data to track your progress. Then, of course, also altering your marketing plan in response. I would suggest a weekly, bi-weekly or monthly dashboard to easily capture your results in a format that allows for easy decision-making.

You'll know, at a glance, how your business is performing.

This is modern day measurement.

Related: How to 'StorySell' Your Way to a Sale

Jim Joseph

Marketing Master - Author - Blogger - Dad

Jim Joseph is a commentator on the marketing industry. He is Global President of the marketing communications agency BCW, author of The Experience Effect series and an adjunct instructor at New York University.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Starting a Business

He Started a Business That Surpassed $100 Million in Under 3 Years: 'Consistent Revenue Right Out of the Gate'

Ryan Close, founder and CEO of Bartesian, had run a few small businesses on the side — but none of them excited him as much as the idea for a home cocktail machine.

Franchise

The Top 10 Coffee Franchises in 2024

From a classic cup of joe to a creamy latte, grab your favorite mug and get ready to brew up success with the best coffee franchises.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Marketing

How Small Businesses Can Leverage Dark Social to Drive Word-of-Mouth Marketing

Dark social accounts for 70% of social media shares and is crucial for small businesses. Here's how you can tap into this hidden marketing opportunity.

Business News

'Jaw-Dropping Performance in 2024,' Says a Senior Analyst as Nvidia Reports Earnings

Nvidia reported its highly-anticipated third-quarter earnings on Wednesday.

Business News

'Do You Sell Cars?': Tesla CEO Elon Musk Trolls Jaguar Rebrand on X

The team running Jaguar's X account was working hard on social media this week.