Friday, 02 December 2016 15:35

Do you track impressions or engagement?

Whenever I am involved with a conversation pertaining to marketing metrics I am reminded of the famous quote by John Wanamaker, a successful U.S. merchant in the late 1800’s. “Half the money I spend on advertising is wasted; the trouble is I don't know which half.”

In recent years, the proliferation of online or digital marketing has certainly introduced a new set of metrics that help measure the effectiveness of campaigns. Social media marketing seems to have a language of its own but we feel much of it comes down to the basics and marketing common sense.

impressions vs engagementMost successful business leaders will tell you the best marketing metrics to follow are the ones that you can directly trace revenue to. No argument here, I am constantly trying to report on the success of hardwood lumber inquiries to closed orders. However, I also believe you can benefit by tracking things that do not directly tie to revenue today, but may influence revenue in the future.

Today it is very popular for marketing managers to monitor metrics for online reach, impressions and engagement. One way to look at reach is the total amount of followers you might have on a particular network or your overall website hits. Impressions are best described as the amount of times your content appeared in someone’s feed. Engagement is a measurement of actions a contact takes with your content such as liking a post, writing a comment, sharing an item, downloading a file, etc.

We find that in the hardwood lumber industry some of the most valuable items to track are those that help us understand the quantity and quality of new lead generation. For example, online advertisement click-through-rates and how they relate to new prospect quote form completions are a great metric for us to monitor. Especially when you can break that down further into the hardwood species requested such as white oak, hard maple or walnut which could give you insights into market direction.  

We find that tracking both impressions and engagement are needed to obtain a complete picture of our campaign effectiveness. Impressions help us understand the relative impact our message had on our hardwood lumber target market. Engagement helps us understand how worthy our marketing content was to that target market so we can replicate or improve upon in in the future.

What do you find? Do you track anything specific to hardwood sales that others can benefit from?

Tony Cimorelli
This email address is being protected from spambots. You need JavaScript enabled to view it.




quotebuttonRequest a hardwood lumber quote!
Click Here

Baillie Lumber Overview

Watch this video and learn more.

© 2017 Baillie Lumber Co. All Rights Reserved. Developed and Managed by CESSON 3.0