In the life science tools industry, much of our marketing budget is used for traditional marketing, so many of our campaigns use offline marketing channels. We may not always meet the revenue target for the campaign as our industry goes through a typical buying cycle. There are often promotional budget overruns.
The question here is, should we only look at a revenue target when it comes to determining if a campaign is successful? From a business point of view, YES. But from a marketing point of view, NO. It's important to look for other indicators as well (KPIs).
The buying process is generally longer. The lead to sale duration often gets prolonged with process flows and admin formalities. In this scenario, looking at revenue generation as the only success factor for a campaign is often frustrating from a marketer's point of view. Many times, your campaign KPIs can reveal a lot about your campaign effectiveness.
Important KPIs to look at are
These KPI analyses will enable marketers to plan more robust campaigns focusing on higher conversion rates and lead generation.
This article discusses how to gain insights from online KPIs that you can use to enhance the impact of offline marketing activities.
For example, I'm marketing a multiplex assay reader at a regional level (let’s say, in India), where I'm running a special campaign to generate leads. I prefer traditional marketing methods to reach my target audiences, so I'm conducting workshops, Be Our Guest (BOG) programs, demo drives, seminar series, ”special offer” pamphlets, direct emails, distribution network, or enlisting direct sales teams to take my promotion to the market.
Here, offline KPIs can be defined as the number of hot leads or the number of quotes that are sent. But there are other valuable KPIs in my website log data — traffic increases to specific website pages and other strong indicators to look at that would improve my campaign performance. Let's take a closer look.
Your website is likely the first asset to be affected once your offline campaign goes live.
Here are several online metrics to review:
In this example of a multiplex assay reader, an increase in website traffic during the campaign period from India indicates that the audience requires more information. And if your offline campaign and website landing pages ask the right questions, you'll also have an indication of what information is needed.
Don't use your homepage as the landing page for your promotion. Whether you are launching a new product or running a massive campaign to drive sales, it's essential to create a custom URL for your campaign. It's also recommended to keep the URL name simple and interesting.
Once you get your custom URL and landing page ready, you can track the traffic on Google Analytics. In this example, you would clearly see the traffic to your landing page during campaign period, session duration (engagement), bounce rate (session closed after viewing only one page), and conversion (filling the lead form). Go to Behavior>Site Content>Landing pages
One of the simplest methods to track offline campaign performance by using UTM-tagged short URL. “UTM” stands for Urchin Tracking Module which is a simple code attached to a custom URL to track a source, medium, and campaign name.
Google’s URL builder helps you create a UTM-tagged URL which can be tracked on Google Analytics (GA). To simplify the URL, use goo.gl or bit.ly to shorten it. If you use email marketing as your promotion channel UTM tagged URL will help you track channel efficiency and if you use mobile/SMS marketing as a channel, UTM tagged short URLs will help you track. Once you add the UTM tag to your URL, transform it into a QR code and include the QR code with your promotional materials to help drive traffic to your online assets.
To check performance of UTM tagged URL (campaign landing page) on Google Analytics go to Acquisition>Campaigns>All Campaigns
Your web development team or marketing team can help you set up your analytics and develop your landing page. The references and the checklist below will prepare you for the conversation.
Prativa has over a decade of experience in marketing and business development in life science in healthcare industry. She holds General Management certification from IIM, Bangalore and a Gold Medalist in Masters in Biotechnology. She is known for implementing new ideas in marketing strategies and increasing revenue and profitability.Proven track record with significant YoY growth. She is passionate about Digital Marketing.