Defining Success
How do you measure the success of a campaign? Do you count RSVPs, tours taken, social media likes or page visits? A more accurate ROI ties the success of a campaign to actual conversions. At the end of the day, do you want real metrics or just window dressing? We believe assigning value and determining ROI are critical. And the smartest approach is choosing a Matchback Analysis to determine success.
Who Raised a Hand?
No matter which industry you work in, it takes a certain number of touches before someone converts. For example, in senior living, it can take up to 25 touches to convert someone from a cold lead into a senior living resident. And the average cost of that lead is more than $400. Which means marketers need to make smarter decisions about who to target and, more importantly, who to retarget.
Using a proprietary 18-step process, our data analysts can match your marketing list to your transaction file with a 90% confidence score. And, on average, we can match 20 – 30% more matches than using traditional software to perform the task. Knowing who raised their hand and completed a transaction gives you a better understanding of what’s working and who is most receptive as a prospective customer. Here’s a quick Matchback Analysis Guide (PDF) to share with your team.
Benefits of a Matchback Analysis
Knowing whether a piece of direct mail, an email invitation or a social media ad influenced someone to take a desired action is critical when assigning budget dollars to a campaign and determining ROI. But attribution can be murky. If they chose to visit the website but didn’t take another action, how do you measure that? If an ad prompted them to later search for more information about your community, does that count as a campaign response and how would you see that interaction?
Our data scientists match the names and addresses of consumers who took a desired action to the data list we supplied for the campaign. By looking at the entire group or responders, common demographic, psychographic and geographic information can be assembled about this group. This insight is applied to refining and improving your data list to find more look-alike audience members. In the process, we can also remove those who are less likely to respond. Your list will be smaller, but the conversion rates will increase. The revised list can then power your retarget campaign.
The advantages of Matchback Analysis include:
- Accurate campaign results instead of guesses
- Identification of successful geographic areas to target
- Identification of areas and prospects to avoid
- More accurate data on how to reach those most likely to convert
Over time, your understanding of your target audience will improve as you see which pieces of the campaign appealed to which groups within your audience. If you’d like to learn more about how our data scientists can help you improve your marketing efforts by matching actions to people, email Maribeth or give her a call.