Surveys are an excellent way to help a business understand return on investment (ROI). Whether it is marketing, advertising, or even market research, the value lies with the return. Organizations certainly have a budget but if the ROI is 2X or 3X advertising spend, spend can often increase. However, it's tricky to truly understand the ROI of all of your marketing efforts.
Nowadays with digital marketing it's fairly easy to track impressions and clicks. Tying back this data through Google Analytics allows an organization to measure the return on digital marketing. This data falls short in a few areas when determining impact.
What these analytics cannot tell you is how your marketing impacts your brand in terms of awareness, perception, and impact on usage. Digital marketing is focused on conversions. Clicks turn into website visits which hopefully turn into sales.
However, before a person converts, there are key measurements to track such as awareness, perception, and likelihood to consider. These 3 measurements are highlighted below. Surveys can be used to track and better understand these metrics which impact the ROI of your marketing.
Use surveys to understand 3 key brand metrics to help you ascertain the ROI of your marketing efforts.
Understanding the ROI of your marketing can be tricky. Surveys can be used to measure market opinions around awareness, perceptions, and likelihood to consider.
Understand Sources of Awareness
Surveys can be utilized to understand both B2B and B2C market awareness of your brand, products, or services. You will want to understand both aided awareness and unaided awareness. Unaided awareness is top-of-mind awareness. Aided awareness is how many recall your brand from a list of you and your competitors.
The first domino to fall in the path to purchase is awareness. Measuring this is critical in your market to see how advertising has turned the dial from year to year.
Even more important, the survey should inquire about source(s) of awareness. This includes where the market has seen or heard information: television, radio, websites, social media, billboards, event sponsorships, etc. This helps your organization budget dollars in the sources which produce the highest awareness.
Measure Drivers to Perception
Perception measures sentiment in your market. This is how many people view your brand positively, negatively, or neutral. Even more important is understanding what is driving this perception. It is imperative to ask an open-ended question after the positive or negative rating to gather context.
Are negative ratings being driven by your reputation for high prices, poor customer service, bad PR in the past 12 months? Are positive ratings being driven by your advertising, discounts and deals, or short wait times?
Quantify Reasons for Usage and Non-Usage
Similar to inquiring about likelihood to consider, the survey can address usage and non-usage of your product or service. One of the best reasons to complete a market survey is to speak with non-customers. The survey can uncover main barriers and reasons why those in your market do not use your brand. This gives you the opportunity to address concerns about your brand in your marketing messaging and improve your ROI.
Contact Drive Research
Drive Research is a market research firm who assists marketing teams and advertisers improve their return on investment (ROI). Market research is an objective way to analyze return on marketing efforts and help drive strategy using data.
Contact our team by email at [email protected] or by calling 315-303-2040.
You can also message us on our website here or send us a text.