We have now come to the end of our 7-part series on Storytelling Marketing. To give you a quick recap, we discussed:
You’ve done the hard work. Your stories are live and running. And today we are sharing with you some metrics to gauge the effectiveness of your stories:
a. Brand awareness
Is your target audience familiar with your products or brand?
Are you seeing growth?
Are you discovering new customers?
b. Lead generation
How many new sales leads did your campaigns brought to your business?
c. Conversation rate
What percentage of new leads did result in actual purchases of your products or services?
You may want to keep in mind that sales aren’t the only factor! Building a list, generating leads, and putting you in touch with your audience is equally as important as sales.
d. Increase in sales
How have your sales grown over time?
Are you finding your campaigns have become stagnant? If yes, this means you may need to change, edit or revise your storyline or maybe reach a different target audience.
e. Return on investment
For every dollar spent on marketing, how many dollars generated in sales?
You want to experiment, but still stay within your budget!
f. Customer acquisition cost
How much does it cost your business to acquire one customer?
g. Market share
What percentage of buyers in the market purchase from your business compared to your competition?
Keeping track of metrics is vital to effectively market while also staying within budget. This ensures that you are spending money to grow your business, rather than on campaigns that may or may not result in sales.
We have now come to the end of this series on Storytelling Marketing, but please keep an eye on this blog for additional tips and strategies in the coming weeks. We have something similar in other domains coming up! Stay tuned.