Before You Begin
Before diving in head first into numbers, analytics and customer interaction metrics, there are a few things to keep in mind when reviewing your fax marketing campaigns.
- What are you hoping to learn?
- Do you have preexisting standards to compare to?
- How often will you analyze your data?
- How will you digest the data into achievable goals?
Total List
- What is your total reach to your market?
- Do you have separate lists that target different markets?
- If so, try to analyze the list groups differently. However, for a comprehensive view of your fax marketing campaign, it's beneficial to analyze your data quarterly.
New Subscribers
Beyond these happy numbers, analyze where these new subscribers came from.
- Did they sign up through your website?
- Did they sign up in person, say, at your office or retail space?
- Did they sign up through your social media sites or email marketing?
This information helps you determine not only how fast you're growing, but through what vehicle they're finding you. So, beyond the happy numbers, looking at where your new subscribers are coming from is incredibly insightful into these new customers' habits.
Unsubscribes
Much like email marketing, fax marketing campaigns also have a rate of unsubscribes. Similarly to email marketing, there is another number that often is lumped into the unsubscribes: bad numbers or bad connections.
It is up to you as to whether you want to include bad connections into your unsubscribes. Ensure, however, that these bad numbers are actually bad numbers and not a clogged fax machine.
For email marketing, this is called a bounce rate. In some cases, it is good to include this bounce rate into your unsubscribe list to get a full and accurate picture.
To determine your overall growth rate, a simple formula helps you figure it out. Take the number of new subscribers and subtract any unsubscribes (or bad numbers); divide it by the total number of fax subscribers. This is your rate of growth.
Subscriber Action
What does your fax generate? What sort of action? This is a critical component to determine if your fax marketing campaign is effective and eventually successful.
This metric, what your subscribers are doing with your information, is incredibly informative. It speaks to how your subscribers are handling your information.
Whatever the action is, it will help you determine whether there is anything that you need to adjust for future campaigns.
- How many people visited your website after receiving your fax marketing campaign?
- How many people cashed in on your offer in the fax?
- How many called your office for more information about your business, products or services?
- How many visited your social media channels?
Sales
To fully ascertain your return on investment (ROI) for your latest fax marketing campaign, look at the conversion rate to sales.
- How many people acted directly on your fax?
- What is the ratio of sales to the entire fax marketing list (or a segmented group)?
Sure, some of your subscribers may check out your website or social media sites, but what happened after that?
Clearly, the bottom line about this sort of marketing plan is to turn contact into direct sales.
Further, if you have other marketing campaigns going on, say email marketing or social media promotions, look at the direct conversion from contact to sales. What is the most effective based on your metrics? With that information at hand, now you can move forward with what works best.
Want to learn more about SimplyCast's fax software? Check out the features page for more details.
