Just like any other online marketing strategy, knowing how successful (or not!) your campaign allows you to make tweaks, revisions or remain "on course."
Though it's a bit trickier to track and analyze fax marketing data, don't let the extra work fool you. Understanding how your campaigns are received will, undoubtedly, ensure future success, effectiveness and generate sales.
First, what sort of data do you need to track? If you're already tracking your email, SMS, and website marketing campaigns, then you'll completely understand what data is important. For every type of marketing campaign, there are a handful of data parameters that are tracked and analyzed.
If you're new to data tracking, then this is a great start. By the end of this post, you'll be able to tackle the rest of your campaigns with ease.
What Data Should We Track?
Since individual companies have different marketing goals, it's hard to determine what are the data priorities. So, instead of ranking in order what you need to look at, we're going to generally look at what data is important to every company.
Before looking at your fax marketing data, revisit what your goals are for your campaign. This will help direct you to prioritize data points.
Bad Fax Numbers
This is a basic and intrinsic data point that is universally applicable to all of your marketing strategies. From bad email addresses to bad mobile phone numbers, bad fax numbers are detrimental to your marketing campaign. Why in the world will you waste time and resources sending a fax to numbers that don't exist?
Every fax system spits out a list of numbers that work and those that don't. This practice may be tricky if you're broadcasting your promotion to several hundred fax numbers. However, tracking and deleting these bad numbers free up space for numbers that actually work.
Also, if you come across bad numbers, its wise to check with the company to ensure you have the right number. This, of course, doesn't apply to companies that have opted out of your fax service.
Though this bit of data is saddening, its incredibly valuable to you. If there's a spike in unsubscribes after a certain type of fax promotion, then it's easy to see that isn't working.
Further, if you've increased your frequency from weekly faxes to daily, and there's a spike in unsubscribes, then, again, you'll be able to adjust. Clearly, the data doesn't lie and your customers are sharing their displeasure with your frequency change. Analyze past data and look out for what is the ideal frequency level (this data point is easily found where there are the least amount of unsubscribes).
Another great way to use this data is to see what method of opting out is the most and least popular. Say the most popular form is faxing back to your company. Then ensure that method is prominent on your promotional fax. Also, let's say the least used way is through your toll-free number. What this data may point to is the automated system you've set up. Perhaps your automated system is clumsy and difficult to use.
Essentially, take the negative data and turn it into a positive. Make those changes. Your customers are speaking to you through their actions.
Return on Investment (ROI)
Fax marketing is possibly the cheapest form of promotion out there now. For pennies on the dollar, you're able to produce and circulate critical information to your customers at a touch of a button.
Compared to your other strategies, your fax marketing campaign will have a higher return on investment, than, say, an SMS promotion.
ROI is the ratio of how much money (budget allotment) you've put into your fax campaign (including staff time and resources) to the number of sales generated.
Similarly to an email marketing campaign, determining your conversion rate is critical to the overall effectiveness of your fax marketing campaign.
The data to look at to determine your conversion rate includes: how many sales were generated from your fax? How many website hits? How many customers contacted your through email or phone?
For example, to figure out your conversion rate for sales, take the total number of sales generated and divide it by the number of faxes sent (to good numbers!). Therefore, if you sent out 100 faxes that generated 20 sales, then your ROI for that campaign is 20%.
As mentioned above, tracking and analyzing your fax marketing data can be a little trickier than normal but if you stick to the basics, you are almost guaranteed to improve results and make your boss that much happier.