Whether it’s your first time sending SMS campaigns or you’re a seasoned professional, the only way you can see the value of your campaign is by tracking it and measuring its return on investment (ROI).
Calculating the value of your SMS sends can help you make improvements going forwards, and can help you understand what your customers respond to the best.
Before sending you should have an idea of what you are looking to achieve with each campaign.
Common goals of SMS campaigns:
- Increase the volume and transaction value of sales
- Increase the number of customers claiming an offer
- Increase the number of leads
- Increase number of new subscribers
- Increase traffic to website
- Collate survey responses and feedback
- Encourage the download of an asset
A successful campaign should help you achieve the goals you’ve got in mind. So where do you begin?
The best place to start is with your contact data. At the core of a successful SMS campaign is accurate recipient numbers. The cleaner your data is the higher your delivery rate will be.
To find out your delivery rate you’ll need to calculate:
Number of Delivered / Total sent x 100 = Delivery rate.
A low number would suggest that a data audit should be considered before your next campaign.
An improved delivery rate should also lead to an improvement in the open rate of your campaign, so the next step comes to tracking the performance.
If you’re looking for something a little more sophisticated and want to track sales and revenue, you can use something called UTM parameters. This is a little extra information at the end of your URL that you can customise yourself inline with your business’s tracking structure. You often find this tracking on marketing emails and it can similarly be applied to URLs. For more information about how to use UTM parameters read this article by Google.
Measuring conversions relates to your goal and will generally look like ‘the number of people who took action’ divided by ‘the number of recipients’ x 100 and that’s your general ROI. In terms of a monetary value, finding this is as simple as taking the cost of your campaign send and comparing this to the number of goals that were achieved, i.e. the number of appointments booked, the number of items sold, the number of coupons used etc.
If you’re looking to send traffic to your website whether it’s to fill out a form, check out a page, or make a purchase, simply by creating a landing page with a unique URL and including this within the text message, you will be able to track how many people have clicked the link within Google Analytics.
As with email, there are general statements about the average click-through and response rates for campaigns, but the best way to make improvements is to set your own baseline and work from there.
If you want to diver deeper into calculating your ROI, we have another detailed guide here. We’re keen to help you enhance your campaigns and see the true value of SMS marketing, so don’t hesitate to ask us for help with your future campaigns. New to TextAnywhere? Start your free trial with us today!