One way marketing teams can assess their campaign effectiveness is by?

Setting Key Performance Indicators (KPIs) for metrics like conversion and acquisition costs is fundamental in evaluating campaign effectiveness. KPIs provide specific, measurable criteria that allow marketing teams to quantify the success of their campaigns. By establishing these metrics, teams can track performance over time and gain insights into how well their marketing strategies achieve desired outcomes, such as increased sales or brand awareness.

For instance, conversion rates indicate the percentage of consumers taking a desired action, such as completing a purchase or signing up for a newsletter. Evaluating acquisition costs enables teams to understand how much they are spending to gain new customers, which helps in budgeting and strategizing future campaigns.

This method of using KPIs to assess effectiveness is a crucial best practice in marketing, as it supports data-driven decision-making and helps in identifying areas for improvement.