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There are many ways you can track print advertising:
- Unique web site address
- Unique telephone number
- unique mailing address
- Coupon code
- reply form
The key is to be able to specifically identify those customers who responded to the ad, as compared to those who found you through some other channel. It's never going to be perfect, because some folks may see the ad and then track you down some other way (Google search or 411 for your company name).
But all of this begs the original question: What do you want your ad to "do" for you? For nearly ALL of my marketing activity, the goal is simple: bring new customers to place orders, and/or bring back old customers to place new orders. Some folks have simpler goals: bring people to join a free web-site community, or bring folks to fill out a contest form or a lead form, or even "induce the consumer to recognize our brand" or "get the consumer to think positive thoughts about our company" -- the first two are easy to measure, while the latter two are very hard to measure.