When it comes to business and marketing, there is nothing more significant than Return on investment (ROI). A key performance indicator (KPI), measuring ROI is a surefire way of evaluating your marketing success over time and guiding future business decisions.
As many channels as you can use to promote business, there are at least the same amount of ways to measure the results of those efforts. And there are new methods being developed every year.
To discover what works for your company, here are all the ways you can measure ROI and find out how successful your efforts really are.
Using analytics tools is a great way to calculate the ROI of your online marketing efforts because it allows you to track and monitor incoming traffic and click-through rates of your calls to action. Having insight into these key performance indicators (KPIs) tells you exactly which marketing methodology works best, on which channel and how much to invest in them to make a profit.
Among the best tools for measuring content marketing ROI, Google Analytics stands out as the most popular. Tools like this one give insight into the source of your traffic across multiple channels and multiple campaigns (paid or organic).
According to a report from January 2018, there are almost 4 billion social media users worldwide. This means that investing in social media for marketing purposes is also on the rise with most businesses having presence on at least one network.
With so much potential and competition, it is important to track ROI using analytics tools for social media when running ad campaigns on Facebook, YouTube, LinkedIn, Twitter and Instagram.
Although engagement on social media is viewed as a vanity metric, it does have an impact on brand awareness which leads to a positive ROI. And to measure it, all you have to do is listen to what fans have to say. It will indicate whether or not your efforts on these channels are converting as well as you want them to.
Custom virtual 1300 numbers have immense potential when it comes to tracking calls to measure ROI. Customers still prefer interacting with companies via phone, and when they do, a customer support or sales representative can easily determine where they found out about your product or service.
Additionally, calls to digital phone numbers are in most cases recorded. So, when you want to determine the performance of your landing pages, website or social media pages, all you have to do is listen and extract information that will help your marketing efforts.
Marketers create and use landing pages precisely because they can accurately measure ROI both online and offline. The method has wide application when it comes to determining the success rates of paid ad campaigns, regardless of the channel you use.
From paid social media ads to PPC campaigns on Google or Bing, directing traffic to a unique landing page allows you to evaluate the performance of each individual ad. Moreover, you can use A/B testing to improve conversion by determining which ads work and replacing those that don’t.
Online customer surveys are yet another great way to get first-hand information from customers about the viability of your marketing investments. To make it work, keep your questions short and stick to only one channel at a time. This way, you don’t get mixed results or confusing answers.
Collecting data like this requires you to motivate customers to participate in the survey. Add customer incentives like discounts, free trials or gifts, as a way to get them to answer your questions.
Raul is a B.Sc. in Innovative entrepreneurship and has a lot to say about innovations in all aspects of digital technology and online marketing. While he’s not enjoying travel, football and great food, you can find him on Technivorz.com