Do you Know how to Measure your Digital Marketing ROI – Here are 10 Ways you Can!
Digital marketing can be all trial and error. It’s your analytics which will guide you. If you don’t know where to pay attention to and to what, it can be tough knowing how to move forward. Measuring ROI can involve many elements but if you’re looking at a starting point, here’s some areas you can look.
Knowing ‘why’.
The objective of your marketing campaign may be different from the next one. Knowing why and what you’re trying to achieve can help determine where you want to focus. It’s important all objectives are measurable.
Customer research.
Use the data you obtain in your analytics to form a foundation of information about your customers. Write out customer personas. The more you know about your customers, the more you can use this information to inform your long-term digital marketing strategy.
Check traffic sources.
Look at your sources of web traffic which could be coming in through organic, social, paid, referrals, and more. Per the campaign, see what is driving website visits. This is the data which will help see where your leads are coming from.
Automate.
Marketing ROI isn’t always going to show the full story of results. Marketing automation platforms like HubSpot or Pardot may be needed to integrate your customer relationship management strategies to your marketing. This can help better track leads and sales being generated. Your marketing strategy could be paying off in ways you don’t necessarily have indicated.
Content marketing campaigns.
Content marketing can provide so much data on where you’re getting customers, what they’re interested in, and more. A simple content marketing plan can help give basic information instantaneously, including traffic, leads, and conversions.
Lead generation.
Always track your leads. You should be able to say where you’re getting your leads. Calculate cost-effectiveness for each channel by which you’re getting your leads. If you’re working on limited budgets, you may find opportunities to trim things up a bit.
Deciding on KPIs.
Key performance indicators, such as impressions, cost-per-thousand-impressions (CPMs), and sales are all indicative of things like customer loyalty, reputation management, and brand credibility. Measurement’s not necessarily going to be black-and-white for every brand so having KPIs in place are an ideal way to monitor everything.
Re-consider your goals.
Measuring ROI is not meant to happen in digital marketing only at the end. ROI should be monitored on an ongoing basis. If you find your meeting your goals or if you end up with new objectives, don’t hesitate to re-strategize and implement new action.
Segmenting.
Segment your analytics into different categories. For example, your traffic can be divided into sources of traffic, traffic over different periods of time, and more. The more you segment, the less you’ll have invest in tracking your ROI.
Consistent measurement.
Whether you’re tracking sales, leads, traffic, leads, or anything else, you always want to be tracking your ROI through the same platform. Decide on a software you want to use and stick with it. Google Analytics is probably the simplest and most straightforward to use.
Measuring digital marketing ROI is something that will come with experience. Learning how to strategize, implement action, track progress, and knowing when to pivot is what’s required to achieve digital marketing success. For more information on what you can do to generate amazing results on a digital marketing campaign, contact Unlimited Exposure today.
