How To Measure The ROI Of Your Marketing Efforts

3 Minute Read

The heyday era of direct marketing, cash sales, and traditional advertising might not have been as glamorous as made out to be in TV shows like AMC’s Mad Men. However, it was a time when marketing teams could use straightforward metrics like increased revenue and physical written orders to track a campaign’s success or failure. Basically, their bottom line was something they still had to work to get…but the methodology was straightforward, universally agreed upon, and easy to replicate.

In the digital age, things are a bit more complicated. When it comes to measuring your marketing ROI or bottom line, you need more organization and motivation. You need a plan that everyone on your team agrees on and, most importantly, you need metrics that everyone can understand. Keep reading and let’s talk more about how to measure the ROI of your marketing efforts!

How To Measure The ROI Of Your Marketing Efforts

Return on investment (ROI): a performance measure used to evaluate the efficiency of an investment or compare the efficiency of several investments.

A marketing campaign is just that. An investment of your team’s resources, money, and time. So, instead of just asking questions like “How do clicks relate to revenue? Should we factor in bounce rates? How much is a unique view worth…?”, let’s discuss some of the real steps your team can take to help quantify and optimize your marketing ROI.

Familiarize yourself with all relevant software.

Whether you’re using some of our preferred suites like Mailchimp and WordPress or you’re working with another online solution, you have to know how to use your tools properly. Make sure that someone on your team is proficient with whichever platform you pick and stays up-to-date with the latest updates. Someone should be able to navigate the various software that your team uses to chart success. Without that expertise, how will you know what success looks like?

Plan out and write down your goals and objectives.

From getting more video views to attracting end users to your website, solidified goals and objectives help you paint your targets vividly and with some permanence. By choosing the right goals and making them stick, your team can align quickly from campaign to campaign and spend more time on meeting those metrics, rather than defining (or redefining) them.

Determine the most valuable metrics that are available to you.

No matter what type of marketing objectives you’re trying to achieve, you must identify the metrics that will help keep you motivated and informed while you accomplish them.

Are you sending emails? Then open rates, click rates, and send rates are what you’re looking for. A new website launch? Unique visits, bounce rates, and on-page time is probably more your speed. Either way, figure out what these metrics are and just like with your goals…write them down!

Some other common examples include:

  • Subscribe / Unsubscribe Rates
  • Total Website Visits
  • Traffic by Channels
  • Inbound Links to Website
  • The Number of New Visitors vs Number of Return Visitors
  • Interactions per Visit
  • Exit Rate
  • Mobile Traffic
  • & More!

We know that “true” customer acquisition costs can be difficult to determine when you’re considering all of these factors and objectives. While we do still advocate using tested models of determining how much a customer is worth, you need to discuss all of the options with your team.

Decide a regular cadence for discussion and optimization—and stick to it!

Before you create and launch your campaigns, it can be extremely helpful to go ahead and decide milestones/meetings with your team in advance. By setting these dates in your calendars (or at least in your minds), you have set aside dedicated time in the future to discuss how your campaign is going and allotted resources to make sure it succeeds.

Publish, monitor, and test!

After spending time planning and creating your campaign, you have to eventually pull the trigger. You must create and actually get the campaign going before you can optimize it or understand if it’s working!

Nervous about getting started on this process with a closer eye on metrics and objectives? Switching to a new platform? Have any other questions regarding your company’s current marketing ROI? Schedule a call with our digital experts today and start getting some results!

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