Measuring the return on investment from your online marketing can be a challenge for anyone. But, there are a few tactics and tools you can use to measure your marketing efforts and get a better idea if the money you’re spending on marketing is working. The science of marketing ROI is more than a simple calculation; it’s figuring out the entire process, from setting goals, to selecting the right marketing tactics, to tracking your metrics. Here are a few tips to help you measure marketing ROI.
Determine Your Marketing Goals
It all starts with setting up the right system, and sometimes, less is more. When it comes to your online marketing, you don’t want to get bogged down measuring every single possible metric. Instead, you need to focus on measuring the metrics you can – and want – to be able to take action on. So, first, determine what goals are most important to your business and find a metrics you can measure that are related to each of these goals. For example, if your goal is to increase awareness of your brand, you might want to track and measure how many impressions your marketing programs are receiving. Then, once you know what goals and metrics you want to track, determine which marketing tactics will best enable you to achieve those goals. In this example, display advertising and Web Presence Optimization may be the best fit. Whatever tactics you choose, it’s important to benchmark your current metrics for each of these goals and then make sure you follow up with your campaigns regularly to see how they’re performing.
Track Phone Calls
One simple metric to help determine the ROI of many types of marketing campaigns is with a call tracking number. You can assign different tracking phone numbers to different online and offline marketing campaigns; for instance, you could use one number for your online ads, one for your television ads, and one for your print ads. Then, when a prospect calls you from one of your tracking numbers, you’ll be able to determine which type of marketing initiated that call. Many call tracking technologies also enable call recording, so you can also track trends and identify issues related to your business or your marketing. Call tracking can be a very useful metric in helping you determine what marketing tactics are bringing leads your way. By comparing the number and quality of calls you get from different marketing sources, you can evaluate the value of each different marketing investment.
Use Custom URLs
Custom URLs are similar to call tracking numbers, except that they are used primarily to generate clicks via online marketing efforts, like text ads, display ads, social media marketing, and email marketing. Custom URLs let you track the source of your clicks, so you can see the top sources of your online traffic. By directing your custom URLs to specifically engineered landing pages with well-crafted calls to action, you can better measure the impact your online marketing investments are making.