If you are in business, you may be familiar with the term ROI, which is essentially known as Return On Investment. ROI can be calculated to see how the marketing practices are impacting the business if at all and if they are being driven mostly on a campaign-basis. It’s important to keep a track of this because most often, companies are investing large chunks of money into marketing and want to see a return on this investment. Perhaps the money has gone into advertising or marketing campaigns via social platforms, calculating and tracking the ROI will see how you may need to change things up. Have a look at the three best ways to track ROI.
Number One – Goal Tracking And Analytics
This may be done in a number of ways. Google Analytics is a way to monitor marketing efforts but it’s important to use more than the standard average data that it produces but either also set up custom goals beforehand so they can then be checked and tracked to see if you have hit these goals at all. What do you want to achieve and how much do you want to spend and how do you want your money to be spent? What are the goals and objectives and this way once this is established, Google Analytics will let you track these things and track them through custom goals. This will be one effective way and does not take a lot of time or effort to put into practice.
Number Two – Call Tracking
This is a good way to track analytics and ROI if you do a lot of over the phone transactions. Yes, people may come through your website first but this may not be the first port of call, or perhaps they are going onto your website just to find a number because they have seen an Ad on TV or heard it on the radio. Do you know exactly what drove them to your website in the first place, was it an SEO keyword that drove the conversion or something else? There is certain software that you can set up called call tracking software and you can monitor where telephone inquiries are originated from, which allows you to get a better overview of the whole picture including where their journey back in terms of finding you. The two top softwares (in our opinion) are CallRail and CallTrackingMetrics.
Number Three – Customer Research
Nothing is better than getting your analytics right from the very people who buy your products. Whilst this takes time and effort and often features have to be put into place, you can certainly begin to shape a picture as to what is going right and wrong. Ask them in person, send people out to find out information on the streets, or do this via email as technology has never been easier now and it’s very accessible for most customers. See where they found you and see what could potentially be working for you and what clearly isn’t. Your customers are the key.
Overall, if you’re going to do any sort of marketing you need to track ROI. Understanding your numbers is half the battle to winning at marketing, so make sure you’re set up for success.