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5 tips for measuring ROI

Uncategorized Aug 29, 2017

What is your ROI? 3 tips for digital marketing strategies

Without any doubt digital marketing has become a substantial factor in marketing and branding strategies driving a growing need to develop relevant, personalised content that responds to the values and identity of each sector, but mainly the brand and the target audience.

A Forrester Research report estimates that, by the end of this year alone, investment in digital marketing in the US will reach almost 12 billion dollars. That’s billion. With a B. 12 billion dollars!

It is amazing, however, how many investors in digital marketing, have no idea if their investment pay off. Measuring the Return On Investment on marketing should be as natural as putting the money in there in the first place.

Here are some useful tips to be able to measure it in your digital marketing – and your business – strategy:

1. Have your audience take action
Yeah, traffic is nice. Lots of it is better. But what you really want is to convert that traffic into clients. If you are just getting started, setting targets for conversion can be difficult. The point here is, that you should focus on conversions per dollar invested. Set a target and make sure to design your campaign with a focus on getting your audience to take the action you want them to. Unless you are Apple or CocaCola, branding and awareness should not be your first priority. Read: we don’t care about impressions or clicks if conversion is low. Your objectives must be defined by the brand, the product or service that is positioned. But make sure you focus on the conversion rate for each part of your campaign. Make your targets specific, measurable, achievable, realistic and time-limited. Make them S.M.A.R.T.

2. Qualify the data
This can be said really short. I see it again and again. Decisions being made on non-existing data. Make sure you have the right tracking tags implemented on your sites. Without this, you have no clue what is working and not working.

3. Experiment
Get the basics in place to make your campaigns work well and not get banned from Facebook. Thereafter, dont fuss too long and be obsessed about getting everything right. Accept you are going to have to learn about the behaviour of your audience. Think your business BIG!! But act small. Make a small campaign with a small investment and track the outcomes. Only you are happy with the conversion rate, you scale your investment or add another small campaign. Get really good at analysing your data and remove non-working campaigns. Do A/B split testing and make continuous improvement. It is NOT realistic to get everything right from the beginning and behaviour will change over time.

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