ROI (Return on investment) is an integral part of any marketing strategy employed by businesses. It tells you about your money’s worth out of your marketing campaign. To understand what return on investment is we need to understand what the goals and aims of the company are, what they wish to achieve out of a digital marketing campaign and then measure the goals. Below mentioned are some of the key performance indicator metrics to keep an eye on whilst your campaign is running:
- General info like website traffic, leads, reach
- Channel specific: Website, blog, social networks, search engines
- Source based performance: Direct traffic, organic search, referrals, Pay-per-click ads
- Campaign based: Click through rate, conversions, lead generation.
- Setting realistic measureable goals.
If you start thinking that maybe it is a good idea to cut back on digital marketing expenses, think again as online marketing is an excellent source of income in today’s world as people spend more time on mobiles, laptops and other digital media for their purchases and requirements. Furthermore the youth who have grown up in the digital age are already embracing digital marketing at a much faster pace. So take advantage of this fantastic platform, perform as many tests required to rely on solid results as opposed to guesswork. The better you understand and master the art digital marketing, the better control you have over your investments. The secret of successful campaign and its ROI lies in the ability in spending smartly, knowing your products services and its audience well and targeting your ads to the right people to avail a better conversation ratio.
The frequency to measure ROI in your digital marketing advertising campaigns depends on many factors. Instead you should ask yourself over what time scale can you control your marketing budget… weekly? monthly? quarterley? or less often? you must determine how frequently you are able to make an action based on your measurement. Take your time to find the balance between short-term sales and long term benefits.