If there is one question that we are asked at the beginning of any project, it is ‘What will my return on investment be?’ To be honest, if this was not asked, we would be worried about working with the company.
This is the crucial metric in determining the success of any digital marketing campaign. Where the difficulty lies, is in identifying the appropriate metrics that allow for the accurate evaluation of each marketing channel. Given the varying elements that make up a marketing plan, the measuring of ROI will need an equally tailored approach and agreement.
How is this solved?
The place to start will be on agreeing the basic metrics such as conversion rates, cost per acquisition, visitor numbers and order levels, but it is important to remember that there are other indicators, especially when you consider the indirect benefits of content marketing such as brand awareness and thought leadership, which contribute to the overall success of your marketing and ultimately your business.
Once you have agreed what you are measuring and what your key performance indicators look like, then you need to decide on time scale.
The length of time it can take to see a positive ROI will vary from company to company and industry to industry, and is heavily dependant on factors such as targeted channels and audience. Any Digital Marketing should always be looked at as part of a long term strategy and success often comes from clear messaging and sometimes experimentation.
To optimise your return on investment, the focus needs to be on setting clear goals, measuring your key performance indicators and using data analytic tools to track how your overall campaign is performing.
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