Are you getting a good return from your marketing budget?
Strategic marketing is an investment in the future of your business. Ad hoc, unplanned marketing is not.
You should measure the performance of your promotion with meaningful metrics, so you know whether it’s working and delivering satisfactory returns on investment (ROI).
Digital marketing tends to be easier to measure than traditional activities.
Tips on marketing metrics and measuring ROI
Here are some suggested tips on metrics and ROI:
- Ensure everyone asks new customers where they heard of you, then record the data in your contact manager or CRM system.
- Measure conversion rates over time.
- Analyse your customers’ acquisition costs.
- Ensure Google Analytics is properly set up with goals.
- Measure the ranking of your target keywords in search engines and how they change over time.
- Measure your performance against your marketing objectives.
- Monitor your management accounts, particularly your sales and profits.
- Agree a range of Key Performance Indicators (KPIs) as your ‘KPI Dashboard’ and review them every 3 or 6 months.
However, sometimes you still have to rely on gut instincts to judge whether the expected return justifies the cost of the campaign.
Contact Christopher Lamotte (via email or on 07957 870071) to get a better handle on whether your marketing is really working.