Defining And Understanding Your Return On Investment (ROI)

Marketing as a whole is an exciting and ever evolving landscape that can prove challenging for brands of all types. The art and science of proving the value of a solid marketing campaign has traditionally required lots of guesswork; companies have had to set expectations and evaluate the success of various strategies using sometimes intangible proof that their investment dollars are being put to good use. Improvements in brand visibility and reputation are examples of areas that marketing managers and professionals have always used to justify budgets, even when sales have seen little growth. The fact is, there are better ways to gain insight into the value of your campaigns, and the digital landscape offers much opportunity to properly measure the real return on investment you are receiving from your marketing efforts.

Track this

Digital marketing has pretty much taken over when it comes to cost effective tactics for increasing sales and gaining prospects for your business. Many “old school” business types are accustomed to assuming that certain marketing campaigns will pay off, regardless of the measurable success of their efforts, but this attitude should be abandoned in favor of new “proof is in the pudding” strategies.

The concept of tracking a marketing campaign’s success by using things like special phone numbers and coupon codes is nothing new, but when you consider these techniques as they relate to marketing online, things get a bit more exciting. Any of the big players in digital marketing are now providing customers with built-in tools to evaluate and measure the success of campaigns, from initial eyes on the ad through purchase, and you need to be aware of how exact this science is.

Consider that you now have multiple channels that will be relevant to how you spend marketing dollars. Some of these channels include: real world print material, social media platforms (Facebook, Instagram, and LinkedIn for example), search engines (Google, Bing, etc.), blogs, and your core web presence. There are existing tools that allow you to not only create and modify digital advertising campaigns within these channels, but to evaluate their success via tracking codes and other data provided to you right out of the gate. Ignoring the existing tools that exist within the various channels you are using to market your brand is a very common mistake.

Connections are king

Being connected is a concept that we are all very familiar with in our current social climate. We are connected at the hip with cell phones and other mobile devices, and use email, text, and social media to communicate with our circle of business associates and peers. The thing is, our technology is connected too, and it can provide a great benefit to anyone looking for better metrics relating to return on marketing investment.

The tracking tools we’ve mentioned above do little to no good if you are not equipped to understand the data that you are receiving, but good marketing professionals know how important the concept of inter-connectivity is. For example, if you run a pay per click ad through Google or another search engine, you’ll need to see who is coming to your landing pages, why they came, and what they are doing after they arrive. The good news is that everything, from your eCommerce shopping cart, to your social media accounts, can be connected and equipped to provide you with valuable data that offers insight into your true ROI.

Taking the proper steps to connect your digital campaigns and prepare for data collection is key to understanding your success online, and in the real world.

Understand this

Technology will always only be a piece of the puzzle when it comes to achieving success via marketing efforts. Sure, digital marketing is a MUST HAVE now, and if you want to see growth for your brand, you’ll need to have a basic understanding of how things work, but more importantly, you’ll need to work with people who understand how to MAKE THINGS WORK for you.

Understanding the value of digital tools and how to interpret the data you receive from your marketing campaigns is key to generating a return on investment from your marketing spend, yet again, it is only a piece of the puzzle. The most important understanding that can be achieved happens when marketing professionals understand the true goals of the business that they are trying to help. All the data in the world means nothing without the proper insight.

Building trust

Creating any type of successful marketing campaign requires discipline and follow through, and it will also require the building of valuable relationships and trust among the players involved in creation. You cannot neglect the process of understanding your own goals and educating your team on the topics relating to achieving your business objectives.

Intangible values will always play a part in marketing strategy, and the most value you can build will always be directly connected to how much you and your associates understand what qualifies as TRUE ROI.

Time and education play an important role in building trust and relationships, and you will be better equipped to measure your marketing successes when everyone is on the same page. You need your marketing pros, managers, tech teams, and players at all levels to invest themselves in the process of creating ROI for your business; this type of synergy is invaluable in the grand scheme of things, and will always provide you with true success.

Wrapping up

All things considered, marketing has been an area of focus for brands since the invention of commerce, and will continue to evolve and change completely in certain ways. When you are well equipped to understand what you should expect, and how you can measure your success, you are better prepared to see a real return on your marketing spends. We believe in the power of education and building trust, and want to be committed to providing you with a valuable service that is second to none, and we want to learn about how you’d like to do that for your business as well. Contact us when you’re ready to learn more.

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