Hi and welcome to our three part series on driving ROI from your digital marketing! We understand that as nice as it may be to have a wonderful company culture, an active social media page or processes that run flawlessly, the most important thing that matters to business owners is the bottom line.
Every dollar of cash flow counts when it comes to running your business. That’s why we’ve created a series which identifies and explores how you can drive and determine ROI from your digital marketing. The first part looks at why it’s crucial for businesses to understand where their marketing budget is going and what the outcome is.
The Importance of Marketing:
Before we can look at how to drive ROI, we need to understand why you need digital marketing. Is it to gain brand awareness? To have an online presence over your competitors? Or to generate leads? It may be all of these things. Determine your business’s purpose for marketing so that you can implement the right strategies and campaigns. Also set up targets that you want to achieve and consider how much you are willing to invest.
Let’s say for example your company installs air conditioners and you’ve had an unusually quiet December. Summer is peak season for your business and you need more customers. The primary objective for advertising will be lead generation. You create a strategy that you hope is going to result in an influx of people contacting your business. This could include paid search engine ads, social media campaigns, radio ads, email marketing and SEO. Your target is to double the number of your leads in two months.
Measuring the Outcome:
You need to measure the results of your campaigns thoroughly and regularly to determine your return on digital marketing investment. But first, be sure to have a clear understanding of what ROI looks like to you. Is it increased visitors or submissions through contact forms on your website? Perhaps you want to measure the number of phone calls or website chat inquiries your campaigns are generating.
Let’s go back to the example of the company that installs air conditioners. After two months of running radio ads, search engine advertising, Facebook ads and email marketing you realise that the majority of your customers are calling from Facebook ads and search engines. These two strategies alone are allowing you to hit your targets while email marketing and radio ads have driven very few customers to your business. You would increase your efforts in the areas with the best return, right?
You need to know how well and how often you are achieving your marketing goals. This will give you an indication on what’s working and what’s not so that you can make smart adjustments.
In the next part of our series, we will dive deeper and look at effectively running search engine advertising campaigns and how to measure success from your efforts.
Can’t wait for Part 2? Get in touch with us today! We are focused on not just delivering great lead generation, but also on helping our clients do a better job of converting leads into sales.