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One of the big challenges associated with marketing is identifying what is working and what is not. This is known as measuring marketing ROI (return on investment). Are you putting your money in the right place? Would spending it in another area yield better results?
While there is no magic formula to tell you the perfect marketing plan, you can be more calculated in your approach by looking at available data. The infographic below breaks down some of the key areas that allow you to measure marketing ROI. By gaining an understanding of each area and keeping tabs on the data, you can adjust your marketing plan to get more sales per marketing dollar spent.
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How to Measure Marketing ROI
ROI Attribution Approach
- Determine the closing rate on phone calls/form submissions/visitors to your location
- Calculate the value of your average sale
- Determine the ROI from phone calls/form submissions/visitors to your location
- Put more money into the efforts with the highest ROI and less (or none) into the ones with the lowest ROI
Formula: [(number of leads x lead close rate x average sale price) – cost of marketing] / cost of marketing x 100 = ROI
Key metrics to analyze include:
- Deliverability rate
- Open rate
- Click rate
Social Media
Key metrics to analyze include:
- Reach
- Impressions
- Engagement
- Cost per click
- Conversions
Google Analytics
Key metrics to analyze include:
- Users
- Average session duration
- Pageviews
- Pages per session
- Bounce rate
- Goal completions
Google Ads/PPC
Key metrics to analyze include:
- Impressions
- Clicks
- Clickthrough rate (CTR)
- Average cost per click (CPC)
- Conversions
UTMs
UTMs are modifiers applied to the URL you are sending web traffic to that enable you to track marketing performance within Google Analytics. UTMs can be utilized for:
- Emails
- Social media posts
- Social media ads
- Website/digital ads
- Print ads when used in conjunction with a redirecting URL
