Do you really need to track your marketing ROI?
Analysis is in a very sweet spot these days, as every responsible organization owner is on the run to track his marketing efforts and approaches-the sole aim being to track the ROI (return on investment).
Isn’t it what we all work for, day and night, to witness a hovering ROI for our efforts?
Measuring your marketing return on investment for every penny you invest from your pocket will take you a step closer to catch on the effectiveness of marketing campaigns.
Better and faster information will be at your hand’s reach and shaping up your marketing budget will not be a rocket science anymore.
The result- ability to anticipate the number of new customers you will have every year.
So what’s marketing ROI (in brief)
For starters, it is nothing but the eagerly awaited ‘return on investment’, and one of the most built-in and genetic goals of any business organization is to provide enough thrust to their ROI so that it can soar as high as possible.
Point to note: The success ratio of any business cannot be determined without measuring marketing ROI; regardless of the widely believed notion that turnover alone is the adequate indicator to determine the progress of any company.
Need is the driving force: The need to be aware of the channels that are bringing in the sales (in full swing) is the driving force to determine the marketing ROI, and only an A to Z analysis can spill the beans. Keeping a track of the ROI for the different types of investments made is not just a smart move but a necessary one too.
Take for instance- Suppose you are using social media marketing strategies as a part of your marketing campaign but it is yielding negative ROI, then by changing the strategy you are taking the best foot forward towards the growth of your business.
A detailed analysis leads to a better marketing strategy and steps up the ROI.
Making sure it’s not a negative ROI: Tracking your marketing ROI lets you know whether it is a negative one or not. Just like any life-threatening ailment, negative ROI can be brought to a screeching halt at natality.
A negative ROI indicates a loss of investment and the business is going downhill. The solution is simple- change your marketing campaign, and replace it with a new one.
For instance, if you have been running a PPC campaign and now all of a sudden your business is running into a loss, it’s a clear indication for a serious facelift and change. A better marketing campaign is all you need.
P.S- No one likes to lose money.
Ward off useless marketing approaches: Confusion, though, is a state of mind, but is inevitable when options are many. Too many marketing campaigns available in the market today are likely to make you scratch your head out of sheer confusion.
Marketing ROI comes out as a rescue to figure out what kind of promotion will do wonders for you. For instance, say you are in a competitive industry, and you wish to opt Adwords as your marketing campaign like every other competitor, it can be a major setback. To make a mark, one should always think out of the box and in this case opting PPC campaign instead of Adwords will be the most sensible move of the century.
ROI is like a fortune forecaster: No one can account for that unseen future that holds who knows what uncertainty, only ROI is an exception, since tracking and measuring it can give a quick look down the road. Data of years and months help to make informed decisions based on what already came to light.
Marketing doesn’t have to be guessing-game for all you know. With ROI, you can make informed decisions and avoid making mishaps in the days to come. You walk this path and you save thousands of dollars on wrong business moves.
ROI data coupled with business acumen is the best bet today for all investors.
Keeping a track of the ROI may not be on your to-do list, but it is unavoidable. Tracking your invested money will help you derive more customers and keep the money flowing into your business. This will keep your business up and running.
Now sit back and think- is spending a few hours a week to track your marketing ROI worth? Your answer probably lies with the sales figures and revenue accumulated every year.
Still not clear? Connect with us at SPIN to get a more crystal idea about tracking your marketing ROI for your business.
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