How do I know my marketing is working? How can I measure results from marketing? These are questions asked many times and it is correct to do so. Marketing must deliver business value and measuring ROI in certain areas of marketing is very simple with the right tools.
Measuring ROI through Online Marketing
In most industries with marketing campaigns, we can measure leads, opportunities and even customer quotes. Then finally, orders and sales. Leads come in many varieties from a click-through on an email (73% of marketers rate email as the number one digital channel for ROI), a sign-up on a website form or attendees to an event or exhibition stand. Track those leads and see what they delivered.
Online we can measure different data sources to build up a picture of marketing performance. Website traffic, the number of downloads, organic and paid positions on search engines or clicks on paid search campaigns like display and banner advertisements.
Through social media, we can measure followers on a company page, impressions, clicks, shares, likes and other key engagement metrics. Being digital, it can all be measured. By measuring your marketing ROI, you will start to understand which channels are worth your efforts. For example, according to Hubspot, marketers who prioritise blogging efforts are 13 times more likely to see positive ROI.
Difficulties of ROI through Offline Marketing
Some areas of marketing are not so simple to measure. Brand development, offline promotion, stakeholder marketing, such as internal events and thought-leadership development require further investigation to create any form of measurement.
If you are investing in marketing, you should ensure you have a strong picture of where your business is at the beginning of the journey. Consider the number of leads you are achieving before the marketing investment, obtain feedback from stakeholders and customers for an insight into how they view your business. Finally, try and consider if your brand and communications match the level of what you offer as a business to your customers. Knowing this information can give you a good starting picture to compare with after you have invested in marketing, maybe 6-12 months later.
Analysing the Big Picture
Ultimately it is understanding the original picture, utilising the areas of marketing that you can measure easily and putting them alongside the more subjective areas of marketing to gain the big picture.
Utilise your marketing agency to give you feedback and set some objectives, agencies have worked with many different businesses and can offer comparisons and examples that they have learnt from. It is therefore important to ensure you select an agency that is strong in your area, for example, Motion Marketing focuses on partnering with businesses that work within technology, engineering and manufacturing in the B2B world, we are not consumer marketers.
Also, work with your agency to strategize your marketing into a plan, put clear objectives in place that align with your business goals, then track progress by utilising your agency to efficiently report, making the best use of your time.
Do you need help with improving your marketing ROI? Motion Marketing is a full-service marketing agency, delivering results-focused services tailored to your goals. Get in touch with the team to see how we can help drive your business.