Tracking your Marketing ROI
Making sure you’re getting a good ROI (return on investment) for your marketing efforts is vital, although in some cases it’s hard to calculate, trying to have some sort of grasp on it is something all businesses should be doing as remember, marketing should be an investment, not an outright cost.
Types of Marketing
There are two main types of marketing:
Digital marketing, this slightly more concise term than marketing is still extremely broad, digital marketing can include search engine optimisation, website user experience, social media presence and so much more. For a bigger brand, this can be one of the more expensive marketing methods, especially if you’re paying for a PPC campaign which although can completely transform a business (in a good way!), can cost a significant amount of money to start off with.
Physical marketing, this includes anything that isn’t digital, lots of marketing professionals also class networking events as a form of marketing; and I’d be inclined to agree, if a business exhibition has a footfall of 5,000 for a one or two day event, that’s 5,000 potential customers or contacts. Physical marketing can also include anything from your business cards to your PR (public relations) and how people view your business, this can be extremely challenging to control if you don’t have professionals in your organisation to do so.
How to Calculate Marketing ROI
Calculating the return on investment from marketing is something not every business owner does, but almost all of them know they probably should. Marketing shouldn’t be something that is viewed with the “it’s costing me x amount” attitude – marketing should be providing you with a return on your investment, whatever you’re spending on marketing per month should be providing you with a long or short term return on that investment whether it’s with new leads, sales or brand awareness.
Good, methodical marketing is something that can completely transform the important aspects of a business, turnover, customer retention and new business development just to name a few. If you’re looking for a way to revamp how your business picks up customers online, get in touch with us and let us work alongside you to grow your business together!