In 2014, 57% of B2B and B2C marketers stated “measurement, analysis, and learning from data” as the biggest hurdle they face, while determining return on investment (ROI) on their marketing campaigns.
When you spend big budgets on marketing campaigns, you want to ensure that every penny spent adds value to your organization’s bottom lines. Digital analytics, be it web based like Google or through CRM analytics, can help you measure your marketing campaign ROI through easy and practical steps.
The 5 steps for measuring marketing campaign ROI:
1. Define campaign goals
For proper execution of any campaign, you need well defined goals. You need campaign goals to identify measuring factors that will give you a clear path for tracking and measuring ROI. The factor can be in terms of leads, customers, traffic, reach, conversion rates etc. Having practical goals will help you move closer towards achieving your business objectives and set a strategic vision forward. After defining your goals, monitor them regularly with the help of intelligent and actionable reports.
Examples of campaign goals:
- Getting 50 valid leads in a month (lead generation).
- Acquiring 100 customers in 4 months (customer acquisition).
- Generating $2 million in revenue in the next 12 months (revenue generation).
- Getting 10 content entries in a day (customer engagement).
- Achieving conversion rates of at least 30% (Ad management).
2. Determine the right tools
Based on your goals and objectives, determine the right tools to perform your digital analytics. It depends on your audience presence and medium selected for communication. The right tool can identify deviations and improve marketing campaign effectiveness. You can use multiple tools in order to gather a wide range of data. However, ensure that your tools can track both online and offline campaigns.
Examples of right measuring tools:
- Web Analytics
- Email Marketing Analytics
- Contact Forms Analytics
- Social Media Analytics
- Call Tracking Analytics
- TRP Analytics
- Footfall Analytics
3. Integrate different channels
Multi-channel tracking forms the core of effective campaign ROI measurement. By integrating different marketing channels like blogs, social media, emails, SEO (online) and billboards, hoardings, TV ads, field visits (Offline), you can get a holistic and direct relationship between individual channel performance.
Digital analytics can tell you how many people clicked a particular link during email campaigns. Furthermore, it will tell you how many visitors converted to lead through contact forms. Overall, it can tell you whether your email campaigns brought you more lead than your blogging platform.
4. Multi-wave campaigns
Your users are bombarded with ads every hour through texts, billboards etc. Your campaign will have negligible effect if you just show your collateral once. For maximum effect, run multi-wave campaigns such as single product with multiple messagings. Every user is unique in his/her needs. Customize your messaging and run those adverts at multiple touch-points like mobile, web, email etc. This had the added advantage of increased brand retention.
5. Focus on lead nurturing for maximum customer life cycle value
Rather than making metrics the whole focus of measurement, put the individual lead into the limelight. When you put individual leads on the hot seat, you get to know how a particular lead or prospect interacts with your medium. This allows you to design customized templates for maximum engagement over the whole customer life cycle. Ask yourself questions like, did an individual lead first come to your website via search or via twitter? Is it through direct traffic? Is he included in the active email subscriber list? Do they interact on your blog posts? The answers to these questions will give you enough intelligence for lead nurturing.
A good marketing campaign in never static. After measuring the ROI, reframe your marketing goals to stay up-to-date on dynamic business conditions. The best CRM software can help you measure your campaign ROI through digital analytics and improve product designs, execute customer surveys, be aware of the latest industry trends and give effective customer support.