Marketers are busy people. Very busy people. With the role of sales and marketing overlapping heavily and a widespread shift into a digital and social age, marketers have never worn so many hats.
While constantly juggling a myriad of tasks and deadlines, it’s easy for marketers to get bogged down in day-to-day work and overlook one of the most important (and challenging) aspects of marketing: measuring your return on investment (ROI).
This excerpt from an article published on Entrepreneur.com, by Tiffany Monhollon, provides a marketer’s perspective on identifying when your ROI measurement is lacking.
5 Signs You Need to Start Tracking Marketing ROI:
1. You don’t know what matters – or why – on your marketing report
You can look for more meaningful metrics and reports through technology like lead conversion software, which tracks insights like what marketing sources are driving contacts and leads and then measures your ROI for new sales you close from this marketing.
2. Your aren’t sure what sources are actually driving leads
How many phone calls did your latest billboard on the highway drive? Can you compare that to how many calls you got from your search advertising campaign? If you think this is a trick question, it might be time to upgrade to a marketing system that tracks these details on a routine basis and provides you with 24/7 reports. With advanced technology, even small businesses can get this info, and doing so can provide huge dividends.
3. You can’t tell if your marketing is actually driving sales
How many new customers did you close thanks to your marketing last month? If you can’t answer that, you need a system to help you track your marketing results.
4. You rely on post-its and memory to track conversions and sales
Look for a system that manages and records the whole conversion process -from citing the source of every conversion like a phone call, email or web form, to capturing the lead’s contact information in one digital system, to letting you track leads through to customers.
5. When it comes to ROI, you think the ‘I’ stands for ‘intuition’
There’s definitely something to be said for intuition when it comes to running your business. But, when it comes to managing your marketing –something that can and should be measured –it’s important to make sure that intuition isn’t your only guide. Instead, you should make sure your marketing vendors are providing clear reports that help you see how your marketing programs impacted the bottom line.
Read the full article in detail on Entrepreneur.com
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