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December 22, 2014

Marketing Analytics :: Getting to ROI

Marketing AnalyticsMarketing campaigns essentially are investments. Like any smart investment, they need to be measured, monitored and compared to other investments to ensure you’re spending your money wisely.

Tracking the return on your investment can get difficult with complex marketing campaigns, but with a commitment and good reporting processes, you can build solid measurements with the many easy ways to measure and track your marketing ROI:

  • Ask your customers how they found out about you. This is a low cost and highly effective tactic. Make sure you are getting consistent results.
  • Use call tracking. Understand which channels are the most effective.
  • Use unique URL’s. Track which pages consumers are being directed to.
  • Use promo codes. Find out what drives consumers to participate in promotions.
  • Use Google Analytics. Monitor your site traffic with this FREE tracking tool.
  • Use Social Media tracking tools. There are many low-cost tools that alert you when your business is mentioned on the web. Tweetdeck and Hootsuite are two great, free tools you can use.
  • Leverage Customer Relationship Management platforms.

Use your ROI calculations to continually improve your campaigns; test new ways to raise your ROI and spend your money on the campaigns that produce the greatest return for your company.

The more you understand ROI, the more power you have over your investments. Continue to learn, improve your reporting capabilities and use ROI to improve your campaigns and generate more profit for your company.

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