You post, tweet, and upload videos to YouTube every day, among many other marketing activities.
You create all this content, but it’s not enough to paint a complete picture. What do these activities contribute to the end of the business? Without demonstrating a marketing ROI, it’s nearly impossible to justify the marketing budget.
It’s not surprising that companies want a fixed amount of marketing contribution. In a survey, 93% of CMOs agreed they are under pressure to deliver a measurable ROI.
How do you access the analytics you need to effectively measure online marketing ROI? You need the right tools.
But how do you calculate marketing ROI before diving into each tool?
- Start by defining the marketing objectives for each campaign
- Next, identify and name the KPIs you will use to track campaign success based on your goals.
- Third, assign values to your KPIs to help you measure your results correctly
- And when the results come, you can use this basic formula to calculate your marketing ROI:
ROI = (Investment Income – Investment Cost) / (Investment Cost) × 100
1. Google Analytics
While Google Analytics is a free tool that most marketers already use, few go deep enough into the metrics. Simply put, you can use Google Analytics to track the results of marketing campaigns on your website.
For example, you can track your traffic sources and see the performance of visitors from each source on your site. Another important feature is the Behavior Stream, which shows how visitors navigate your site.
Google Analytics also helps you find hard numbers like prompts and purchases through goal tracking. Go to the administration area, click on “Goals” and create your new goal.
One way to measure marketing ROI is to understand your website visitors and the actions they take as they browse your pages. Fortunately, CANDDi provides important visitor metrics that can measure your ROI.
First, you will find details like this:
- First name
- Number of visits
- Time on site
- Number of activities
- Company / Employer Name
In addition, you can group visitors based on the companies they work for. For example, do you have multiple visitors from the same company on the product specs page?
Additionally, CANNDI Capture modules help you capture leads on your website. You can record the number of lanes and calculate your ROI.
With CANDDi’s ability to track visitors and their actions, your marketing campaigns can connect with leads and sales – arguably one of the most difficult tasks a marketer regularly faces.
What events take place on your website? This is a question that Mixpanel can answer well. As an analysis tool, it helps you monitor events on your website and provides detailed information about events.
Among the many features of Mixpanel, you’ll see a detailed user profile: you’ll find details about the pages they viewed and the path to their conversion. You can then assign the appropriate marketing campaign to the conversion.
If you want customers to receive reports regularly, you can schedule reports at intervals. You can also set custom alerts if key statistics suddenly change. Overall, Mixpanel helps you build your KPIs, reports, and campaigns that are responsible for your conversions.
Measuring marketing ROI provides insight into how your marketing campaigns contribute to a business. Plus, you can optimize the performance of your future marketing campaigns.
Explore these three tools and you’ll have no problem justifying the impact of your hard work as a marketer.