Increase Revenue by Measuring Marketing ROIs

Measuring your marketing ROI

It is easy to become impatient as a small-business owner. You watch money come out of your pockets for marketing without it being instantly put back in. Honestly, you have probably found yourself questioning if marketing is even worth the effort.

By tracking key factors in your marketing efforts, you can evaluate your return on investments (ROIs) to know for certain what is and isn’t working. Milena Regos, a principal at Out&About Marketing, said by creating goals on Google Analytics a business is able to track page views, unique visitors to that specific link, monitor repeat traffic and more. When you sit down and evaluate these numbers, you will have an inside look on who your target audience is for your next campaign and the best way to reach them.

“Let’s say somebody clicks a link to sign up for a class, then you will be able to track how many people converted from each channel,” said Regos. “Looking at how many people they were able to capture from each channel and also the conversion rates can benefit your business immensely.”

The important thing to realize when you evaluate your marketing is some channels may take longer to yield results than others. Just because you instantly saw an ROI on an email you sent out doesn’t mean your other marketing strategies should be producing the same, quick results.

“Let’s say you want to increase brand awareness in a neighborhood – something like that will take time,” said Regos. “You will have to decide how many people you want to reach on a weekly, daily, monthly basis. If it’s a social media manager, they would want to look at things daily or weekly. A marketing director would want to look at things once a month. Then a business owner just needs to know whatever they are investing in marketing is working. The different type of data and reports are applicable in each case.”

Here are a few key numbers you can find on nearly every social media platform and on Google Analytics when you sit down to evaluate your marketing efforts.

1. Clicks to Website

This metric is a pretty simple one every owner should be watching. How often are people actually listening to you when you post in an Instagram caption that the link is in the bio? This will tell you if they are going directly to your site or not. If this is an avenue that is working for your Box, then you can make sure the page they are going directly to from the link is encouraging them to sign up or has a call to action.

2. Impressions

This is the number of users that see a specific post. The more people that see your post and spread your message increases your ROI. You should be tracking how this number increases over time. If people share a post from your Facebook, that lets their friends see the post. Encourage members to share new student information so people you aren’t friends with are still being exposed to your business.

3. Conversion Rate

What is the visit-to-lead rate of your social media traffic? This can help you evaluate which social media platform is the best for you to market to new customers. If more new students are coming because they like your Instagram posts, then you should be sharing information catered to those needs – like new-student discount prices.

Kaitlyn Clay
Kaitlyn is a staff writer for Peake Media. Contact her at kaitlync@peakemedia.com.