It’s easy to get caught up in the idea and excitement of a digital marketing campaign. From brainstorming clever themes and taglines to creating eye-catching assets, a lot of time, energy and effort is devoted to planning and launching a campaign. Unfortunately, those involved often feel like their job is done once a campaign launches. In reality, the planning and implementation are just the beginning.
More times than not, what’s missing in a campaign plan is having the tools and talent to measure and analyze performance data to determine whether or not the initiatives are working. When you have those pieces in place, not only will you be able to track the progress of the campaign’s success, but you will also be able to calculate its return on investment (ROI).
There are many ways and indicators to determine your ROI based on the campaign’s specific goals. The most basic one is the measure of the profit or loss generated from the campaign. Simply put, are you bringing in more money than you are spending? If you are, then you’re getting your money’s worth. If you’re not, you might need to make some adjustments. This kind of data helps you track the profitability of your current initiatives and provides valuable information in planning future campaigns
Tips to Help Measure and Improve ROI
While there are challenges to measuring ROI, here are a few tips that can set you up for success.
Have a clear strategic plan with concrete goals
Before you make one social media post, send one email blast or place one digital ad, make sure you have a well-thought-out campaign plan that identifies measurable goals. Campaign goals must be specific and defined by objective results to accurately measure your ROI.
Know your target audience and what motivates them
Spend the time and energy beforehand to know who you want to reach with your message and what motivates them to take action. Simply throwing a message out there and hoping it sticks to someone is a waste of time, energy, and money. Consumers are very sophisticated and need to be nurtured directly, consistently, and personally.
Use multiple channels that make sense.
Resist the temptation to use the shotgun approach to deliver your message. A well-planned strategic campaign will identify and utilize the most effective channels based on the goals of the campaign and the interests of the target audience.
Have the tools and talent in place to measure performance.
In the end, you must determine whether or not your campaign is working effectively. You need to have the tools and talent to track, measure, and analyze data across multiple platforms and be ready to make strategic adjustments to the campaign based on what the data tells you.
For many companies, evaluating data and determining a campaign’s ROI can be overwhelming and outside their scope of expertise. That’s where we come in. Directed Analytics implements solutions that enable organizations to reach strategic goals faster and more efficiently than traditional approaches.
Our proprietary framework and software, 4SightGPS, collects, analyzes, and reports real-time data in an easy-to-follow roadmap, taking the guesswork out campaign performance. This valuable information allows companies to assess and adjust their marketing strategies and maximize ROI.
Contact us if you are ready to take the guesswork out of digital marketing and your ROI. We are ready to help!