Marketing ROI: When Will I See A Return On My Investment?
If you are investing money into your social media and online marketing you want to know you are spending it correctly to get a return, but how long should you expect to wait?
Social Media Marketing is not an instant fix. With time and quality content, you can grow your brand awareness, trust and leads.
This should be your end goal and it will bear fruit in the long term!
Digital marketing is always changing. This has been caused by Google’s algorithm changes and higher competition from businesses using the internet for marketing promotions.
Digital marketing includes search engine optimization (SEO), video marketing and social media to promote a business and its website.
Gone are the days when a campaign could be measured by the number of visitors the website produced.
While website visitor statistics are fairly easy to report on and measure they do not entirely show the marketing contribution to the bottom line.
To understand what the Marketing ROI is, we need to understand what the goals or aims of the company are, what they want to get from a digital marketing campaign. We then need to measure these goals. For this, we need to look at the Key Performance Indicators (KPIs) and the goals for each one.
Types of Key Performance Indicators
Here are some types of Key Performance Indicators:
- General Performance: traffic, leads, reach
- Channel-Based: Website, blog, social networks, search engines
- Source-based Performance: direct traffic, organic search, referrals, email, PPC
- Campaign Based Performance: lead generation, click-throughs, conversions, conversion rates
- Setting realistic and measurable goals
Once you are agreed on the important Key Performance Indicators, KPIs, the next stage is to measure these. It may be necessary to change the KPIs over time and thus the goals too. Once you know the goal and how to track it, you can see how to calculate your Marketing ROI.
Questions about why Key Performance Indicators and marketing strategies that can help grow your business? We’re only an email or phone call away!