In Order to Determine Your Marketing ROI, You Need to Know Your Goals
Determining your return on investment (ROI) for marketing may seem challenging. How can you quantify results like brand engagement and awareness, or building your reputation as an expert in the industry? Rather than abandon measuring marketing ROI and embracing a trial-and-error methodology, though, there are reliable ways to determine whether your marketing dollars are being used effectively.
Here are some questions you can ask to determine whether your marketing plan is resulting in growth:
What is the purpose of my marketing plan? In order to know whether you are meeting your goals, you need to know what those goals are. Take time to define where your marketing plan fits within your broader company goals. A good question in this discussion is, “What can marketing do for the company’s objectives that will deliver the most value?”
Know the metrics that will measure success? Particularly in the age of social media, marketing teams can get caught up watching all the wrong metrics. For instance, for a long time companies got excited about watching their Facebook “likes” increase. After a while, though, it became apparent that the ease with which a consumer could like a company was not a mirror of the effort it took to actually convert them to a customer. As a result, companies stopped using likes as a sole indicator of marketing success.
There are four basic areas that might guide your metrics for determining your marketing ROI: engagement, awareness, conversion and retention. Make sure your metrics are balanced between these four areas and define your terms (is a lead a name on a list or is a lead an individual that?s ready to talk in-person with a sales rep?).
What are the channels most likely to move those metrics? Marketers currently have a wide variety of channels to choose from in order to communicate a brand message. You need to determine which channels will support a healthy marketing ROI. For instance, if you’re in B2B sales, you’ll prefer to use LinkedIn over a site like Pinterest.
Likewise, you need to be sure that you’re measuring the ROI for any channel that you’re using as a part of your marketing plan. If you’re utilizing an email newsletter, you need to run analytics on the number of click-throughs to your website, and how many of those convert to customers.
One marketing channel that has a reliable return is telemarketing. Telemarketing offers a way to connect on a personal level with your target audience, gives you an opportunity to answer questions and address reservations and helps you nurture leads that might otherwise unfollow you or unsubscribe from your email newsletter.
What kind of marketing ROI can you expect when you use telemarketing as part of a well-balanced distribution plan? Take a look at our ROI calculator. Once you’ve seen how effective telemarketing can be for your marketing plan, give us a call at Blue Valley Telemarketing to talk more.