Regardless of the nature and size of the business, ROI (Return On Investment) plays an important factor in determining the growth and success of the brand. Every investment made is targeted towards generating higher ROI to increase the overall turnover. Digital marketing plays a crucial role in increasing ROI for the greater good of your business. However, digital marketing fails to be the “magic marketing bullet” unless the strategies are properly utilised and monitored. You are also required to measure your performance and tweak your strategies to get the best outcome.
Having said that, getting in touch with a digital marketing agency in Kolkata can help you measure and monitor your campaigns to help you secure the desired outcome and increased ROI. In case you are new to this field, given below are some effective ways to calculate your ROI for your business. Besides, knowing your ROI also helps in understanding the effectiveness of your campaigns and investment.
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Understand your objectives
The first step to calculating your ROI is understanding your objectives. This is to assure that your digital marketing strategies are bringing in revenue for your organisation. With the importance of ROI already established, marketers drive to prove their efficiency in increasing Return On Investment or ROI. But before you deploy and measure your campaigns it is important for you to understand the objectives behind your marketing strategies so that you can define the possibility of higher ROI properly.
It is also important for you to understand not all strategy will improve your return on investment and hence your reports should be clear of that fact. For example, lead generation and clicks do not hold any monetary value that would define ROI. Therefore, it is important that you do not measure all your campaigns and strategies in terms of revenue or else the effectiveness of your marketing efforts will nullify.
Identify your KPIs
Every business is unique to itself. It is crucial for your Key Performance Indicators or KPIs to reflect the same. Avoid using KPIs of other organisations or else the data you will withdraw will have to effective and useful input for your business. Define your KPIs based on your goals, strategies and nature of business. Given below are some useful KPIs that you can consider for your brand –
Based on the above KPIs you can measure your ROI effectively. You can also seek professional help by hiring a digital marketing consultant in Kolkata to get proper guidance on identifying your KPIs and making the best use of the same.
Keep a track of your data collection method
In order to ensure accurate measurement of your KPIs, it is important to keep your data collection method clean and without any hiccups or inconsistencies. If otherwise, there will be a wrong calculation in your ROI numbers. Inaccurate data will not only affect your profits but also the effectiveness of your digital marketing strategies.
Thus, before you begin collecting your data make sure you have identified the KPIs you need to assess. The KPIs you are keeping a track of should be aligned with your goals and objectives and your marketing strategies. Also, find the perfect software that suits your marketing budget the best. This way you will be able to track your investments accurately, and the data will be highly beneficial for your marketers and sales team. To avoid hassles and confusions, you can render access to a centralised software that can be referred to all the important members of your team.
Draw insights from your KPIs
Take your KPIs into consideration when measuring ROI. Your cost-per-lead, social media shares, amount of website traffic, search engine page rankings and plenty other factors related to your marketing and KPI should be taken into account. These can serve as a great indicator for you to understand the performance of your strategies and will help you notice the changes in your ROI.
In addition to the above, also optimize your website and content well to see an increase in sales and ROI. Ensure a greater online engagement to build trust and credibility and convince sales. Practice targeting your audience to streamline your sales. Also, local marketing can be an effective way to boost your sales, increase subscriptions and generate higher revenue. Social media marketing can also be considered to benefit your organization and online presence. Be cautious when choosing your social media handles, and make sure your posts are creative, unique and interesting to attract customers and increase engagement.
For strategized digital marketing you can get in touch with us. BUSFAM specialises in ROI-driven digital marketing services that helps you mark a constructive online presence and boost revenue. For more details, get in touch with us today.