Every strategy, marketing plan or business decision is made keeping its ROI in mind. Business plans or marketing opportunities are discontinued, if they aren’t providing lucrative results in the long run.
Every business decision should directly translate into dollars and cents. However, all digital marketing campaigns can’t be linked to monetary gain.
Some online campaigns generate awareness, while others draw visitors to your website. Measuring monetary value can be difficult in the short run, but these digital campaigns do have an impact on your profitability in the long run.
Here is how you can measure the efficacy of your digital marketing efforts.
Digital marketing campaigns are created to generate awareness or encourage consumers to perform a CTA. The ultimate goal of online campaigns is to convert viewers into buyers. Conversion directly affects the revenue and sales of your product.
– Online Sales
Converting a visitor into a buyer is the most quantifiable way to measure the success of your campaign.
Track the impact of your marketing campaign on your online sales. Determine which online ads draw the most attention and converts viewers into buyers. Use a comprehensive dashboard, like Google Analytics to track your marketing progress.
– Online to Store Sales
Online marketing can also drive store sales. Some consumers avoid making online purchase. Online marketing informs and directs this type of customer to your store and encourages them to make a purchase.
But how to measure this customer conversion?
Many brands collect customer information via their Ads. Companies then compare this information with the information collected on the checkout register to determine which channel prompted purchase.
Another way to measure results is to provide special codes to online customers. People who use these codes to make a purchase at your store can easily be identified.
– Forms to Customers
Many websites and promotional campaign ask consumers to fill out forms, if they want to learn more about their services or if they want to get a free quote of their product and services. Information collected in these forms can be used to measure the success of your online marketing campaign.
Leads generated from these forms can later convert to sales, which can be quantified to measure the success of your campaign.
– Calls to Sales
Companies usually provide their phone number in their online advertisement. Calls can be tracked to determine the number of leads and sales generated from your marketing efforts.
Change in Website Behavior
A change in visitors and online traffic is an important contributor to your online marketing success. Your marketing strategy is a success, if your SEO ranking is improving and your website is entertaining more traffic.
Moreover, the amount of time a viewer spends on your website is an important determinant of customer engagement. If your bounce rate is high, there is a big problem with your marketing strategy.
Many companies continue to invest time and money into digital marketing strategies that reap no return in the long run. Our digital-media experts can help you develop an online marketing strategy that makes an impact and provides high ROI.
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