4 steps for determining marketing ROI
Read the most important steps to understand your marketing ROI
and how to drive your marketing with added business value.
4. Analyze, communicate & act on the relevant information
Now that you have access to your marketing data, you should start to analyze the results. There's a different level of information for different stakeholders: marketing decision-maker or a customer must have the complete view, a specialist must have the information from a specific channel, campaign and ad and so on.
The important part is to have the relevant information on the right scale to be analyzed, communicated and acted upon for a correct stakeholder.
3. Unify the information
Now comes the trickiest part as you might have offline and online data from various sources like Facebook, Adform, Google Ads, printed media, event data, budget figures, overall cost calculations... The unification of the data by hand is, well, unnecessary. Youäre adding the cost all the time when you do it manually.
The unification part also has to be done without errors as the data cleansing and purity affect a lot to the overall process: bad data leads to bad analytics which leads to very bad decisions.
2. Centralize the information
Now that you have all the information at your reach, you have to have a centralized location to store the information. For a one-person team focusing on a low number of channels and limited activities, Excel-sheet should be sufficient. Every added agent such as channel, stakeholder or budgeting or optimizing decision makes it inefficient and impossible to do marketing ROI process efficiently.
Having one single source of truth for marketing investment information is crucial to align marketing operations internally and externally.
1. Understand your investments
You should start by configuring your investment regarding *everything* considered to be part of marketing. This can be a tough job at the start but it pays dividends in the end.
It's important to count everything (salaries, services used to create assets, paid media & ads...). The list is long and without proper tools, it's almost impossible to gather all the information from all the online and offline sources.
Tools to use are spreadsheets, imported cvs-files from platforms, automated platforms.
Marketing ROI: have up-to-date analytics instead of historical reports
It's great to have marketing ROI information on your report after the campaign or a financial quarter. What results does it guarantee for your business as historical information? Knowledge yes, but results: no.
You should always have information from data at demand: you should know how your marketing, campaigns, and tests are going immediately. That's how you make the best optimization decisions.
Would you like to grow your marketing ROI?