Measuring ROI is paramount - the return on investment will determine whether what's spent on a campaign, ultimately paid off. We spoke about how 1 in 4 Australians don’t track or measure marketing investments in this blog, so here we’re providing tips on how to prove the ROI you are making when there isn’t a direct response or purchase.
To begin with, define your marketing objectives
What is the end goal of your marketing efforts, to increase brand awareness and credibility, lead generation, or customer loyalty and retention? The interactions you have with your target audience at various touch points will eventually have an impact on their overall decision-making process. Determining the ultimate value for your business will depend on the following:
Gather meaningful customer information
Data is everything, and collecting relevant data about your customers is paramount. Whatever the source for form data captures, having the right information will enable better quality lists and more proactive and timely targeted marketing automation efforts.
Consistency is key
It’s essential that all departments within the organisation use the same data fields and parameters for collecting information. That will allow for you to apply consistent, actionable values to the data which can be captured by the technology and systems in place.
An integrated approach to data
As leads move through the sales cycle, it becomes even more critical for all operations such as marketing automation and CRM to utilise the same fields, allocate common values, refine and share these details back and forth as data is acquired.
An integrated approach to data will allow you to personalise your campaigns to your audience and will enable marketers to customise the experience they are creating for each prospect and measure the impact of individual touch points.
This data-driven approach is critical to the success of any marketing team. Marketers must demonstrate a measurable contribution to the bottom line. You must be able to track and analyse data to draw insights, properly allocate budget and show ROI.