Regardless of your product or service, ‘what is the return on investment?’ is the question all business owners will be asking more than ever as available budgets need to be utilised in the most cost-effective way.
Having the tools and knowledge to dissect your data and the foresight to determine if a marketing campaign will result in a positive return allows you to make decisions that will help your company grow.
We don’t just let campaigns run without any reporting on performance. We let you know what works, helping to guide actions for future activity.
We’ve come up with our top 4 metrics to look at to make sure you’re being efficient.
Conversion rates by channel
Keeping your marketing consistent across multiple platforms is key for a fully integrated strategy, but you might be wasting precious time on a channel that just isn’t working for you or isn’t right for your target market. Delving into where your traffic and conversions are coming from (whether it’s organic or paid media) indicates where the efforts are paying off. It’s also important to remember sometimes less IS more. 60% of your traffic could be coming from PPC and only 20% from Facebook, but the conversion rate from Facebook could be double that from PPC.
Cost per lead
Two figures you need to nail down is how much it costs to produce what you are selling and how much you are paying to collect leads online. The cost of each lead needs to be less than your production cost, or there’s no return. Many platforms allow you to add in caps to ensure you can have more control over how much you are willing to spend.
Exit rates are crucial. This data shows you the specific number of exits from each of your landing pages on your website. It’s ok spending media budget to attract visitors, but if the user experience is in need of improvement, then your budget isn’t being used efficiently. This analysis tells you where your website needs optimising.
Return on advert spend or ‘ROAS’
Similar to cost per lead, ROAS allows you to see a summary of what you spend vs what you got in return. Ultimately it helps you identify what campaigns and platforms worked to help you sculpt and forward plan your marketing strategy.
If you have an upcoming project you would like help with, why not speak to one of our #knowhow experts today!