A group of our team members recently had the opportunity to attend IMEX which is a place for meeting vendors and planners to come together from around the world. The team met with many vendors and sat in on several educational courses. Jill attended Jason Bornfriend’s. “How to Measure the ROI of your Marketing Strategies.” She had many takeaways that will help us to better strategize for our clients.
We are always working to grow the organizations that we work with and often use marketing tools to do so. Whether it is social media activity, newsletters, or email blasts, most of our marketing tends to be online. One thing that organizations often struggle with, however, is how to measure the success of that online marketing. Luckily, Jason had several tools and solutions.
If you are looking for an effective tool to track your marketing strategy, try one of the following.
· Facebook Pixel
· Google Analytics
· Google Tag Manager
· Pinterest Tag
· Web & Mobile Analytics
· Bling Ads Universal Event Tracking
Once you have the tracking tool you like, however, you might be confused as to what to look for. Key Performance Indicators (KPI’s) should be your focus for using real numbers to change your approach to digital marketing. Try looking at the following and monitoring their growth over time. Depending on your organization, it might make sense to determine different KPI’s.
1. Cost per website visitor
2. Rate at which your website converts users to leads
3. Rate at which your sales team converts leads to customers
4. Life time value of one new customer
After you have determined your KPI’s and observed them for each marketing strategy, you will have a good idea as to what is working and what is not. You can then take time to evaluate your marketing strategy and make changes where it is necessary.