Long Island Internet Marketing Company, fishbat, Shares Four Steps for Measuring Marketing ROI
PATCHOGUE, N.Y., March 28, 2018 /PRNewswire-iReach/ -- To help businesses make sense of their marketing results, award-winning internet marketing company, fishbat, shares four essential steps involved in measuring a return on investment.
While there are many calculations that can be used to measure return on investment, the process for measuring your return remains constant. Follow these steps to accurately gauge your marketing ROI:
1. Track actions and data. To measure the effectiveness of a marketing campaign, you need to be able to pinpoint where each sale originated. There are many ways to do this, but to execute your preferred method, you'll need to be able to track a sale back to a source. For example, you could credit a webinar if it generated a lead or you could credit the sales rep who closed the deal. To measure your return on investment, you'll need to be able to see the process that occurred between a potential prospect becoming a prospect and a prospect becoming a client/sale.
2. Select the metric that makes the most sense. There are several different ways to measure ROI. For example, the ROI for social media marketing initiatives could be measured using number of likes, number of shares, or what followers are saying. Conversely, the ROI for a specific promotion could be measured by the revenue generated from that promotion minus the cost to run the promotion. Money is not the only measure of success, so don't be afraid to use a variety of metrics.
3. Interpret the data. After you've collected the data and analyzed it. It's time to interpret your results. To do this it can be helpful to have consumer insights in the form of testimonials, reviews, or general commentary. Numbers have a lot more meaning when they're viewed in conjunction with what people are saying.
4. Assess results holistically. Sometimes businesses run similar marketing campaigns from year to year but obtain markedly different results. Be sure to consider external factors when assessing your return on investment. Sometimes factors beyond your control impact your bottom line. Realizing when this is the case prevents you from making unnecessary adjustments that could do more damage in the long run. Take the time to fully understand the context of your results.
ABOUT FISHBAT
fishbat Internet Marketing Firm is a full-service digital marketing firm that takes a holistic business approach to their clients' digital marketing programs. The fishbat team understands the importance of business principles just as well as the nuances of the latest digital technologies. fishbat offers every digital marketing service available from digital marketing research and planning to brand development to website and asset creation through social media management and search engine optimization programs - all custom calibrated for both B2B and B2C businesses.
Media Contact: Scott Darrohn, fishbat Media, 855-347-4228, [email protected]
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SOURCE fishbat
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