6 Strong Tips to Boost Your ROI with Marketing Analytics
We can gain data from all around us today. From a one- time visitor to regular visitors who follow through social media, people at senior management level may not be sure about how marketing analytics relates to ROI. In order to increase profits and utilize your resources in the best possible manner, clear objectives based on short and long-term should be set.
One can increase marketing ROI (return on investment) when you boost your ROI by increasing your income and cutting your costs, or both. As long as you have a positive ROI and earn more than a rupee for every rupee you invest you are in a positive position and are heading for growth. With a greater ROI, it will be easier for you to upgrade your marketing and sales. The reality is that often ROI is not even calculated, as the infographic below about social media marketing ROI reveals.
Following are the tips to Boost your ROI and Increase Profit
1.Focus on Increasing Income :
Although we can improve ROI by decreasing cost and also by working in the direction towards increasing your income hence, there’s a greater scope for growth. Always look for best ways to increase your income by the use of time and money into forming profitable systems so one can see significantly better sales in the time to come.
Marketing investments should be done with a purpose of achieving profitable outcomes. Hence focus on what to measure and how to measure. Set up specific steps keeping in mind the process of working towards your goals,
Based on the market observations most of the marketers say that they would want every campaign to be measured, but very few can effectively evaluate the ROI of each channel. Also, only a few of these marketers use web analytics tools in order to measure the effectiveness of marketing campaign.
Keep your focus only on those metrics that equate to Return on Investment. And ignore those metrics which distract you from your business goals. Analytics will help you know where the most profitable parts of your business are. In order to know which are the best performing campaigns try to use unique URLs for each promotion channel you launch.
One of the best ways to track clicks is to use a link shortening service.To get analytics on any bit.ly link simply put a + at the end of the link and you will get overall info about the origin of your traffic.If you have a self-hosted Word Press blog, there is a free plugin called Google Analytics indicator which easily helps in adding analytics tracking code into every page. Therefore, the metrics that you measure have chances to improve, so take out time to sort out your data so you can find ways to optimize the metrics that matter most.
The consumer today is well informed as the present age is information age. Before making purchases people refer to blogs, reviews, and social networks. The positive of it is that you have access to the same information. The bad thing about it, however, is your team doesn’t know how to derive revenue out of that data.
Sales are one of the analysis you should measure and try to maximize, and also account the traffic and leads. The traffic on which you have focused will help increase ROI altogether far more than traffic to a different place on your site.
Scrutinize your data and discover what works best: And find more ways to make it work even better.
Use data derived to increase sales by:
Understand the requirement of the customer
Discuss ROI with entire organization
Build quality backlinks
By experimenting often one gets a chance n different opportunities for your business to increase its growth. Before you start experimenting you need to have a measure to count your progress and track your reports.
One of the best thing about experiments is the do it and learn yourself approach. Take some particular action within a targeted group, or take some action in a different way within a targeted group, and then compare the results. By using this method one gets clear results by use of a simple process.
Improve ROI on your marketing by:
Experiment with a specific budget
Focus on a particular area and keep testing unless you improve in that
Learn from your experiments.
Planning efficiently can help you grow in the right direction and turn out any situation favorable for you. Your marketing analytics reports are required in order to succeed in business. More importantly, your team should concentrate on making an informed decision based on these reports.
You can derive more data for your organization by:
Keeping clear boundaries about when data collection should stop.
Ensuring timely action on all analytics.
Forming subcommittee for follow-up on decisions made based on the analytical report.
Your ROI depends on how you lay out and implement your business strategy. From planning to decision-making, your team can decrease costs, increase sales and spread brand awareness.
The best performers in marketing use metrics for each channel, campaign, and quality across all marketing touch points that portray the effectiveness of each source in revenue generation.
The better your ROI the more effectively you can reinvest in your marketing strategies to gear up your business and your profitability fast.