Digital marketing campaigns are, quite often, expensive. However, they are necessary. If you don’t have a super powerful online presence, it may be difficult for you to grow your business. But without a powerful digital marketing strategy, you won’t be able to unleash the maximum capability of your campaigns.
Just as with other modes of marketing, it is necessary for you to determine the RO) of your digital marketing campaigns. What can be tricky is that there are a variety of metrics that you can track when it comes to analysing the ROI of your digital marketing campaigns. Thus, it’s necessary to know which ones to measure and which ones to avoid.
Digital marketing is continuously on the rise. As a result, so are customers’ expectations of personalised digital interactions which are aimed at their specific needs. In order to meet those expectations, 98% of chief marketing officers (CMOs) are now merging their traditional and digital marketing efforts. This includes key technology investments in the areas of social marketing as well as digital commerce.
Regardless of the digital technologies that are used, generating revenue remains a primary focus for any organisation. Common sense then dictates that marketers need to make use of straightforward ways of determining if their efforts are generating revenue.
Don’t Get Distracted
When it comes down to digital marketing, we often put a lot of thought into aspects such as “viral content” and “engagement”. Although these industry buzzwords may be tempting to focus on, the truth is that these elements of digital marketing don’t really give us a clear picture of how the time, money, and effort that you put into your brand’s digital marketing efforts have an impact on your company’s bottom line.
This is why ROI is such a powerful measurement tool.
How To Determine ROI In Digital Marketing
Unfortunately, merely plugging in some basic information into an online ROI calculator is not enough to fully understand the efficacy of your digital marketing campaigns.
It can be sorely tempting to try and attach a simple ROI model to digital marketing efforts; however, the nature of some digital marketing tactics means that your overall marketing investment may not generate a noticeable return for some time.
In addition, a digital marketing campaign uses multiple channels and approaches so it can be challenging to identify the net income which is associated with a single digital marketing tactic.
Determining ROI in digital marketing is all about tracking the different channels which constitute your overall digital marketing strategies. Of course, your primary investment matters; however, it may sometimes be beneficial to accept a short-term loss in order to generate long-term success.
If you want to learn more about how to calculate the ROI of digital marketing campaigns then you really do need to sign up for our Advanced Digital Marketing Course. For more information please follow this link.
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