3 tips to increase ROI with marketing analytics

For most businesses investing in marketing activity, a key metric used to measure the success of each campaign is ROI – return on investment. If I invest X amount of dollars, how much can I expect to get back in return? ROI can be applied to most marketing activities, from SEO to affiliate marketing. When you can effectively measure your ROI, you can refine and tweak your marketing campaigns and invest your budget in the activities that deliver the biggest returns. Understanding the ROI, and setting benchmarks for specific marketing campaigns can really help you to focus your efforts and cut out the channels that don’t deliver results. But how can businesses improve their ROI? Analytics is the key to improving ROI Data is the key to improving your ROI and today, there is no shortage of data to collect. The important thing for businesses is to collect the right data. With the sheer volume of data available – from unique visitors to social media followers – it’s easy to get confused about the data that really matters and how it relates to ROI. It’s important to look at each marketing activity in isolation and set realistic, short and long-term objectives for each activity. That way, it’s easier to tweak your goals and ensure that each platform is delivering. Use the data available to set a goal that reflects an actual return on investment. Typically, this won’t include vanity metrics such as followers/fans and impressions on press releases. Instead, focus on engagement metrics such as… Read More