Digital marketing is a function of running any business in modern day New Zealand. At the same time, it also presents a maze of metrics that can leave even the most seasoned entrepreneur feeling out of their depth. The data available on the Net is so vast and intricate that deciphering the story it tells without any support can leave you barking up the wrong tree or feeling more confused than before. To understand what this data means to you and how to sort through the data for the information that matters, keep reading.
ROI In The World Of Digital Marketing
Let’s go back to why businesses invest in digital marketing in the first place. The idea is to get a message out about their products or services to a target audience, and then convert interested users into leads or sales. One of the measurements taken on how successful your digital marketing efforts are is Return On Investment, or ROI. Where do you even begin to get your ROI measurements right? Here are a few key metrics to focus on to get an accurate picture.
Metric #1: Look At The Data Annually To Capture Seasonal Nuances
Most businesses look at ROI monthly, but this gives a myopic view of the measurements. There are many things influencing sales throughout the year, so it’s important to take these into account when measuring ROI.
Metric #2: Measure Conversion Rates Across Platforms & Devices
There are many digital marketing platforms your business can use, but it’s important to know which ones yield the best results. Compare the conversion rates on your pay-per-click ads to your paid social media ads so that you know which one needs you to invest more effort into.
Metric #3: Measure Leads Acquired Against Leads Closed
It’s one thing to attract traffic to your website, and another to close sales from that traffic. To get a good ratio measurement on how effective your marketing is, you should weigh these factors against one another.
Calculating your ROI might seem simple enough at face value, but there’s a lot that happens from the time a marketing campaign is conceptualised to the final sale. Without support from an expert digital marketing team, you could miss out on money making insights buried out of sight in your collected and unused data. Contact Sprocket Digital and team up with one of the top agencies in Auckland who can help you in this area.