Once you understand what type of ROI you need to measure, you can then devise a marketing plan that produces optimal results per dollar spent. You can do this by:
- Creating an ad campaign that includes a tracking process
- Assigning an average dollar amount to each visitor, sale, or lead (choose the type of ROI that is most important to your organization)
- Determining the total cost of your ad campaign
- Subtracting the cost of your ad campaign from the revenues resulting from your campaign, and then divide by the marketing cost. So, if sales grew by $1,000 and the marketing campaign cost $100, then the simple ROI is 900%. (($1000-$100) / $100) = 900%
If you are not sure what type of ROI is important, you can work through this by asking the right questions of key decision makers in your organization. The following are some questions to ask:
- What is most important at this point-in-time, brand awareness or lead generation?
- How much can our organization afford to spend on a marketing campaign?
- How did our existing customers find us and what is the lifetime value of each customer or lead?
- Where can we find more customers like our existing customers? (this is where a customer persona will be useful)
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