You and your team (agency, interns, and employees) spent the last year growing your fan base, increasing engagement, and driving brand awareness.  While the efforts went well, in the end, you have a nagging feeling that you forgot something. It most likely was that dreaded three-letter acronym: ROI.

In a nutshell, Return on Investment (ROI) is a measurement of whether the investment paid off. Here is a simple example: Your organization invested $50,000 on digital marketing. If the company received more than $50,000 in new revenue that’s directly linked to that effort, it would be considered a wise investment.

However, that example may or may not be a valid ROI indicator. To help, here are four tips I believe will get you on the right track.

Effectively Measuring ROI

1. Set up SMART goals.
   It would help if you had goals that are Specific, Measurable, Attainable, Realistic, and Timely. Before you get too far into this year, determine what your goals are for digital marketing. Examples might be:
    
   1. To increase attendance by 10% at this year’s events
   2. To have a 90% positive rating on online review channels
   3. To increase revenues by $500,000 or
   4. To gain 100 new clients by the end of 2020.
       
2. Engage Metrics.
   Set up your budget for specific marketing channels and then measure the impact of each by giving the user a strong Call-To-Action (CTA). Here are some examples:
    
   1. Email campaign:  Measure the number of opens and the click-through rate. Offer the reader a button for a discount or the opportunity to win a grand prize.
   2. Social Media:  give users the website to register for the event. Measure the number of click rates and the amount of website traffic, especially during the first few days after the campaign.  
   3. White Papers: Track the number of downloads. Be sure to capture emails before the download process and immediately add those names to your email list.
       
3. Eliminate processes and replace them with technology.
   By eliminating any paper processes or replacing them with technology, you will save time and money. Measure the old way of doing business in a new way, and be sure to include you and your staff’s time. Do a thorough examination of the way you do business and try to either:
    
   1. Eliminate the process altogether
   2. Move it to a website or
   3. Replace the process with a chatbot or social media account

4. Track Success.
   ROI does not have to be immediate; it can happen over 30 days or three years. However, it is vital that you track the results to determine if the effort to close a sale is worth the outcome.

About Mulligan Management Group

We want to help you gain maximum ROI! Ask us for a free digital marketing assessment of your business. It’s just one more way Mulligan Management Group has you covered!