How to Prove the Marketing Return on Investment (ROI)
In business, every dollar counts and this also applies in marketing. You must be able to measure the value of each and every dollar spent on the marketing campaign. Whatever marketing campaign or process you choose; you must get value for the money used. If you are unable to measure the value of the money spend, you will be making losses and this will affect the general performance of the business. You need to set up tracking systems that will enable you to track the money used in the marketing process. In the past, it wasn’t that easy to track the money used in a marketing campaign, but with technology, you can easily track and know whether you are getting value for the money used or not.
If you can't describe what you are doing as a process, you don't know what you are doing.
You must have systems in place that will enable you to track the ROI for any marketing campaign that you undertake. No matter how long the marketing campaign will take, you must be able to track the value it brings to your company or business. If it does not bring any value to the business, it is advisable to stop the marketing process and re-strategize. Maybe the strategies you are using are not good enough or probably you did not do a good research on your target market.
Marketing is not cheap and a good marketing campaign will cost you a significant amount of money. Before engaging in any marketing campaign you must do a research to establish whether it is necessary to go ahead with the campaign or not. You need to establish systems that will enable you to get value for the money used on the campaign (ROI).
Playbook to Handle this Problem
There are various solutions to this problem. Here are some of the methods to deal with this marketing problem.
1. Use Google Analytics
2. Use Promotion Codes and Discounts
If you want to track offline marketing efforts, you can use domains that are specifically designed to redirect potential customers to your website. Then ensure that you have promotion codes and discounts that will entice the prospects to visit your site and see what you have in store for them. If you use TV or radio as your mode of advertisement, you need to use a promotion code with the service provider and give the user something back for their inclusion of that promotion code.
Your ability to track and measure the return on investment for your marketing campaign will ensure that you do not make losses in the long run. You need to ensure that there is value for every dollar spent on the marketing process of either the business or product.