Are you and your marketing teams putting in lots of effort in order to reach your audience with your brand message? Are you marketing consumers with an awesome offer not to be missed?
Are you measuring the success of your efforts?
For many the answers to the above are ‘yes’, ‘yes’ and then ‘no’ which then offers the business and the teams that work hard to build the business, no insight into what is working and what is not across the marketing strategy.
Return on investment (ROI) is one of the most vital metrics for a business if you are earning less than your investing then where is the future? Having visibility on your ROI you can see how your money is being spent and where your investments are working. One big consideration when looking at ROI however is to be aware that more than on marketing channel can lead to a sale meaning more than one cost therefore it is important not to isolate ROI figures when you know the pathway to purchase.
A ROI calculation may look different for each company depending on your costs and margins etc however a basic formula would be:
ROI = (Revenue – Cost) / Cost
Here at SocialB we want to help small, medium and large organizations get to grips on ROI therefore on today’s blog, we discuss “5 ways to simply measure your website ROI”.
1. Tracking Tools
Tracking is one of the most important exercises a business can do. You need to be able to see what is happening on your website and how sales/conversions are being generated. One of the most recognised tracking tools is Google Analytics . This is a free tracking tool that can be installed to your website which then tracks traffic, user behavior, conversions and so much more.
2. Tracking URLS
You might have direct traffic coming to your website, referring traffic from other websites, traffic from Google natural search or paid for adwords all of which track with ease into Google Analytics. You might also choose third party channels such as an email marketing supplier or display ads on relevant websites. These third party channels should be tracked also and to support this you need to have bespoke tracking links set up. This means that visibility will be captured. You can build these with the help of the Google Url Builder. Follow the steps and use the unique tracking url as the landing page option.
3. Ecommerce Tracking
If you are a retailer and selling your products online then ecommerce tracking is a must. See what has sold and the revenue generated but also see the pathway to purchase. A developer may be required to help set the tracking code up initially however this is another free option Google provide with Google Analytics.
We all have Goals, it might be we need to see how many people sign up to an email subscription and if our marketing efforts to help grow the data base is working. Goals can be set up also in Google Analytics. It’s like tracking a final action. If there is a unique url, a ‘thankyou’ page for example that followers the action this can be set up in ‘Goals’ and be tracked.
All the above need analysis and factors considered that could affect ROI such as overall costs, channels used in the pathways to purchase etc. Weekly and monthly reporting is suggested to take a snap shot of performance that then can be worked on for optimization reasons week on week or month on month.
If you need help with any of our 5 ways to simply measure your website ROI or need a little advice give us a Tweet @SocialBuk with any questions.