ROI on Sales and Marketing Activities
Your marketing and sales team are always busy, but how do you track your return on investment from all this activity?
When times are as tough as they are right now, all expenses need to be justified. Effectiveness needs evidence, and those unable to prove their worth will find themselves placed under threat.
As a business owner, it is your responsibility to know what works, what to cut, and which areas you should be investing more into.
That may sound clear cut in principle, but it’s likely that your marketing team is having trouble tracking ROI and delivering the information you need to make those important decisions.
You need cold, hard data to support and optimise your marketing activity, but prehistoric push marketing methods used before the digital boom are notoriously hard to track. For example, it can be extremely hard to tell if a visitor to a store came through a radio advertisement or through a flyer. Traditional marketing methods often deliver very little in terms of evidence of value, which is a problem considering that 93% of CMOs reported that they feel under pressure to deliver measurable ROI.
In many ways, measuring ROI is easier in the world of online marketing, but only to a certain extent. Nowadays, it’s possible to measure just about every variable when it comes to social media marketing, but it’s still difficult to calculate ROI in the traditional sense. For example - how many of your LinkedIn posts eventually lead to someone actually buying one of your products?
We get it - tracking ROI seems like an impossible feat. So, what’s the point in trying?
My business isn’t effectively tracking ROI… what’s the problem?
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You’re shooting into the dark with your marketing strategy
A survey created by Econsultancy found that just 8% of companies can determine ROI on their social media spending, even though 79% of businesses reported that they planned to increase their social media spend in the next year. If you don’t collect proper data regarding what you’re spending and how much revenue you’re collecting, you won’t be able to track proper effectiveness or compare with other marketing channels. This in effect leaves you blind, with no real insight into your marketing strategy. You may not even know where your marketing budget is going each month, let alone whether or not it’s money well spent.
Okay, you’ve convinced me: I need to track marketing ROI for my business. What’s the best way of going about this?
The solution is an automated sales system that will move leads seamlessly through each stage of a digital funnel, and deliver ROI tracking data every step of the way.
It is possible to entirely digitise the process of converting cold leads into hot opportunities. You can do this by setting up an automated system that drives leads into a funnel that will push them through from the beginning of the sales journey to the end.
Effectiveness needs evidence, and those unable to prove their worth will find themselves placed under threat.
What’s more, prospects in your sales funnel are easily trackable from one stage to the next. Digital tracking and tagging techniques give your sales team the ability to instantly pinpoint exactly where a prospect came from, and the journey a customer has taken before they end up as a converted sale.
Not only will an automated sales system improve the productivity of your sales team; it will also provide you with accurate and easily visible data that will allow you to establish your most effective marketing channels.
Contact Leadfreak today to find out how an automated sales system will allow you to effectively track marketing ROI within your business without tearing your hair out.