Measuring your Marketing Automation ROI: Digital Marketing ROI Series
As part of our digital marketing ROI series, we are going to learn how to measure your return on investment (ROI) for marketing automation. Marketing automation refers to software that automates your marketing processes for you. Automation is specially designed to help you prioritize and execute all of your marketing tasks in a more efficient manner. The goal is to help free up your time and streamline your tasks without compromising the quality of the content your website produces. Automation also has the added benefit of allowing marketers to reach their goals faster.
To generate more revenue, you need to drive traffic to your website, convert it into leads, and convert those leads into paying customers. You can also use it to define quality leads you can move through your funnel. Marketing automation helps you do all this and more, but how can you measure your ROI?
Calculate Traffic Generated to Your Landing Page
A common marketing automation technique involves sending out emails and newsletters with information that will attract potential clients to your website. Calculate the number of visitors brought to your landing page. Use tools like Google Analytics for this task. Google also offers a variety of webmaster tools that are useful for tracking traffic and length of each visit to your page.
Monitor Contact Interactions
Monitoring traffic is the first step, but you also need to monitor all interactions with your contacts. Which links do they click on, and what content are they downloading? All these actions can be used to calculate the number of potential leads. The data also gives you an idea of what kind of content your clients want. Create content to reflect the demand.
Learn How Many Leads Turn to Sales
Bringing in new contacts using automation won’t do any good unless they generate sales. Determine how many of your leads convert to sales. Use the data to calculate your closing ratio. The closing ratio formula is calculated by dividing total sales with total proposals or inquiries generated by the automation marketing.
Prioritize Contacts that Generate Sales
Use the data you collect to build lists of potential return clients. Develop and send these contacts specially tailored emails promoting your content. Your primary goal is to create new leads, but you can use this method to capture additional information about your established customers, and create special offers that can lead to more sales.
Schedule Social Media Posts and Track Responses
You can use marketing automation tools to schedule your company’s social media updates and promote your content directly to your clients. Track their responses and respond to any queries viewers have. Positive responses mean your automation campaign is working.
Setup Automated Reports
Automation tools can provide you with reports on how your campaign is doing. Set up automated reporting and stay informed. You can also set up automation alerts based on how your leads behave. If your campaign isn’t effective, find out why and work to reinvent the problem.
At Cohlab, we fully understand the importance of knowing your marketing automation ROI. That is why we do take the time to ensure you understand both the tangible and intangible results of your digital marketing efforts. We “cohlaborate” with you on proving out your marketing ROI, and our strategy has been greatly successful for digital marketing clients. Use our complimentary Digital Marketing Scorecard to gain valuable insight on how your website rank compares to others. Our team would love to speak with you and answer any questions you may have. Our mission is to provide you with Cohlaborative digital marketing solutions to meet your organization’s needs.