Are you running campaigns in AdWords, Facebook or on another advertising platform? Do you know whether your marketing efforts are paying off and which channels you should keep investing in to increase your product sales?
As marketers face more and more pressure to demonstrate that their activities are contributing towards the profit, there is a bigger need for you to be able to show your decisions yield positive results.
But if a particular channel or campaign is doing the opposite and causing your business losses, then the sooner you figure that out, the quicker you’ll be able to adjust your further marketing plans.
That’s where calculating and tracking your ROI becomes important. By being able to figure out how much you make from investing into a particular campaign or channel, you can figure out where to focus your budget.
Whilst it’s difficult to compare the performance of specific marketing tactics across every single industry and company, there are interesting conclusions that have come out from market research. As reported by Web Strategies Inc., the top 3 channels that generated the best ROI were email marketing, SEO / organic search and content marketing.
Email marketing has also been reported elsewhere to give the best ROI (source: Campaign Monitor), but you should focus on figuring out the correct ROI for your marketing activities and, based on that, decide which ones work for you best.
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