The digital marketing ROI of a business is measured on carefully aligned metrics, KPIs and financial assessments that throw up actionable insights to improve overall performance and profitability of the marketing team. As digital marketers spend their time juggling multiple digital marketing tools each day, they cease to realize the isolated data silos they are creating with every click. According to Adweek, Digital marketing will account for up to 75% of marketing spend in the next three years. But what’s alarming is that only a minuscule number of marketers are able to track their ROI.
Common hurdles to map traditional ROI
A lot of businesses falter on the first step itself – multichannel data aggregation. Without the right integration, any depiction of ROI is incomplete. With a lot of data within the enterprise (internal documents, metrics, data warehouse) and a lot of data outside the firewall (social media, customer data, cloud data); getting the complete picture in a snapshot is tedious and often lacks the ability to drill down to the granular level. To map an ROI, a marketing analyst has to sort through multiple dashboards of individual tools, csv files, additional files and much more spending a lot of time and effort in the process.
Enter, Smart ROI
With the plethora of tools & technologies available today, digital marketing ROI can be powered into what we’d like to call as “SmartROI”. The open source technologies, data visualization tools and ability to handle enormous amounts of data allows digital marketing teams to see the light at the end of the tunnel. Here’s how SmartROI revolutionizes a digital marketer’s day:
- Learn, track and influence the buyer’s lifecycle. Identify impact areas and promote buyer specific initiatives.
- Optimize budgets and realize cost savings by monitoring every dollar spent across digital channels. Pinpoint the strongest & weakest channel for each initiative and modify budgets accordingly.
- Analyze customer behavioural trends and know the true value of your customers, figure out the right audience for your targeting/re-targeting activities.
- Optimize correctly what matters, map the sales conversions, attribute the right touchpoints, track the low returns and tweak the processes.
- Bring predictive analytics in picture to connect key factors that impact the ROI, view powerful insights with the ability to drill down to crucial points
- Revise corporate strategy to reflect the positive changes and measure ROI as a continuous process rather than a one-time or annual activity.
The end goal of an effective Digital marketing ROI is to track every marketing dollar spent, determine how it is contributing to the revenue and give actionable insights for efficient decisions. While the digital marketing ROI helps in driving profit, it also acts as a use-case for future marketing strategies and spending thresholds with each step being a valuable insight. Recently, we enabled one of our customer’s to realize the true value of their digital marketing ROI. Are you able to view your digital marketing ROI? Share your views in the comments below.