How do you measure the results of your marketing? Is it an increase in traffic, a rise in rank? Phone calls? Social media attention? The uncomfortable truth is if you can’t define your terms of success, what hope do you have to determine the ROI of your MSP marketing campaigns?
While we may be skewed a little in favor of marketing, we understand that there are other business considerations that you have, all of which require the backing of some dead presidents. Of course, chances are that you only have so much money to commit to your business, so it helps to have an idea of how much you’ll need when it comes time to divvy it all up. Well, we aren’t accountants, but we know a thing or two about money where marketing is concerned - namely, how much you should probably be spending on it.
One of the most important metrics to any marketing strategy can be one of the trickiest to calculate: Return on Investment (ROI). Along with more tools to help you calculate it, digital marketing has seen ROI undergo some extreme changes. While the principle this metric has been around for a very long time, it’s only in the past decade or so that data became easier to collect and analyze. is easy to collect the data required for an accurate ROI.
The 80/20 marketing rule is based on a century-old economic principle that, despite drastic economic and technological changes over the past century, continues to be effectively leveraged by businesses of all sizes and industries. Conceived in 1906 by famed Italian economist Vilgredo Pareto, the Pareto principle observed that about 80% of Italy’s wealth belonged to 20% of the population.
It has become a prerequisite for success in the modern business environment that all businesses must engage in marketing in one form or another in order to achieve some level of success. However, measuring your marketing performance can be tricky, if you don’t know what to look for. We recommend that, in order to optimize how you spend your marketing budget, you keep an eye on the following metrics.
One thing that it is a good idea to consider when thinking about the 'value' of social media marketing is that it doesn’t work like this: Social Media Post → Lead → Sale → Calculate ROI of the Post
Return on Investment, or ROI, is an important part of any business model. It answers one of the most fundamental questions in business: ‘Is our product or service making a profit?’ Regardless of size or industry, there is a basic formula for determining if your investment is making money: