How do I track my marketing campaign ROI?

Spending time and money on marketing can either be intimidating or empowering, depending on how well you are able to see and track the impact of your efforts, so it's very important to know how to track the progress of your marketing campaigns.

A large part of marketing happens in the planning stage, and this is where you should decide how you're going to measure the success of your campaign and what metrics you'll be using.

1- Setting Your Goals

2- Generate Metrics

3- Campaign Data Management

4- Profitability

5- Business Growth via Tracking ROI

1- Setting Your Goals

Goal-setting should be moderate, consider a goal that is both attainable and pushes you to be creative and critical in your thought process.

Setting a huge goal might seem like a good idea (or not), but you don't want to feel like you've failed if you haven't reached it, so consider your sales history and business track record when setting a goal, and be realistic.

When planning, it's important to remember that your marketing campaign goals should be specific so that way it's easier to track ROI. For example, take a broad objective like 'increase sales' and make it more specific to something like 'increase e-commerce sales by 20%'.

You'll also want to give your campaign a finite life-span so that way you are able to keep your efforts updated and refreshed. So, you could then say your goal is now 'a 20% increase in e-commerce sales by the end of 45 days'.

2- Generate Metrics

It's a good idea to base your metrics off of the overall objective of the campaign, so perhaps you want to measure the effectiveness of your social media presence - you'd likely measure the amount of web traffic coming from social media or compare quantifiable levels of engagement on social media throughout the campaign.

Track progress with benchmarks

Based on these metrics, you can also set benchmarks throughout the length of your campaign so that changes could be made on the fly if necessary and to ensure that you stay on track with your objective.

Marketing Automation Technology

Once the campaign is in full swing, it's important to track how each component is contributing to the overall goal. This can be done by creating a spreadsheet or using a marketing automation tool such as HubSpot that will help you keep track of all your data in one place.

Here at Vested, we're HubSpot experts and we're happy to help you leverage this marketing tool to help you blast through your campaign goals and bring you closer to your marketing objectives!

3- Campaign Data Management

Data collection, data management, and data security is a very important element to your marketing campaign. It's important not to get swept up in the overall objective and overlook the gathering and storage of your campaign's data.

All of this data is leverageable and valuable to future campaigns by providing insights that are strategically applicable and referenceable, so be sure to have a system in place to track and safely store this data.

This will also help you identify any weak points in your campaigns so that you can course correct where necessary.

4- Profitability

One of the main reasons to track the ROI of your marketing campaigns is to see whether or not they are profitable.

This can be simply done by subtracting the cost of the campaign from the revenue it generated and dividing it by the cost of the campaign, giving you a percentage that will show how profitable the campaign was.

The 'Whole Picture'

Once you see how profitable your campaign was, take it a step further and analyze the events and surrounding circumstances of the campaign that could have had an effect on the outcome. Take everything into account that could have had an effect when assessing the success or failure of your campaign.

Gathering this context into your analysis will give you the 'whole picture' of your campaign and provides insight that could be referenced or used in future campaigns.

Analyzing the 'whole picture' may also surprise you to find your marketing campaign affects other parts of your business that weren't measured, like if you were solely measuring for revenue increase but noticed a significant uptick in social media followers, boosted web traffic, or perhaps you identified ways to increase efficiency or productivity in your internal processes as well. 

If you're not happy with the results, you can make changes to the campaign in order to boost ROI. In this way, you'll improve the skill of marketing your business and see growth through revenue and a more clearly defined objective.

5- Business Growth via Tracking ROI

By following these tips, you'll be able to track the progress of your marketing campaigns more effectively and ensure that they are successful in reaching your business goals.

Use each campaign and all the insights gathered from data to your advantage in each future campaign. Build on top of the success you create with each campaign and find ways to improve your existing content to reflect your current campaign.

We're always here to help with your marketing and business goals as well, so feel free to reach out and connect with us!

About Vested Marketing

As a certified HubSpot Partner Agency, we not only understand the benefits of using the inbound marketing platform to increase traffic and engagement, improve SEO, generate leads, design effective websites and boost sales, we know how to make it happen. We are inbound marketing experts, SEO gurus and top-notch website developers.

Our team of Engineers Turned Marketers can help get you noticed - for a more innovative and effective way to reach customers, or provide a more seamless way for companies to find your services. Inbound Marketing has no limit to industry, serving from Crypto & NFT, mining, oil and gas, technology & automation, engineering, technology, construction, healthcare, to industrial & manufacturing.