Every day, you write blog posts, send tweets, and upload videos to YouTube, among many other marketing tasks.
You create all this content, but that's not enough to paint a full picture. What do these activities contribute to the business's bottom line? Without proving their marketing ROI, it's almost impossible to justify your marketing budget.
Unsurprisingly, companies want hard numbers about marketing's contribution. In fact, in a survey, 93% of CMOs agreed that they're under pressure to deliver measurable ROI.
Now, how do you access the analytics you need to measure your online marketing ROI effectively? You need the right tools. This article highlights five tools that provide insights into your marketing results and how they tie to revenue.
But before we get into each tool in detail, how do you calculate your marketing ROI?
- First, you start by setting marketing objectives for each campaign
- Then, you identify and name the KPIs that you will be using to monitor the success of the campaign, based on your objectives
- Third, assign values to your KPIs to help you measure your results correctly
- And as the results start to come in, you can use this basic formula to calculate your marketing ROI:
ROI = (Gains from investment - cost of investment) / (cost of investment) × 100
1. Google Analytics
Even though Google Analytics is a free tool already used by most marketers, very few dive deep enough into the metrics. Put simply, you can use Google Analytics to track the results of marketing campaigns on your website.
For instance, you can track your traffic sources and see how visitors from each source behave on your website. Another important feature is Behavior Flow, which displays how visitors navigate the pages of your website.