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Did you ever wonder how effective your marketing campaigns are?
While there’s a lot of talk on what marketing can do for your business, not many people know how to measure the results. If you’re ready to measure your marketing investments, you came to the right place.
Read on to learn about how to measure marketing ROI.
1. First Touch and Last Touch
If you’re interested in measuring the ROI of your marketing efforts, one of the most common ways to do it is by tracking the results using a single attribution measuring methodology.
Single attribution methodology entails assigning value to the first and the last programs that the deal touched.
With the first touch approach, you measure the value of the first effort or program that touched your product or service. For example, if you created a commercial, advertising your product and several products sell after, then you will credit the commercial.
Last touch, on the other hand, you give all the credit to the last marketing effort to touch the product. For example, if you create a demo and your product sells, you would credit the product demo, even though there had been other efforts before that could have influenced sales.
2. Single Attribution and Revenue Cycle Projections
Another way to measure ROI is by combining single attribution with revenue cycle projections. This method works whether you choose first or last touch measuring methodology because you’re focusing on a single attribution.
For example, if you choose to measure your ROI based on the product demo, you might have to wait several months to measure the results. With revenue cycle projections, you will be able to make predictions on the long-term gains the product demo will generate.
3. Multi-Touch Attribution
As the name suggests, with multi-touch attribution, you measure the multiple efforts it takes for you to achieve a goal. For example, you can measure the commercial, demo, and other efforts separately and combine them into one goal.
For example, if your goal is to achieve 100,000 in revenue, you would divide it into the commercial, demo, or ads. By combining efforts, you can get some of the best ROIs.
4. Measure Test and Control Groups
Another way you can measure these results is by taking into account your test and control groups. This approach works by measuring the effectiveness your marketing campaign has on both groups.
For example, you can decide who your test and control groups are by splitting it up into two demographics. With your control group, you can continue to implement the same marketing efforts.
You will then launch your marketing campaign and target your test group. The next step is to measure and compare the results.
Start Measuring Marketing ROI Success
After reading more about how you can track marketing ROI success, you can take your campaigns to the next level.
You can measure the engagement by implementing test and control groups, try a multi-touch attribution, and single attribution.
If you enjoyed these marketing tips and would like to learn more, check out the rest of our blog.
