What works for one company will not always work for another. Since business objectives and goals are different, the way to analyze the same case will also not be the same. For example, an institution that is entering the market aims to strengthen its brand and generate engagement with consumers. On the other hand, an already established brand will want effects that can help it surpass or get closer to its competitors.
Therefore, the company must plan to clearly and objectively understand what the main business objectives are and how the goals will be evaluated. Businesses that want to increase sales, for example, medicare leads email list cannot be satisfied with just increasing the number of followers on social media.
The main metrics are:
number of leads (contacts) generated;
conversion rate (percentage of people who reached the goal);
customer acquisition cost (how much was needed to invest to get a customer;
average ticket (average amount spent by a customer);
number of times the same customer makes purchases from your business.
Therefore, the choice of the most important metrics must be studied and based on business objectives. In other words, it should not be done randomly or according to data from other institutions.
Analyze the ROI of actions
To be able to measure the effects of marketing actions, you need to know what the Return on Investment (ROI) of each one is. This is what most marketing professionals want. According to Social Media Examiner, 88% of them want to know how to measure the ROI of their actions .
To perform the calculation, simply subtract the profit obtained from a given action from the investment made and divide the result by the investment. If the calculation is less than 1, it means that the company suffered a loss with the strategy adopted.
One of the main benefits of monitoring returns is knowing which practices are most helpful for the company to achieve its goals. The lower the return, the greater the chance that the budget is being implemented incorrectly.
However, just because a certain investment is profitable doesn’t mean it’s the best option for your business. Here’s why.