03 May 2018
Tracking ROI is a problem many businesses encounter, but one they really shouldn’t have to worry about. In truth, it shouldn’t be a hassle to accurately calculate your marketing ROI; rather, it should be something you’re able to accomplish with relative ease. After all, failing to account for your marketing ROI can leave your business terribly exposed. If you don’t properly examine your marketing returns, you could end up misusing valuable funds or missing out on profitable opportunities. The good news is, measuring your ROI doesn’t have to be a nightmare –– as long as you’re using the right call tracking software. With that in mind, here are the five best tools to track ROI with call tracking:
In the past, if a company wanted to know where a lead first heard about their business, they’d have no other option than to ask them outright. Obviously, this system is fraught with issues from proper implementation to skewed data. Instead of setting up more work for your team and customers alike through ineffective surveys, with call tracking software you can assign unique phone numbers to your pieces of marketing content. Not only will this allow you to determine which ads, blogs, and social media posts are generating the most sales, but it will enable you to calculate your return on specific campaigns or pieces of content. For instance: merely calculating your total marketing ROI often won’t tell you the full story. You may have one or two campaigns that are making up for other ineffective material. That’s why tracking phone numbers are so valuable; with them, you won’t have to guess about the efficacy of your marketing content.
Part of the problem many businesses deal with when attempting to assess their marketing efforts is the lack of an intuitive interface. Indeed, if you’ve been reduced to reaching for a pad and paper to try and work out your marketing ROI, then you know how frustrating this process can be. Fortunately, you can integrate your CRM with call tracking software to enjoy the convenience and user-friendliness you’ll get with your CRM, while also reaping the benefits of call tracking data at the same time.
One of the best ways to gauge if your marketing content is hitting the mark is to check for levels of engagement on your social media pages. There are a number of free programs online that you can download to track the number of visitors you’re drawing to your site, as well as measure your levels of lead engagement on social media platforms. By combining the results of your lead engagement with other metrics like sales conversion rates, you can begin to develop an accurate picture of how your customers interact with your business online.
Return on ad-spend (or ROAS) is a component of total marketing ROI that only some companies choose to track. Whether or not you value your ROAS totals depends largely on how much you invest in advertising (particularly Pay-per-click campaigns). However, for businesses that utilize a wide array of content –– including ads –– then calculating your ROAS separately from your total marketing ROI will give you a more nuanced appreciation for what’s working –– and what isn’t –– in your marketing strategies.
Tracking online sales conversions is generally a straightforward process: an interested customer encounters a piece of content. They engage with that content and follow a link to a landing page. From there they then either interact with your sales team or else proceed with purchasing a product or service. However, often sales don’t simply occur in this ultra-linear fashion. Rather, a customer will likely click on a link and then some time later decide to call your business –– and that call may culminate in a sale. If you’re serious about vetting the full depth of your marketing efforts you need a way to attribute offline conversions back to the online content that generated them. The solution to that problem is call tracking technology.
The only way to ensure you’re getting the most from your marketing efforts is to measure ROI with call tracking software. Otherwise, you’ll be missing pieces of vital intel that will inhibit your ability to grow and improve your marketing strategies. Contact the Advocado team today to learn how you can get started tracking smarter! And for more information on the tangible benefits of call tracking, download our free case study here.