Brett Relander wrote an article for Entrepreneur recently, explaining where return on investment (ROI) should fit into your marketing process.The definition of ROI is a "profitability measure that evaluates the performance of a business by dividing net profit by net worth."
Relander makes the argument that businesses should measure ROI later in the marketing process, rather than at its outset, in contrast to the approach of many other businesses.
The article also suggests considering other metrics first before measuring ROI. These indicators include: the amount of website visits, whether users are sharing your website's content and if individuals are engaging more on your site or through a social platform. By examining these metrics, you gain actionable insight for improving your marketing strategy.
To improve your marketing, you can make use of Google Analytics, which will measure such metrics as the number of returning visitors, audience engagement rate, average duration of time spent on each page, bounce rate and conversion rate.
Most likely, your internet marketing firm wants to increase visits to your website and expand your business' brand awareness among consumers. However, to do this, you must first develop knowledge of your target audience. Relander writes: "Once you have developed a solid understanding of your audience, you can then begin developing customized content based on their interests."
As we have mentioned in a past article, targeted marketing is an effective strategy for increasing consumer conversion rates, according to a McKinsey & Company study, which revealed these and additional benefits of the approach.
If you are interested in learning more about internet marketing solutions, consider working with KeyMedia Solutions. Our range of services, including targeted online marketing, will help your company achieve its marketing goals.