Calculating the return on investment of your marketing efforts can be complex, but it is the only way to know if what you are doing is useful for your business or not. To avoid getting lost, follow these steps.
Globally, companies are expected to spend $ 3.7 trillion on machine learning, digital transformation, and other data-driven projects in 2018. Such large investments must obviously be matched by an equally large return.
Yet 31% of companies that use
data, artificial intelligence and marketing automation do not track ROI . Establishing your campaign performance and investing in marketing ROI is not only useful, but also necessary to be able to transform investments made into profits.
How to do it? Follow these steps.
1. Define the metric
ROI is by definition a
performance indicator used to measure the profitability of the capital invested by the company in a marketing or communication activity. Given the quantity of possible variables, it cannot be the same for everyone. Campaigns can have different objectives, such as acquiring new customers, increasing turnover, reducing churn rate or generating awareness…
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The first things to do are to
define a SMART (Specific, Measurable, Achievable, Relevant and Timely) objective and establish the KPIs that will be used to measure progress.
2. Analyze the entire funnel
A single campaign rarely leads to a библиотека пользователя базы данных телеграмм purchase, people’s buyer journey is long and each step of the funnel has its own priorities and problems.
The funnel is made up of these five phases:
– Traffic analysis : how many people have landed on your landing page, site or app? Where did they come from? How do you position yourself compared to the competition.
– Leads : to avoid losing your bi lists traffic, you need to motivate those who have come to you to let them know more about themselves by leaving their data. What conversion assets do you have? How do they perform?
– Marketing Qualified Leads
: not all of your leads have the right requirements to become customers. This is why qualifying them is essential (and yet more than 50% of companies do not correctly define the Marketing Qualified Lead). To do this, the Marketing and Sales departments must collaborate and discover which users are qualified, or which ones have the best chance of converting.
Define who is an MQL for your company and develop activities that allow you to gradually qualify your leads. To do this, you need to use Marketing Automation and lead nurturing tools.
– Sales Qualified Lead : how many of your Marketing Qualified Leads are ready to purchase?
The journey can be more or less
long, depending on the sector you work in: buying a house takes longer than buying a holiday or a dress. Many still associate the sale with a single action or a single campaign (social post, AdWords campaign, etc.), but it is much easier for the user to have carried out many actions before proceeding with the purchase. Being able to define the various actions carried out by the leads, knowing how much time they spent in the funnel and collecting data on their navigation, will allow you to develop increasingly optimised campaigns in the future.
Only by breaking down your activities
into different steps can you understand where a user’s journey has stopped or where there was a push to proceed in the funnel. This will allow you to eventually make changes to your campaign or your UX.
3. Implement the right technology
PR: Undoubtedly, the company has achieved important goals in recent years, all focused on offering our customers the best possible payment experience, with products and services that meet the requirements of security and simplicity and that adapt to their lifestyle habits.
In this sense, artificial intelligence is
present in many of the services that we already currently offer as a company. For example, in April 2017 we launched globally “Decision Intelligence”, a comprehensive service to help the decision-making process and detect potential fraud. This solution uses artificial intelligence to help financial institutions increase the accuracy of transaction authorization in real time and reduce false declines.
If you enjoyed this interview with Paloma Real and are interested in innovative projects like those of Mastercard, you can listen to other professionals from around the world discussing digital transformation trends at The Inbounder Global Conference 2018 , the most important European event for Digital Marketing. It will take place on April 25 and 26 in Madrid. Don’t miss it!
Without technology you cannot measure the
actions of individual users along the funnel. There are several tools available on the market, you must evaluate them based on your needs and your type of business: are you a B2B or B2C company? How large is your database? Is your funnel long or short? The most popular tools globally are Salesforce (Marketing Cloud/Pardot) and Hubspot .
4. Align with Sales
Remember that measuring results requires
collaboration within the company. Sales and Marketing must share SMART objectives and a method of monitoring metrics. Today, the only possible way to work is collaborative: breaking down silos and pursuing the same goal together.
The more you analyze the data, the easier
it will be to decide which campaigns to develop and which to abandon , but this will also help you during the decision-making process because knowing where your problems are, you will decide more easily what actions to take. This means applying a marketing ROI strategy. And today you cannot do without it.
Watch our webinar on Smarketing to find out how to apply it in your company.
