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Follow on Google News | Animal Health Marketing: Marketing ROI is the Trend In 2010According to a recently released survey ”Marketing Trends Report 2010″ marketing ROI is the hottest trend for 2010. This article looks closely at marketing ROI and strategies to implement to measure your return on marketing activities.
By: cheetahLink According to a recently released survey ”Marketing Trends Report 2010″ by Anderson Analytics and the Marketing Executives Networking Group (MENG) marketing ROI is the hottest trend for 2010. Marketing executives are more focused on getting a good return on their marketing investments. The fact that marketing managers want to measure their return on marketing activities is a sign of a more optimistic economic future. If marketing ROI is the top trend in 2010 this means that marketing dollars are increasing which points to a more positive prognosis for this year. Marketing ROI has become a hot trend for two reasons. First, companies are increasing their marketing budgets in 2010 but they are going to monitor it closely. Most marketing budgets were reduced over the past year in light of the economic downturn but all indications show an upswing in marketing budgets. The second reason why marketing ROI is a hot trend is due to the dramatic increase in using online marketing tactics (social media, blogging, mobile marketing, etc). Online marketing is a new concept for most companies and most executives are still a bit leery on its true effect and ability to increase revenue. For these two reasons, marketing ROI has surfaced as the most important trend for marketing executives. Measuring marketing ROI has always been a challenge for companies in past decades due to the fact most marketing strategies were based upon traditional mediums (magazines, newspapers, radio, tv, etc.). Traditional marketing ROI can certainly be measured (unique URL’s, tracking phone numbers, etc.) but it takes planning and diligent follow-up to measure the success. The beauty of online marketing is that there are tools (Google Analytics, WordPress analytics, LeadLander, etc.) that can be implemented to allow you to measure your marketing ROI 24 hours a day. But there is a caveat! You need to know what to measure and how to read the measurements. Most companies review their analytics once a month and only review their dashboard (the landing page of Google Analytics). The dashboard will provide some basic information (visits, page views, average time on site, etc.) but it clearly does not provide sufficient information to measure the true success of your website. To get a better understanding of your analytics follow these simple steps: 1. Get a weekly report from your marketing team or outside consultant that provides an update and overview of your website performance. This weekly report is meant to keep you up-to-speed on the growth (or lack of) of your website. This report does not need to be long in length as the objective of the report is to keep you and your management team informed of your website. 2. Give your marketing team or outside consultant 30 minutes one day a month (via in person or a webinar) to provide a detailed end-of-the-month presentation on your website performance. This presentation should not only provide data but provide answers and solutions. A presentation that only provides snap shots of your dashboard is not sufficient! Some topics that should be covered include looking at your top landing pages and their exit percentage. If you have any pages with an exit percentage of 50% or higher find out why and provide suggestions to improve that number. Look at your top ten content pages and look at their exit percentage. You may be getting a lot of people to a certain page but you could have a high exit percentage. Your exit percentage on your best content pages should be 40% or less. These are just a few examples of what this presentation should cover. 3. Ask for a short analytic report every time your company runs a new promotion or ad campaign. In order for you to measure your analytics properly you must setup the proper parameters to allow analytics to measure your success. For example, if you are pushing a new promotion through Twitter make sure you have a link to a page that you can measure click through rate and bounce rate. This is called landing page optimization. For example, you are providing a coupon that end-users can use at retail stores to get 25% off a certain product. Create a new page on your website with the coupon. This allows you to measure how many hits you are getting to the coupon page. Another suggestion is to ask the consumer 2 to 3 questions so you can gather some market research. Also add a function that allows the person to forward the coupon to others via email. This allows you to collect email addresses of potential customers. These are just a few strategies to implement to help measure your marketing ROI. As the economy begins to show signs of life, companies are making new commitments to their marketing budget but they are doing it with a watchful eye. Marketing executives and CEO’s are measuring and monitoring every dollar spent and want to clearly see a return on their investment. If you follow the suggestions outlined above you are well on your way to measuring your marketing campaign and marketing ROI. # # # About cheetahLink Founded by Preston Munsch, cheetahLink (http://www.cheetahlink.com/ End
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