You have several campaigns running across numerous digital channels – email, Facebook, Pinterest, display, AdWords, etc. You are under pressure to decide which channel should get a bigger piece of your budget. Should it be Facebook? You have gathered a lot of Likes on Facebook, but you are not quite sure how many are actually buying. How about email? Email has generated a lot of conversions but the CTR has been trending down lately, and you are not sure how you will justify putting in more money behind your email campaign. Does any of this sound familiar?
Here is what you need to do:
- Use the same metric to evaluate all campaigns. For example, if you are an ecommerce company, you may want to track conversions across all channels. This will let you compare apples to apples.
- Benchmark your performance to industry standards. A quick Google search will enable you to find industry standard metrics for each particular channel. This will also help you determine where to increase /decrease your budget.
- Take advantage of fee consultations. There are numerous companies that help clients better attribute marketing spend across different channels, and most of them provide a no obligation free consultation. If you are worried about sharing information with them, get them to sign an NDA. You will surprised how valuable a free consultation can be, especially when you are on a tight budget.
Check out the chart below to see how widespread this Unclear ROI problem really is: