ROI of marketing efforts
What do you need to calculate the ROI of your marketing efforts?
It’s not rocket science, but it requires similar diligence to track all of your spending – by campaign, not by marketing function or channel (!) – along with all the leads generated – again per campaign, of course.
Then it takes a close alignment with sales to follow each lead handed over to them when it becomes an opportunity to track its potential value, time frame and probability. Don’t fuss about whether sales people call it a “funnel” or a “(weighted) pipeline”! The important point is to know how much revenue was gained by when from the campaign leads.
Once you calculate your campaign’s ROI, start comparing campaigns to do more of what grows the business, and less of what’s wasting time and money.
Well, that means, besides diligence and alignment you will also need a large portion of perseverance… and some digital tools will be helpful, too, to track and do the actual math.