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We are firm believers that the key to success online is to clearly define your Return On Investment (ROI). If you tackle a digital project without a clear understanding of what your ROI looks like, it will be difficult to grow your digital activity efficiently. ROI is key for all digital mediums, whether it is your website performance or measuring the success of your digital marketing, your ROI should be clearly defined and monitored throughout your digital venture. In this blog, we want to explore the main reasons why you should be monitoring your return on investment and looking at the tools you need to ensure your digital activity is generating a positive return.
Monitoring your ROI helps you understand how well your website is performing and if it is generating revenue. You can identify the areas of your website that need improvement and take corrective actions. One of the key benefits of utilising digital is that you can track exactly where your revenue is originating from and ensure all of your marketing channels are working well for your business. If you do not have the tools or expertise to keep a close eye on the activity, you are setting yourself up for failure from the start.
Improve Marketing Efforts
By monitoring your ROI, you can analyse your marketing strategies and identify which ones are generating the most revenue. Once you have this understanding you can focus on the most effective marketing channels and adjust your budget accordingly.
Monitoring your Return on Investment helps you optimise your conversion rates, identify areas where visitors are dropping off and plan for future improvements. You can use this data to better the user experience and increase the chances of visitors converting into customers.
Monitoring ROI can help you identify the most profitable products or services on your website. You can focus on promoting these products or services, which can increase revenue and profitability. With product-led businesses, it is common to see the priority of promotion being selected without much insight into the sales activity, profit, and margin. Let the data tell you which products you should be focusing on and what elements of your strategy are driving the most success.
By tracking your ROI, you can justify the investment in your website to stakeholders and business partners. You can provide evidence of the revenue generated from your website and show the value it adds to your business. If your plan is to seek investment or sale and digital is being used to demonstrate that success, a clear handle on your ROI, with measurable KPIs, combined with a track record of adjustments and optimisations towards your goals will make for a much more attractive investment opportunity.
Whether you are working towards a simple website, large-scale bespoke digital platform, or eCommerce shop, you will have some form of Return-on-Investment metric that will impact your marketing efforts. When we begin a conversation with a client, we always explore what success looks like and what is the minimum they expect to see. Your digital channels allow you a unique opportunity to explore exactly where your revenue is being generated, allocate budgets in line with a forecast return and build a larger picture of when your digital activity will offer a positive return for your business. We firmly believe that if you are paying for advertising, you are doing it wrong. Get in touch and let us know what success looks like for you online.