Tracking marketing initiatives’ return on investment (ROI) is essential to ensure you are getting the most out of your marketing dollars and investment of time.
Without tracking the data, it can be difficult to tell what works and what doesn’t – an issue that can lead to wasted resources and money.
A prime example of this is an attorney I worked with who invested $25,000 in an inbound lead service for attorneys. After reviewing the ROI of the initiative, I found he had only gained one client through the service who was not in his target audience and ultimately left him a bad review on Google as they were dissatisfied.
They were looking for a budget attorney, which he was not. He was highly experienced and dealt with complex matters.
After further review, the lead service was for individuals needing a cheap attorney. Had I not tracked the ROI and investigated the service, he would have kept pouring his money into something that was not working, as he was simply not paying attention to the source of his business.
Fortunately, I was able to help him cut this expense and reallocate it to other areas of his marketing budget.
Tracking the ROI of your marketing initiatives doesn’t have to be complicated – many tools available can help you measure and analyze the performance of your campaigns.
Your tracking can even be as simple as on an excel sheet. The vital part of tracking is that it is easy to analyze what’s working and not.
Many people think they know where their business is coming from, but in my experience, often, this is not the case when you look at the data.
To maximize your marketing initiative’s ROI, invest in tracking and measuring your campaigns’ performance. The long-term success of your business depends on it.
