ROI Marketing - is there such a thing?

Return on investment, or ROI, can sometimes be hard to measure for any type of marketing campaign. And in industrial markets, where sales report solely on their financial results, it can be hard to tell which campaign is leveraging the best results.

However if you craft your next campaign considering the following key elements – measuring ROI will be simple to measure and justify:

1. Set Your Strategy

Why are you running this marketing campaign? What would you like it to accomplish? In order to deliver successful results you’ll need to first set your strategy.

2. Get Creative

A disruptive idea that will upset the status quo will set your marketing efforts on fire in markets that are set in their ways and resistant to change. So get creative and think outside the box.

3. Test and Improve

Test everything and improve along the way. We recommend using the template provided in our Marketing Campaign Guide.

To use our ROI formula when we manage client campaigns – you’ll need to identify the following key measures:

• Number of leads: How many prospects converted to a lead?
• Lead-to-customer rate: What percentage of leads became a customer?
• Average sales price: The average price of your product or service. An average can be helpful to estimate a total revenue size of the prize.
• Cost of spend: How much did you spend on creating and promoting the marketing campaign? Here, you can factor in costs including any advertising and outsourced spend, or costs related to producing content.

Aside from looking at hard revenue, you might also want to consider other non-financial elements when determining if a marketing campaign is successful. These could include follows or likes on social media, unexpected traffic to your website, or even a sense of increased trust from your customers.

While these things don’t offer an immediate financial return, they might indirectly boost purchases or customer relationships later on. 

Related: Download your Marketing Campaign Guide

Other Reading: 5 Steps to Humanise Your Brand

INDUSTRIAL MARKETING CAMPAIGN GUIDE

Learn how to craft a knock-out integrated marketing campaign to achieve the ROI with your marketing and business objectives. You’ll have access to our secrets in campaign development, creative execution and measurement. Ensure each stage of the customer journey is mapped to create a partnership between the customer and your brand. At every touch point, they should receive the value exchange to urge them to the final stage – trial, quote, or purchase.

ABOUT THE AUTHOR

Peter Zafiris is an industrial marketer and founder of Industrial Ideas. Having built his experience in B2B marketing from the ground up, Peter understands what it takes to succeed with your marketing strategy. All client projects are personally managed by Peter to help industrials like you get the return on investment you deserve. Peter and team, work hard to become an extension of your business, to help you get the most out of your marketing efforts. Get your free 30 minute marketing consultation to learn more.