ROI isn't a perfect science for marketing. The biggest challenge is to commit to measuring it from the start. Then use it to make budget and investment decisions. To overcome the challenge of measuring ROI, you'll need to constantly update and adapt your strategy and use the valuable information you gain from past and current social media campaigns.
These measurements can improve your tactics and help your marketing team optimize, but they won't provide you with information about the ROI of your marketing strategy, Ward explained. Beacon attributes visits and conversions to individual social media posts, so you'll know what parts of your social media marketing are working best. Of course, once you get all these trackable metrics, you'll need to make sure you're doing something useful with them, and that translates to having a consistent marketing plan or social media content strategy. So, at the end of your new marketing campaign for each channel, ask yourself if you have a strong business case.
Let's look at three main considerations that help us better define and understand the nuances of the marketing ROI challenge. As Avery explains, a CFO could see marketing expenses disappear and not the subsequent accumulation of cash flows and assets. It can be used to evaluate the performance of a specific marketing program or the company's overall marketing mix. It's not an easy metric to measure, because it can be difficult to determine the incremental financial value a marketing program brings.
However, marketing does more for a company than generating short-term profits; it also creates lasting value and drives future profits. Initiatives like this are a great way to overcome some of the challenges associated with measuring marketing ROI. With a relatively low cost (compared to advertising) and a high quantifiability factor, showing the ROI of content marketing is just a mathematical operation. Understanding the importance of those details can provide essential information for boosting sales and adjusting the return on investment in marketing.
