When it comes to marketing your business, it can be easy to get caught up in staying up with what’s new, managing vendors, and allocating your budget – so much so that you may overlook a key part of your marketing: determining your return on investment. Or, maybe you’re so overwhelmed by all the metrics that you don’t know where to start. Check out these five signs you might need a system to help you track your marketing ROI so you can start getting the most out of your marketing investment.
1) You don’t know which sources are driving leads to your business.
Quick: Did the last phone call to your business come from someone who saw your billboard from the highway or from someone who clicked a search ad and visited your website?
If this sounds like a trick question, then it’s time you learned that there is actually a way to track these types of details from your marketing. With a lead management system, you can track how both online and offline sources are driving calls, forms, and emails to your business – and you can even listen to the recordings of calls that come through and see details like the dates and times you’re getting the most inquiries. These insights can help you make smarter business and marketing decisions – like what marketing to invest more in, or what times of day you need more staff to handle incoming calls.
2) When you look at marketing reports, you’re not sure what matters or why.
Do you ever feel like you need an advanced degree to make sense of all the metrics and reports you have to sort through? And, even if the metrics are showing you that you’re driving results like clicks, visits, and calls, how do all these things factor into a tangible return on your investment?
In order to know how your marketing is actually impacting the bottom line, you have to be able to see how it’s driving you customers. There’s good news: with a lead management solution, you can finally get easy to read, detailed reports that share what marketing sources are driving you contacts like calls and emails, qualified leads, and even customers, helping you translate those numbers into real ROI.
3) Your method for tracking customer conversions relies on post-it notes and memory.
If you’re relying on memory, post-it notes, and customers to disclose “how they heard about you” as a way to track your customer conversion rate, you’ll be happy to know that there’s a better way. Lead management software not only captures and stores all your new contact information in one place, but it also enables you to classify them as active or long-term leads, and then as customers when they buy from you. This means you can track a new prospect all the way through the sale in one system.
4) You don’t know what marketing sources lead to the most closed sales.
How many customers did your search engine advertising actually send to your business? How many sales did your team close from print ads and billboards? Because lead management software enables you to track the source of a lead all the way through to customer conversions, you’re able to connect the marketing sources with actual customers, so you can see what’s really impacting your bottom line – not just what’s getting you clicks.
5) You have to rely almost solely on your personal intuition to figure out what kinds of marketing to invest in.
Do you ever wish there was a better way to determine what kinds of marketing you should be investing more of your budget into? If you feel like you’re flying blind or constantly having to apply a lot of guesswork into your marketing program, consider this: a lead management system can equip you with marketing performance insights that can help you make smarter choices about your marketing investment.
Know What’s Driving ROI
Of course, there will always be un-trackable benefits from all types of marketing – such as brand awareness from those who see your search ads but don’t click, word-of-mouth buzz from people talking about your business or sharing its content on social media sites, latent conversion (when a consumer interacts with or is influenced by multiple marketing sources but finally “converts” through a different one), etc. But with a lead management solution, you can see which of your marketing sources are actually driving you leads and customers – so you can invest in more of what’s working.