When making an investment towards your business there is always the expectation of receiving returns, which is why returns on investment (ROI) tracking is so important. Sometime businesses can be discouraged when they don’t see a change in their dollar figures after an investment, but ROI is much more than money coming in. Here are the top way to gauge ROI that aren’t dollar figures:
Just because you aren’t getting increased sales, it doesn’t mean that all the money you spent on web design was pointless. Web design is an investment into your branding and consumer experience. If you find that consumers are staying on your site longer that’s a pretty good indication that they’re responding well to your investment.
SOCIAL MEDIA FOLLOWING
So you’ve spent hundreds boosting your Facebook and Instagram posts but no one has clicked the link to visit your site or called to make any enquiries. Social media marketing is often a slower form of marketing in that engaged followers will keep an eye on your brand and make a purchase when something in particular catches their eye. Don’t panic if your follower count is increasing but your enquiries aren’t. It’s just a matter of time.
There is this misconception that the more people on your website automatically results in increased sales and revenue but this isn’t always the case. Increased website traffic even without sales is still beneficial to your business as it increases your brand awareness and brand recognition amongst your potential target audience. So if your investment into SEO isn’t converting to sales then it doesn’t mean SEO isn’t worth it, it is just a different type of ROI than a dollar sum.
Google Analytics is going to be your best friend when measuring most ROI figures in regards to website analysis and you can’t go past the dozens of social media analytical tools out there. Just remember that success is measured is so many different ways so don’t get too caught up with on measurement.