Why Aren’t You Measuring The ROI Of Your Online Marketing Efforts?
By John Joyce on May 28, 2010 - Comments 0
I recently participated in Omniture’s ”2010 Online Analytics Benchmark Survey” and received a customized report from them yesterday and wanted to share some of the information with you. It doesn’t take a genius to understand that businesses shouldn’t spend money on new marketing channels without having the ability to track their success, but that’s exactly what the majority of us are doing.
The main takeaways from this survey are as follows:
Key Web Analytics Challenges Include Talent, Measuring ROI and Multi-Channel Support
Top challenges for online marketers include:
- Difficulty finding and training top talent
- Determining what actions to take based on their data
- Maximizing marketing ROI through full funnel measurement and automatic multi-channel integration.
Do you find yourself or your staff spending large chunks of time developing programs and campaigns, delivering them across an assortment of online marketing platforms and then wondering if they had any impact? It looks like you’re not alone. The most telling statistic from this study is glaring proof that, since many of the emerging online marketing platforms are very much in their infancy, businesses are unable to track their success as illustrated below:
Marketers know which metrics are important to measure, however they are not capturing all the metrics they need to achieve their goals. Eighty-two percent of survey responders believe ROI is somewhat to very important to measure, but only 30 percent of marketers can effectively measure marketing ROI! Additionally, 86 percent of respondents think conversion rate is somewhat or very important to measure yet 27 percent of marketers cannot effectively measure conversion rates.
We all know measuring the success of offline marketing is difficult to nearly impossible but that’s because there’s no system available to allow for granular collection of metrics. Conversely, online marketing offers so much data that we become overwhelmed by a never ending stream of seemingly valuable information . They key, however, is knowing how to interpret that information and turn it into an actionable plan that exploits the repeatable successes you have unearthed.
If you’re going to “try” a mobile marketing campaign, social media campaign or viral video campaign, make sure you develop a system to track and measure success against your business goals. Work smarter and not harder.
Have a great Memorial Day weekend!
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