One of the biggest challenges in digital marketing today is calculating ROI. Organizations of all shapes and sizes put forth a great deal of time, energy, money, and other resources in order to boost their leads, conversions, and sales.
In a digital world dominated by digital signage, marketing can get pretty costly if organizations aren’t being careful and tactful in their approaches. It’s easy to spend money on ad campaigns, content marketing, and even digital signage…
But how does a company effectively measure and calculate ROI?
Tie Up the Bootstraps
In today’s day and age, many “bootstrapped” organizations are forced to “penny pinch”—particularly startups who are giving it their all to get off the ground.
Here are some tips on how organizations and startups alike can effectively measure their ROI…while still making a difference in reaching their goals.
- Go for GOALs. First and foremost, put some time in the beginning to determine and establish goals. An organization’s goals should be measurable, attainable, relevant, and timely—also known as SMART goals.
For example, one SMART goal could be: “Increase leads by 20% over the next quarter by using digital signage.”
- Determine the WHAT and the HOW. Not only is it important to measure the effectiveness of a particular offer or campaign in your target market, it’s also knowing what to measure. Before determining KPIs (which will discuss in the next point), you first need to figure out how you are going to measure your goals and strategize accordingly.
- Give KPIs a Kick. Once you’ve established your goals, and where you want to be, the next step is to determine Key Performance Metrics (KPIs) on how you are going to measure your progress and efforts. This will help organizations hone in on their goals, their efforts, and monitor where they stand on reaching their goals—and in real time.By tracking performance organizations are able to make more informed decisions and know exactly what’s working and what’s not…
- Measure, Adjust, and Repeat. It’s important to give your organization a reasonable amount of time to effectively reach a goal. Referring back to our example SMART goal for a moment, the relevant and attainable factors in a SMART goal should be just that: attainable and they should be relevant to what your organization is trying to achieve.Your marketing team can carefully research competitors and assess their strategies in order to determine if your goals are the right challenge or if they are way out of line. Challenges are important, but they should be within reach…or you will just be setting up your team for failure.
You can also check out this article by the Content Marketing Institute here to read more about measuring the effectiveness of your content strategy.
Measuring and assessing marketing ROI is important, and is admittedly one of the biggest challenges for marketers today. This is why it’s important for marketing teams to strategize and measure performance metrics accordingly. Gone are the days when organizations throw away time, energy, and hard-earned money on marketing campaigns. The flexibility and convenience of today’s technology gives us the ability to measure returns, and make better decisions about what works and what doesn’t, and adjust our strategies accordingly…boosting our overall return.
Visit here to read more about some additional marketing challenges, and how digital signage can help.
Digital signage technology and software are great tools for marketers to not only manage content in their marketing strategies via digital signage but also gives marketers the key to measure the effectiveness and performance of their strategies and campaigns with free software.
To learn more about digital signage technology and software, contact the expert team at Digital Signage today