Guide To Calculating Your Marketing ROI

We are at the halfway point in 2019 which is a good time to step back and review your marketing ROI.  But what does that mean exactly?  Well, you need to know what you spent on marketing and what you earned as a result.  But spending can mean different things and knowing what you earned as a result can also be challenging when you are marketing through many different channels.

  • Warren Buffet said, “Risk comes from not knowing what you are doing.”
  • If you do not take the time to evaluate what you are doing, you will have no way of knowing if you are on track to meeting your goals or where to make adjustments.
  • When evaluating your marketing efforts, you need to keep it simple, keep it simple, separate and combine.
  • Keep it simple by knowing your limits and only collecting or reviewing data you will actually use.  What you can track and what you should track are completely different things.  Clicks do matter but don’t get lost in the details.  Stick to the dollar signs when calculating marketing ROI: “In Q2 2019, our paid advertising campaign brought in a total of $$ and we spent $$ from April through June on our Google AdWords campaign.”  Most law firms use more than one marketing tactic.  Be sure to differentiate which tactics are generating which clients.  Keep your PPC advertising budget separate from your print campaigns.  Send multiple marketing sources to different call tracking numbers. Route different ad campaigns to different landing pages.  You also need to remember that marketing campaigns do not happen in a vacuum.  Your prospects will not choose to work with you based on a single marketing campaign. So, keep an open mind.  Different campaigns feed each other which makes your broader marketing strategy important as well. You need to understand how your campaigns are working together.
  • Here’s Why It Matters To You.  By regularly evaluating your marketing ROI you can identify areas of your marketing plan that are working so that your marketing budget can be used in the best possible way to attract consistent quality clients.
  • I make knowing your marketing ROI a central part of my service and have successfully helped many small firms make the most of their budget. Click below to set up your free consultation.

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Marketing and Business Development Consultant Joshua Corbelli