22 Aug Are You Guilty of Failing to Measure Your Company’s ROI?
Despite knowing how important analytics are in terms of measuring ROI, new research has discovered marketers are the worst at practising what they preach. Are you guilty of failing to consistently measure your company’s return on investment?
Retailers and travel and tourism industry lead the way
The research, carried out by Ruler Analytics, showed retailers and those in the travel and tourism industry were the main sectors making use of analytics tools. It surveyed 1,000 marketers and businesses throughout the UK. Surprisingly, 92% of participants did use some form of analytics software, but 58% were unhappy with the results.
The research also delved into what was actually being tracked. It seems more focus is placed upon tracking site visitors and form submissions. Only 21% of those surveyed actually tracked the return on digital spending.
Why ROI analysis matters
Whilst it is certainly important to carry out web analytics, it should never be your sole focus. Without measuring your ROI, you have absolutely no idea if your digital spending is being put to the best use. You could simply be throwing money away on methods that just aren’t working.
There’s a huge difference between web analytics and marketing analytics. Both are important, yet as the research shows, the majority of marketers mistakenly think web analytics are the only thing they need to be concerned with. The key thing to remember is that…
- Web analytics help measure page load times, determine the number of site visitors and how long they spend on the site.
- Marketing analytics measures the effectiveness of marketing, helping to determine true ROI of each marketing technique.
So, if you’re looking to ensure your marketing campaigns are truly improving your bottom line, it’s essential to track and measure the results of each marketing platform you use. The trouble is, a lot of analytic tools out there, particularly the free ones, aren’t always very effective or reliable. As the research showed, most marketers are unhappy with the current tools they use. This makes it difficult to really keep track of how their marketing is working out for their company.
If you’re serious about improving your ROI but you simply don’t have the time or knowledge to keep track of your marketing efforts, hiring a professional marketing company is an ideal solution. They’ll be able to deliver detailed reports and even advise you on how to improve your ROI based upon your current marketing strategies.