How to See Better ROI with Inbound Marketing
Want to see how much inbound marketing could make for your business?
Yes, of course you do, as you want to know how much you could potentially get if you were to invest.
This is a very good question, and one I hear every day – it’s also one that needs to be answered.
The good news is that inbound marketing – more than any other kind of marketing you have done – will be able to give you accurate numbers when it comes to calculating ROI.
So much so, I created this inbound marketing revenue calculator to help you understand the return you could expect from inbound.
Did you know that according to a recent study, 67% of Marketers don’t believe marketing ROI requires a financial outcome?
I’m sorry, but WTF!
When I read this, it took my breath away. This is testament that more now than ever, you need to be asking your marketing agency what your ROI will be.
If the agency cannot demonstrate ROI or at least give you a range, then look elsewhere.
What ways can inbound marketing better help you understand your marketing ROI?
In this article, I aim to demonstrate the ways inbound marketing can help you understand not only your ROI, but also which parts of your marketing are working and which aren’t.
Understand the best place to spend your money
Inbound marketing can show you exactly how much money you are making from each channel.
When I say channel, I mean your traffic sources; so this could be Google search traffic, Google paid traffic, social media and other referral sources that are sending you website traffic.
Inbound can also track your offline sources – so you could even track the effectiveness of a magazine ad.
Advertising in a magazine can be good, but how do you track the ROI of this?
You need to demand more from your marketing.
Why is this important?
By understanding where your customers are coming from, you can move your marketing budget around and focus on the areas that have the best ROI.
Understand how to shorten your sales cycle
Inbound can even show you which pages of your website customers are visiting before calling you or making a purchase.
Why is this important?
By understanding this, you will know which pages help people become customers, and with this data you can shorten your sales cycle by giving people the content that turns them into a customer quicker.
Imagine if you could shave weeks or even months off your sales cycle.
What would that mean to your business?
Understand how to increase quality of leads
This one is really important because no business wants to waste time on leads that don’t convert into customers.
The businesses I work with feel this is a real challenge because they could have to travel or do a lengthy proposal for a prospect who has no intention of buying.
Imagine the time and money quality leads would save your business.
All businesses have an ideal customer and could describe them to you in great detail. By understanding who these people are and creating content that best serves their needs, you can attract more of these people to your website.
If you do this effectively you can see some amazing results.
There are many ways inbound marketing can help you better understand the ROI of your marketing. I have highlighted a few here that the partners I work with have found to be important.
By understanding where your customers are coming from, you can move your marketing budget to the areas with the best ROI.
Inbound also helps you understand which pages they visit on your website, so you can better serve them with helpful content earlier – shortening your sales cycle.
And by understanding and attracting better quality leads, you will be able to stop wasting time on leads that don’t turn into customers which means your marketing costs will go further and you are not paying for poor quality leads.
Do you know the ROI of what you do?
What have you tried but never knew if it worked? Let me know in the comments below.