In every business, collecting metrics that indicate the return on investment for a particular business event, campaign or strategy is important to the success of your operations.
Return on investment, better known as ROI, is a key performance indicator (KPI) that’s frequently used by businesses to determine productivity of expenditure. It’s exceptionally functional for measuring success over time and taking the guesswork out of making future business decisions.
Since every business needs to stay afloat financially, marketing budgets must be fine-tuned to avoid under or overspending. If you precisely track your ROI and determine there’s room for growth, it becomes easier to ask for a budget increase. More money in your budget means it’s easier to do your job.
Having a website is all well and good, but it’s useless if it doesn’t convert visitors into customers. In some industries (restaurants, hairdressers etc) having a website serves as a large placeholder for the business, pointing visitors to a physical premises. These returns would be tough to measure, without asking each and every customer whether they had found you through your website.
“You can increase conversion rates and return on investment (ROI) by several times by making PPC landing pages extremely relevant.”- Brian Halligan
Some tips to increase the ROI on your website can be like-
1. Plan for ROI:
Value exists in quantifying the expected outcomes from marketing investments. Learn what to measure, when to determine and how to measure. In order to achieve your goals, set up specific steps to move the process along.
Find simplicity in your plan by creating an initial outline. Look at historical data; identify any trends. Then, flesh out your outline into a detailed plan. Figure out how you can install analytics into your existing process, like sending marketing emails and launching new products.
2. Avoid Vanity Metrics:
Keep away from metrics that divert your team from the business goal. Typical marketing metrics like, press release shares and Facebook fans, may make an impression on folks, but often don’t associate to revenue.
3. Unique Visitors:
Called “Users” in Google Analytics, this number refers to the number of visitors who have been to your site in the given date range. Success is measured by an overall upward drift, even if it’s slow at first. Marketing campaigns and special promotions should result in a point in visitors.
4. New Visitors vs. Returning Visitors:
This circular graph in Google Analytics compares how many of your unique visitors are new and how many are coming back for more. Preferably, you’d like to see that number get to about 15% for repeat visitors.
To some extent, a larger percentage of repeat visitors mean your website contains sufficient valuable content that it keeps readers coming back to see what’s new, or to reference your extremely useful blog post again.
5. Experiment Frequently:
Experimentation offers opportunities for your business to speed up its growth. Testing should not only offer insight, but also alternatives. Additionally, it doesn’t have to be an awkward process; simple business experiments work well.
6. Referring URLs:
Look for “Referrals” in Google Analytics. This will show you sites other than search engines that send traffic to your site. These are also known as “inbound links” and they often provide a boost up in search engine ranking as well as bringing in targeted visitors. You’ll notice that this report includes referrals from social media. Google’s Webmaster Tools have a more difficult report of all the websites that link to your site, in case you’re interested.
7. Popular Pages:
Take a look at what is bringing in the visitors. If the content supports your overall goals and appeals to the type of visitors you want, generate more content like that.
Make sure these pages are optimized for the lead generation with efficient calls to action. Don’t waste that traffic!
8. Landing Page Conversion Rate:
The percentage of visitors to your site who take a preferred action, such as purchasing a product or filling out a form. This type of tracking must be set up manually in Google Analytics, simply seen in HubSpot or in landing page creation tools such as Lead Pages.
You can check the landing page checklist here.
9. Bounce Rate:
Bounce rate is the percentage of new visitors who go away from your site without viewing more than one page.
When it comes to bounce rate, the lower the better. We want visitors to stick around and read more content. However, when your content is useful and the way visitors find you is optimized so the content meets their exact needs, you may have a high bounce rate even with an incredible website.
If you see your bounce rate increase, observe your website’s navigation – is it spontaneous? People get bothered when they can’t get around easily. Is your website slow to load? Is it missing in calls to action? One method to keep people around longer is to link to related pages within your site.
10. Acquisition Channels:
A good number for organic traffic is 40% or more. Referral traffic of 20-30% is a good sign that people are finding your content to be helpful – because they’re linking to your site!
Traffic is good, but if you want to boost organic traffic, spend some time on SEO and creating more content. Also, spend some time commenting on other blogs. Not only will you start to make reputation as an authority, you’ll probably see referral traffic rising!
Your website is the base of all your online marketing. All your other efforts online drive people to it. It’s the center that generates leads that result in sales.
I am RG Infotech, passionate for providing web development. Love to write about what web development can change in business strategies for a great betterment.
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