Talking about ROI in this blog, this aberration means a lot to the world of marketing and fundraising. Especially when you work as a designer in any company it is very common to constantly talk about ROI and demand results, justification, analysis, criticism, etc.
You may have an CEO or board member who does not believe in marketing.
According to Firesprings Alec McChesney, Return on Investment does not need to be as depressing as it is for many. This measurement directly tells us how effective or profitable this or that investment was compared to the amount invested and the capital raised.
A few tips that will make your job much easier by implementing them in your plan & budget.
KPI & their value
First to be considered: KPI. Key performance indicators.
Whenever you come up with something out of the ordinary, then they have to re-think their position. The easiest way to make the KPI more obvious is to analyze the goals and ask yourself what it will take to achieve those goals? Which variables?
If your goal is to get X number of subscribers in Y time, this process is accompanied by its KPI. However, it is important to note that these KPIs are not goals in themselves. The main function of KPIs is to signal that you are on the right track.
Every marketing strategy needs its ROI
The second and most important aspect is to assign your own ROI calculation to each strategy. Different events, posts, emails have different impacts on your online business, so grouping them together is inappropriate in terms of ROI.
Additionally, even frustrating. In such cases, it would not be surprising to consider that some activities are generally useless because they have no direct bearing on the uniform ROI.
That is why it is important to set different goals.
Determining their ROI if you have certain goals other than financial is not very beneficial. Given that this variable alone is not important in determining the value of this or that activity.
When considering ROI instead of focusing on the negative elements, try to see the relationship with it as a way to use creative and experimental tools.
Complete the challenge
Your next challenge should be to set up a KPI at the start of a new campaign and find out how the ROI relates to that goal. Always approach problems (even based on universal principles) specifically when it comes to ROI.