It will come as no surprise to learn that mobile web usage has been full steam ahead of desktop for quite some time. Does this mean you should invest in a better mobile website?
If you are paying for Google ads, then it is vital that you are tracking how well your ads are performing. Some would say that ads are the cave art of the 21st century – but it’s much much more than that. After all, we live in a word where the digital space is congested with ads fighting for attention, and you don’t want your business to be the one standing alone in an empty cave.
The team talk about return on investment (ROI) a LOT at Noisy Little Monkey - both in terms of understanding our own marketing and in justifying investment in online marketing to our clients. We know ROI is important to our clients, because it's important to us too. Who can afford to spend money these days and not understand its value?
If you want to figure out how to calculate ROI for your business you’ll need three essentials:
What's so important about those three things? Let us explain...
If you follow us on any of the social medias you’ll probably have noticed us banging on about ROI rather a lot (that’s Return on Investment, for anyone who hasn’t been paying attention). To help you calculate it, there are some Google Analytics tricks that can be a bit confusing if you're not familiar with how to use it.
Even though the formula for calculating ROI is pretty scary-looking (and may induce unpleasant flashbacks to your teen algebra days), it’s kind of a big deal if you want to actually keep track of whether your marketing efforts are paying off.
As mentioned in Gertie’s previous rant about why ROI in digital marketing is bullshit, any one-size-fits-all ROI calculation formula that you read on a website is always going to be too general to offer real insight. Calculating your return on investment requires you to be very aware of the nuance and context around your business’ framework and goals.
It’s tough being a marketer these days (well, not tough but difficult-ish). Not only do trends and tactics change at an alarming rate but if you’re new to the game you’ll also be barraged with seemingly unfamiliar acronyms left, right and centre: KPI, SEO, CRO, UX, PPC, TTFB, SME, B2B, YMCA… FFS!! How are you supposed to figure out which acronyms actually matter for your marketing?
So, according to wise guy Malcolm Gladwell, if you practice a skill for 10,000 hours it is enough to make you an expert at it. Perhaps this is why my 12 year old self became so obsessed with pogo-sticks – because I was actively aware of how much I improved with every hour I spent pointlessly jumping up and down. God, return on investment was so simple as a kid.
ROI in digital marketing is, however, far more dynamic.