Your IT marketing needs to proceed from solid metrics and consultation, but sometimes you’re not able to get the exact numbers you need. Sure, you can get some generalized stats, but these aren’t so specific you can effectively gauge outreach by them. In such instances, you need to find ways of collaterally determining return on investment (ROI).
How to Determine ROI Collaterally
It’s like Algebra. For example, 2A + 5 = 25. You don’t know “A,” so you use the other values to find the hidden variable. Divide “2A” by 2, and 25 by 2, after subtracting the 5. A = 10. You can do the same in marketing. Following are three strategies for collateral ROI determination to help get your mind around this concept:
- Carefully define varying goals and marketing strategy
- Algebraically assign value to results to estimate ROI
- Use collateral tools to secure data
Carefully Define Varying Goals and Marketing Strategy
IT marketing is working toward specific outcomes. It makes sense to put a realistic strategy in place informed through consultation. Your strategy is leading toward a goal. Okay then, what are your existing thresholds? Say you get 3 new clients a month at your startup MSP. That’s 36 a year.
You can’t measure exactly how much a certain online ad campaign is impacting individual web users, but you can determine if you see an increase in conversions on a monthly or a yearly basis after specific implementation of an outreach tactic. So, use these numbers to help you estimate goals you should hit. As certain tactics work, record that, and optimize strategy.
Algebraically Assign Value to Results to Estimate ROI
This point was summarized earlier. Say you need to know how much a “view” is worth and don’t have the direct numbers. Well, you can estimate the average value of one conversion over time. Next, you can see how many viewers you have between conversions.
Say for every 100 views you get 2 conversions. Say each conversion averages $4k annually. So, 2 conversions over 100 views is $8k, meaning each view in this hypothetical scenario is worth $80. In this way you can get a decent estimate of how many views it takes to get a conversion and its value.
Use Collateral Tools to Secure Data
Social media impact metrics may not be immediately available with the monitoring tools you have. Look into third-party means of establishing social media impact, such as TrackMaven. Consultation can help you identify third-party tools that can help.
Collaterally Determining Your Marketing Effectiveness
IT marketing can be complicated and expensive, especially if you don’t know how to calculate ROI. It’s essential to determine collateral means of establishing progress. Have a clear strategy and realistic goals supported by new metrics established by identification of key performance variables. Lastly, see where you can find external tools to help you find information you couldn’t get otherwise.