As an internet marketing agency or marketing manager, one of the most important things you can do to understand your marketing performance is to calculate its ROI (Return on Investment).
This number gives you not only an accurate way to analyze and optimize your own performance, but gives the client (or your manager) the best reason to keep your agency (or you) around: It shows you believe in transparency and you demonstrate a distinct focus on impacting your bottom-line. If you’re constantly performing with a high ROI, your stakeholder will have no choice but to not only keep you around, but could even choose to allot more dollars your way.
Digital Marketing ROI Calculation – It can be complicated
Traditionally and within BringShare, your internet marketing ROIs are calculated with the following formula: (Profit – Cost)/Cost
Profit and costs vary drastically by channel. For example, your Paid Search campaigns may easily have extra costs associated with them -such as management fees, banner ad design and development fees, etc., while your Social Media may be managed in-house and have little to no costs associated with implementation. It can be a pain to not only keep track of, but to use all of those numbers to calculate your ROI by channel. This is where BringShare comes in. Simply enter costs one time and BringShare will automatically spread those costs across the given date range, keep track of revenue generated, and automatically calculate your digital ROI for any date range -with little to no manual effort on your part.
Beyond that, with all of the different internet marketing channels that are out there: SEO, Paid Search, Social Media, Email Marketing and more -you’re not just simply calculating a single internet marketing ROI. You’ll have your overall internet marketing ROI, your social media ROI, your email marketing ROI, your paid search ROI, your SEO ROI and more (need we go on?). Our heads hurt just thinking about the hours of spreadsheets involved in making these numbers a monthly (or even weekly) reality for all of clients. So, why do people do it?
Because they haven’t found BringShare yet.
Reporting your Internet Marketing ROI – Easy if you have the right tools
This is where BringShare comes in. You tag us into the ring and we come out swinging. With our automatic digital return on investment calculation packed into a single punch (well..more of a mouse click), you can knock out the competition in a flash.
To access your various digital marketing ROIs, simply click each of our digital marketing analytics dashboards. The Master Internet Marketing Dashboard (pictured above) will show you your ROI as a whole across every investment you have made in internet marketing and how your website performed as a whole.
From there, you can click over to your Paid Search Dashboard to see your ROI for all Paid Search for any date range, your Social Media Dashboard to view your overall ROI from various social properties (including Facebook, Pinterest, Twitter, YouTube, LinkedIn and more..), your SEO Dashboard to view your Search Engine Optimization ROI, and your Email Marketing Dashboard to view -guess what -your Email Return on Investment! Can you imagine the amount of time you and your agency would need to spend to pull all of this data together manually? The thought of manual ROI calculation is ridiculous.
Why your Digital Marketing ROI is Important & How it Immediately Conveys Results
Your ROI helps you determine if the internet marketing you are implementing is actually worthwhile.
On the left, you can see how a Paid Search Return on Investment is displayed in BringShare. This particular campaign has an 18.94% ROI, which automatically conveys to you, your supervisors and your clients that your campaigns are profitable as a whole and is, in fact, bringing in revenue. A positive ROI is the best way to knock the socks off of whoever you are reporting to. Showcase that in an instant with BringShare!
BringShare is internet marketing reporting software that is great for both internet marketing agencies and individual marketers. Every digital marketing dashboard 0 including the Master Marketing Dashboard, the SEO Dashboard, the Paid Search Dashboard, the Social Media Dashboard and the Email Marketing Dashboard – comes complete with the automatic digital ROI calculator. Try BringShare for free with our 30-day trial now.