This is Part II in a series on Metrics + Measurement for Beginners. Start at the beginning with How to Measure Success of Your Marketing Campaigns. We’ve figured out the what and why of our marketing campaign with measuring success (goal, idea, desired action, success, measure). The next step deals more with the “how” – estimating expected results. Do we have a way to know what our reach and return might be in advance? If we can do a little bit of this work up front, we’ll not only have an idea of which of our ideas to pursue first, but we can also have some estimate of what will happen when we do. This brings us to the sample Campaign Results Generator. Oh look a spreadsheet! We can use the Sample Campaign Results Generator to calculate Return on Investment (ROI) and track how many Impressions (eyeballs), clicks etc. that we will need to even garner any sales based on our current conversion rates and margins. Accounting 101 deja-vu? Calculating return has a place in marketing. How many people might we have to show our ad (Impressions) to to get just one sale (revenue)? 200? 2,000? This is our conversion rate. That’s not [...]
How to Calculate ROI: Here’s Why You Need a Fill-in-the-Blank Template