Determining a return on investment has always been important, however with digital products, inbound and outbound technologies and integrated systems, it’s never been easier to create metrics for success. Determining key performance indicators prior to launch of any tactic keeps everyone focused on the right measurement tools. Consider these:
Rather an focusing on the email open rates and social interactions, seek additional tangible information like sales life, average order value and cost per action.
We make sure to review the channels that are performing as well as those that are not. We need to focus on revenue-based decisions including sales conversions, brand awareness and channel reach.
When reviewing the ROI of campaigns and channels, over time you’ll see what the true business impact can be. Look at the short-and long-term revenue growth and lifetime customer value.