Proving ROI through marketing metrics is a huge trend in the construction industry because not being able to track ROI through marketing efforts is a huge pain point.
You know that generating leads through the Internet is the most affordable way to grow your business, right? But you're saying, "Show me some proof." I feel your pain; you've come to the right place.
The purpose of this article is:
- Touch upon 3 the key on-line traffic generation methods.
- Lay out the details of which marketing metrics can be tracked.
- Show how those tracking metrics produce the proof of ROI.
- Give you some questions to ask either of yourself, or of an agency, if you are hiring an agency to execute an inbound marketing strategy.
No smart business person would ever incur an expense without knowing the return it should provide.
Of all of the construction industry trends you'll see, the shift toward Internet or inbound marketing is both the most dramatic and the most beneficial because of the leads - to conversions - to customers generation potential - and the ways to track ROI using inbound methods. Another trend we've seen construction companies beginning to adopt is goal-setting. An inbound strategy should start with goal-setting and end with markting metrics. It's all connected.
All kidding aside, tracking inbound marketing performance is work, and a lot of it. We use Hubspot's integrated solution and then input the data into a spreadsheet. You also can use stand-a-lone solutions such as Google Analytics coupled with email software such as Constant Contact, and the individual social media analytics platforms, such as Twitter Analytics or Hootsuite.
An inbound methodology must include:
- Key traffic generation methods.
- The ability to measure the results.
- What to do with the results.
- Steps to take if you don't like the results.
Key traffic generation methods: Search engine optimization, Blogging, Social media
SEO is a science unto itself. But it's not magic, thus SEO tactics are predictable - and measureable. The same goes for other digital lead-generation tactics such as blogging, and social media.
Key metrics to look at:
- Pages that are not (SEO) optimized.
- Keywords that are specifically targeted.
- Blog performance.
- Landing page performance.
- Social media performance.
- Traffic from previous months for comparison.
Answers to discover:
- How much did my traffic increase or decrease?
- What pages, CTAs, and landing pages produced the most traffic?
- Which blogs or authors generated the most site traffic?
- How much did organic (from online searches) traffic increase?
- Can you identify which keywords are bring in the most traffic?
- How much have my rankings improved?
- Are there notable inbound links?
- Did key pages improve?
- Did our cost-per-click increase or decrease?
What to track:
1) Marketing reach
Marketing reach is a metric that tracks social media followers and email subscribers. Marketing reach is a beginning metric. It shows how you are engaging your audience, and if your publishing is interesting enough to gain followers. If the number isn't growing, neither will your lead base be growing as well.
Add all the channels up, and that number will equate to your total number of current prospects.
How do I do this? By employing the metrics software I talked about above, and then inputting the results into a spreadsheet.
2) Website visits
Website visits are the total number of people who visited your website from any given channel, or the total of all channels.
This metric is key to knowing how well your inbound program is directing people to your website.
- What are the total number of visitors?
- Is the number changing from month to month?
- If your publishing volume is increasing, is traffic increasing?
- Is one source performing better than another?
How do I do this? Use Google Analytics (free) or another tool you'd have to pay for.
Leads are the bread and butter of marketing. Leads are one of the strongest ROI indicators. It's important to know how much fresh interest your marketing efforts are generating.
- What are the total leads being generated?
- How many new leads are coming in each month?
- How much are leads growing over time?
- How many leads are being generated by each source?
- Can we grow the number of leads in any one source?
How do I do this? By using a CRM or other lead-tracking software, or manually tracking leads as they come in.
4) Customers and Conversion Rate
If leads are the bread and butter, sales are the meat and potatoes. Conversion rates indicate how well leads are moving down the customer funnel and indicate the quality of leads you're receiving from inbound marketing.
- Visits to Leads conversion rate: How many of your website visitors are becoming new leads for sales? This metric can be improved by using better Calls-to-Action and by tweaking landing pages.
- Leads to Customer conversion rate: This metric tells you how well you're generating sales-ready leads. If this metric can be improved, it means you are generating sales without increasing your marketing efforts.
- Visit to Customer conversion rate: This metric helps you see the whole picture. How if your funnel functioning as a whole? Is the traffic you're generating converting into customers? If so, you're going very well!
How do I do this? By using a CRM or other lead-tracking software, or manually ticking off leads in your spreadsheet when they become customers.
Key take-a-ways from this blog article:
- Proving ROI will help you justify your marketing spend.
- Almost everything can be tracked and measured automatically.
- Use the data to refine your process and make your marketing plan even better.