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Recent 13 Jul 2023

Measure Marketing ROI

How to Benchmark Marketing ROI

by Lifted Logic

When it comes to keeping your marketing in check, how do you know what benchmarks to create and how to ensure your ROI? 

As a digital marketing agency ourselves, we could feed you a bunch of fluff and jargon, or we could give you some action items to help you make sure your efforts are 1. successful and 2. bringing you the success you were hoping for. 

Create clear goals & expectations

In marketing, your #1 priority should be to define your goals.

In the short term, what are you hoping to achieve? This could be increasing brand awareness, increasing lead volume, or planning an event.

Long-term business goals might be bigger and require more planning, like opening a new location or growing a client base for a new service.

Both short-term and long-term goals can be achieved through marketing, but the timeline will alter the strategy you choose and how much marketing spend you can allocate.

💡 For example, if you’re marketing goal is to get more people to sign up for your holiday event, a newsletter or email blast is a low-cost strategy to help you achieve that short-term goal. 

If your long-term goal is to grow your team, you could make a plan or hire someone for consistent SEO blogging to increase lead volume from your website. More leads → more clients → demand for more employees.

What goes hand-in-hand with defining your goals? Setting clear expectations. Whether it’s with your digital marketing agency or with your internal team, outline which KPIs are most important in tracking your progress and what progress you expect to make.

Tracking financial marketing ROI

So, where does your budget come in? When we make decisions about marketing spend, we know that we’re really looking out for potential ROI, but how do you track your progress and hold yourself and your marketing team accountable?

Lifetime value of a client

How much you spend on marketing will vary depending on your strategy, budget, and timeline, but your decisions should always weigh against the lifetime value of a single client. 

A great example is your hairdresser. If you pay $100 to get your hair done, but you go 3 times a year for 5 years, you’re not just worth the $100 appointment; you’re worth the $15,000 you’ve paid in total. 

When you plan your marketing spend long term, you need to consider how much a client is worth to you across their entire relationship with your business, not just the first encounter. How much you spend on an individual lead should directly correlate to their value to you. That means your lead acquisition strategies and also your internal process for managing, converting, and nurturing leads. 

Your customer LTV is the penultimate ROI on your marketing efforts.

Partner with Lifted Logic to increase your marketing ROI

If you’re ready to speak to a professional, we’ve got your back. Whether you’re looking for someone to manage your marketing efforts, or just a partner in creating a plan, let’s talk!

About the Author

Lifted Logic

Lifted Logic is a team of creative writers, designers, developers, and photographers who specialize in digital storytelling. As a leading web design company in Kansas City, Lifted Logic works with hundreds of small, medium, and large businesses across the country every year.