The Essential Steps in Tracking Localized Marketing ROI for Multi-Location Marketers
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As a multi-location marketer, do you track the success of your localized marketing efforts? To compete in today’s digital world, a robust localized marketing strategy is a must. Tracking your localized marketing strategy’s return on investment (ROI) is a great way to measure its effectiveness. Throughout this blog, we’ll dive into different ways you can track your localized marketing ROI and provide tips on how to strengthen your localized marketing efforts to increase your ROI even further.
1. Implement Proper Analytics Tracking
Before your multi-location business can even begin to evaluate your localized marketing ROI, you will need to implement an analytics tracking system. Google Analytics is one of the most commonly used analytics tools used by multi-location marketers and is pretty user-friendly. When setting up your Google Analytics or any other analytics tracking, you should be sure that it is tracking the entire customer journey - from the awareness to the purchase phase. Google Analytics can track a variety of metrics, including how many people are viewing specific content on your website, and which content is the best performing. You can also use Google Analytics to understand where your website visitors are coming from. For instance, is the referral traffic from a Facebook post the reason one of your blog posts is getting a lot of views? Is most of the traffic to your website direct or organic? These are critical aspects to consider when tracking your ROI. Once you have your analytics tracking set up, test that it's working accurately. Quality assurance testing can be performed to check for errors and gaps in reporting. While Google Analytics is a great way to track your website metrics, other tracking tools like Facebook’s analytics can also be used to track the ROI of your social media accounts. After getting your analytics tracking set up, you can then start looking at your key performance indicators.2. Identify Your Key Performance Indicators (KPIs)
Key performance indicators (KPIs) should be set up as a way for your multi-location business to measure success when it comes to your localized marketing ROI. Your KPIs should be the desired outcome of your performance and must be measurable. For instance, is there a specific number you want your business’s ROI to be at to consider it successful? Do you have any other metrics that you want to track along the way? Customer lifetime value and overall sales price are some other KPIs you can consider tracking. Your KPIs should be predetermined to ensure they’re effective. If you wait until after you’ve looked at the metrics to decide whether or not your localized marketing efforts are on target, you could skew the results. Once you have your KPIs set-up, you can begin finding a single source of truth to track those KPIs.3. Find a Single Source of Truth
When measuring your KPIs, you should always use a single source of truth across multiple platforms. For instance, if on one channel you were tracking your click-through rate as a measure of success, and on another platform, you were tracking views, these would not be comparable. As a multi-location business, you want to ensure that all of your local business locations, as well as corporate, are on the same page when it comes to tracking your KPIs. It doesn’t matter what you choose for your single source of truth - what matters is that it’s the same across the board. If everyone is on the same page, it will save confusion in the long run and give a better picture of how your business is performing when it comes to localized marketing.4. Select an Attribution Model
Finally, once your multi-location business has set up its analytics tracking, determined KPIs, and found a single source of truth, all that’s left is to select an attribution model. An attribution model is a rule or set of rules that determine how credit for sales and conversions is assigned to touchpoints in conversion rates. In simpler terms, you’re giving each touchpoint that leads to a sale, a percentage of that sale’s value. For instance, if a blog led a consumer to register for a webinar and ultimately resulted in a sale, you must determine how much credit each piece of content gets towards the sale. Typically, the first touchpoint or two would get less credit than the step right before the sale or conversion, but that is up to your multi-location business to decide. An attribution model allows you to properly assess how much each marketing tactic in your localized marketing strategy is helping when it comes to ROI. If you find that one specific marketing tactic - such as a type of content - isn’t performing as well after a few months, you can then reconsider how much time and effort your marketing team is spending on that tactic and reevaluate if it’s worth the amount of time it takes to produce. On the other hand, if through the attribution model you find that another tactic is performing a lot better than you thought, you can invest more resources into that marketing effort and increase your ROI even further. Now that you have the tools needed to track your multi-location business’s localized marketing ROI, it’s time to start improving your localized marketing efforts. SOCi is the central command for multi-location marketers and the all-in-one platform for your localized marketing needs. If you’re looking for ways to boost your localized marketing ROI, SOCi can help! If you need assistance measuring your localized marketing ROI, SOCi has a solution for that as well. Request a demo today for more information.
