In order to effectively determine ROI from you organization’s IMC campaigns, marketing managers must pay close attention to the numerous helpful tools for measuring analytics.
The ROI through social media efforts in your IMC campaign could be determined through various social media analytic tools, such as Facebook Insights, Hootsuite, and more. Monitoring the number of fans and followers throughout the campaign will help with understanding how effective your strategies are. The greater the growth, the greater the consumer reach – which ultimately leads to a larger profit margin.
As many of us learned previously in the semester, email marketing is still very much alive and, therefore, should be paid close attention to, as far as measuring ROI. Silverpop, Mailchimp, and Mad Mimi are just a few email marketing analytic tools to assist with this. It is important to take the open rate, click-through rate, and conversion rate into consideration when calculating the ROI.
While there are numerous methods to collect and analyze data for ROI (Google AdWords, Google Analytics, Radian6, and more), I found one (from this week’s lecture) particularly interesting for an IMC approach: credit card data. Analyzing the correlation between consumers’ online searches and, therefore, click rate of targeted ads with offline purchases in brick-and-mortar business establishments. Consumers may do all of the research online, read reviews, and then make their purchase offline. Without credit card data analysis, there is no true way to capture the end result of these consumers, and whether your online approach was effective in converting them.