ROI of Offline Advertising, how to calculate?
ROI stands for Return on investment and usually measured as a ratio of net profit to cost. Many people wonder why it is important to calculate ROI but the truth is ROI is a great way to determine if your advertising campaigns are capable of achieving required goals for your business or not.
ROI also enable you to customize your marketing strategies in order to achieve your targets and also according to changing trends of marketing. Calculation of ROI basically depends upon objectives and methods you are using for advertisement purpose.
Significance of measuring ROI
Calculating ROI for advertisement of your business offer following advantages:
• Evaluation of ROI can help you determine amount of money you are able to earn through particular advertising method.
• Calculating ROI can also help you plan marketing expense accordingly.
• It also helps you to decide on which campaign you should spend more money and which marketing campaigns should be blocked.
• ROI also helps you to identify weak areas of your marketing campaign that can be improved and generate better revenue.
Calculating ROI of Offline Advertising
ROI depends upon type of marketing strategy you deploy for your business however, some easy ways of calculating ROI of offline advertising are as follow:
1. One way of calculating ROI is, when you can compel your customers to take explicit actions as mentioned in your advertisement as soon as they see your advertisement. This will also help you to determine response rate against particular advertisement. You can implement this process through different methods such as asking your customer to click some link for more information or visit landing page or, you can also ask them to place an order immediately through call.
Like this you can also arrange for some small event through advertisement and presence of potential customer can help you evaluate how successful your advertisement is.
2. Organizing surveys for your brand is also another convenient way of verifying awareness among potential customers. Brand survey should be organized before initiating any campaign and also when campaign is completely executed. These surveys can help you determine impact of your promotion campaigns and also help you understand psychology of your customers.
3. Promotion codes and coupons have been used in business industry for long time. Advertising your business through these codes and coupons can also help you to determine ROI and response of rate of clients in short period of time.
Although you need to offer some incentive to your client in this process however, through this you will be able to evaluate which marketing channel is more effective for your brand and will also help to devise new methods for marketing your business in controlled way.
4. Like brand survey, you can also obtain opinion of your customers through monitoring social media. Discussion regarding your brand on social media can also let you assess impact of different marketing strategies. Various tools are available that can help you in this regard like Jive, Tackue, Social Mention etc.
Along with these methods, ASK ME also help you calculate ROI of your business through various other tools and techniques for different online and offline advertising campaigns. We not only help you to measure this significant parameter but we also use ROI to devise most suitable marketing strategy for your business.