“To calculate ROI, the benefit (or return) of an investment is divided by the cost of the investment, and the result is expressed as a percentage or a ratio.”
There’s a standard, well-known method when calculating Return on Investment for a business, in a literal sense, but we want to focus on the alternative interpretations that there could be behind it. Dependant on which industry you’re in and what services your organisation offers, the term ‘ROI’ can mean one thing to you and something entirely different to someone else.
1. Monetary Value or Profit
The one measure of ROI that (most) businesses will agree on -’ how much money are we making?’
2. Lead Generation: Inbound vs. Outbound
Outbound lead generation comes predominantly in the form of cold calling – two words that can often connote the feeling of unease– but, even in an age of digital, speaking on the phone stands fast as one of the most efficient ways of introducing yourself, clarifying your services and keeping in touch.
Generating interest around your organisation – through interesting and engaging content – can encourage people to contact you. The maintenance or rise in the number of inbound enquiries is often considered to be a good indicator of ROI.
3. Website Traffic
Your website is your shop window. User Experience (UX) or a user’s journey through your website can be the key to converting a visit into a sale.
There a multitude of ways in which you can refine and optimise your UX to ensure that ROI.
4. Being number 1 in your Industry
This is a hard statistic to measure and some may argue that it’s in the eye of the beholder; many organisations claim to be number 1 because well, why wouldn’t they? But there are a few ways in which you can factually identify yourself in terms of positioning…
5. Ranking high on Google Search
Every credible Digital Agency knows that SEO is king. What’s the point in having an incredible, all-singing, all-dancing website if no one knows about it? Like they say, the best place to hide a dead body is on page 2 of Google Search results. Hard work, time and effort can and should go into climbing your business on the Google tree and the ROI reward is self-explanatory.
6. Being renowned in your Industry
Not to be confused with being number 1 in your industry; if people are talking about you and what you do (even in a negative manner) some measure this as positive ROI. If we look at this in terms of advertisements, some of the most memorable campaigns have been shocking or controversial; the aim is to create a dialogue around your brand and to be remembered – do people know who you are?
7. Thought Leaders
When someone is in need of invaluable advice, who do they turn to? Being the ‘Agony Aunt’ of your industry is an accolade to the work you have done and is also a good reflection of your stance amongst organisations. We understand that you have a service to sell but consumers hold knowledge sharing in high esteem.
Which is why we offer impartial consultations to get you on the right path .