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How can you measure the ROI of your message delivery channels?

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How can you measure the ROI of your message delivery channels? This is a crucial question for any brand strategist who wants to optimize their communication efforts and justify their budget allocation. In this article, you will learn about the main steps and tools to evaluate the performance and impact of your message delivery channels, whether they are online or offline, paid or organic.

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Shitiz Dogra

Associate Director - Digital Marketing at IndiGo
Shahan S.

E-commerce Growth Architect | Data-Driven Online Sales Management & Team Leader | Scaled Brands: Advertisement Revenue…

1 Define your objectives and KPIs

Before you can measure anything, you need to know what you want to achieve and how you will track it. Your objectives should be aligned with your brand strategy and mission, and they should be SMART (specific, measurable, achievable, relevant, and time-bound). Your key performance indicators (KPIs) should be the metrics that reflect your progress towards your objectives, such as reach, engagement, conversions, or loyalty. You should also set realistic and meaningful targets and benchmarks for each KPI, based on your historical data, industry standards, or competitors' performance.

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Shitiz Dogra

Associate Director - Digital Marketing at IndiGo
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Here's what we follow : Track Conversions: Monitor how many recipients from each channel take desired actions (e.g., purchases, sign-ups). Attribution Modeling: Use attribution models to assign value to each channel's contribution in the customer journey. Cost Analysis: Calculate the cost of using each channel, including advertising expenses & staff time. Customer Lifetime Value: Assess the long-term value of customers acquired through each channel. ROI Formula: ROI = (Gain from Investment - Cost of Investment) / Cost of Investment. A/B Testing: Conduct A/B tests to compare channel performance & optimize accordingly. By analyzing these metrics, you can determine which channels provide the best ROI & allocate resources effectively.

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Shahan S.

E-commerce Growth Architect | Data-Driven Online Sales Management & Team Leader | Scaled Brands: Advertisement Revenue from $103K to $268K, +1308% Conversions
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The ROI Detective: Uncover the mystery of ROI by tracking every lead, click, and conversion. The clues to optimizing your channels lie in the data.

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Antoine Nabil

Brand Manager at Beyti - an Almarai Subsidiary
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I agree but also besides data and benchmarks, it's important to measure the impact of communication on sales and get qualitative feedback from consumers to validate the data further on which channel is the most effective.

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2 Choose your message delivery channels

Once you have your objectives and KPIs, you need to decide which message delivery channels are best suited for your target audience, message, and budget. You can use a mix of online and offline channels, such as websites, social media, email, blogs, podcasts, TV, radio, print, events, or word-of-mouth. You should consider the advantages and disadvantages of each channel, such as their reach, cost, effectiveness, credibility, and compatibility with your brand identity and tone. You should also prioritize the channels that match your audience's preferences, behaviors, and needs.

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Shahan S.

E-commerce Growth Architect | Data-Driven Online Sales Management & Team Leader | Scaled Brands: Advertisement Revenue from $103K to $268K, +1308% Conversions
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The Channel Conductor: Think of your channels as instruments in an orchestra. Each should play its part harmoniously to create a symphony of ROI.

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3 Monitor and analyze your data

After you launch your message delivery campaign, you need to collect and analyze the data from each channel to measure their performance and impact. You can use different tools and methods to gather and interpret your data, such as web analytics, social media analytics, email marketing software, surveys, focus groups, or interviews. You should look for patterns, trends, insights, and feedback that can help you understand how your audience is responding to your message, what is working and what is not, and how you can improve your strategy and tactics.

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Shahan S.

E-commerce Growth Architect | Data-Driven Online Sales Management & Team Leader | Scaled Brands: Advertisement Revenue from $103K to $268K, +1308% Conversions
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The Feedback Whisperer: Listen closely to what your data whispers. It holds the secrets to which channels resonate with your audience.

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4 Calculate your ROI

To calculate your return on investment (ROI) for each message delivery channel, you need to compare the benefits and costs of using that channel. The benefits are the outcomes that you achieved from your objectives and KPIs, such as increased sales, brand awareness, or customer satisfaction. The costs are the expenses that you incurred from using that channel, such as production, distribution, or advertising fees. You can use a simple formula to calculate your ROI: (benefits - costs) / costs x 100%. This will give you a percentage that indicates how much profit or loss you made from each channel.

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Mohammad Alsaadany ?

AI Marketing Director | Top 10 Marketing Leaders in Saudi Arabia
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For brand awareness as an objective, I believe CPM ( cost per mille or cost per thousand )as a KPI can be easily measured so you can effectively build on and benchmark the different social media channels and decide the ROI per ad per channel.

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Shahan S.

E-commerce Growth Architect | Data-Driven Online Sales Management & Team Leader | Scaled Brands: Advertisement Revenue from $103K to $268K, +1308% Conversions
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The Budget Maestro: Budgeting is like composing a financial score. Allocate resources where the ROI notes sing the sweetest melody.

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5 Compare and optimize your channels

The final step is to compare and optimize your message delivery channels based on your ROI and other criteria. You should evaluate the strengths and weaknesses of each channel, and identify the best practices and areas of improvement. You should also consider the trade-offs and synergies between different channels, and how they complement or compete with each other. You should then adjust your budget allocation, message content, frequency, and timing accordingly, and test and refine your strategy until you achieve your desired results.

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Shahan S.

E-commerce Growth Architect | Data-Driven Online Sales Management & Team Leader | Scaled Brands: Advertisement Revenue from $103K to $268K, +1308% Conversions
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The ROI Architect: Build your ROI like an architect designs a skyscraper. A solid foundation of data and analysis supports a soaring ROI.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Shahan S.

E-commerce Growth Architect | Data-Driven Online Sales Management & Team Leader | Scaled Brands: Advertisement Revenue from $103K to $268K, +1308% Conversions
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The ROI Artist: Craft your ROI like an artist paints a masterpiece. Every brushstroke of data adds depth and beauty to your ROI canvas. The ROI Explorer: ROI measurement is an expedition into the wilderness of data. Explore, analyze, and chart your course to maximize ROI treasures. Measuring ROI isn't just a number; it's a journey of discovery and optimization that can lead to remarkable results.

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How can you measure the ROI of your message delivery channels?

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2

3

4

5

6

1 Define your objectives and KPIs

2 Choose your message delivery channels

3 Monitor and analyze your data

4 Calculate your ROI

5 Compare and optimize your channels

6 Here’s what else to consider

Brand Strategy

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How can you measure the ROI of your message delivery channels?

1

2

3

4

5

6

1 Define your objectives and KPIs

2 Choose your message delivery channels

3 Monitor and analyze your data

4 Calculate your ROI

5 Compare and optimize your channels

6 Here’s what else to consider

Brand Strategy

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