What are the best tools and methods to measure co-marketing ROI?

1 Define your goals and metrics

Before you launch any co-marketing campaign, you need to define your goals and metrics. What are you trying to achieve with your co-marketing partner? How will you track and measure your progress and results? Depending on your objectives, you may want to use different metrics, such as impressions, clicks, conversions, leads, sales, revenue, or customer lifetime value. You also need to establish a baseline and a target for each metric, so you can compare your co-marketing results with your regular marketing results and evaluate your ROI.

2 Use tracking codes and links

One of the most effective ways to measure co-marketing ROI is to use tracking codes and links for your co-marketing campaigns. Tracking codes and links are unique identifiers that allow you to track the source, medium, and campaign of your web traffic and conversions. You can use tools like Google Analytics, UTM parameters, or custom landing pages to create and monitor your tracking codes and links. By using tracking codes and links, you can see how much traffic, leads, and sales your co-marketing campaigns generate, and attribute them to your co-marketing partner.

3 Use split testing and control groups

Another way to measure co-marketing ROI is to use split testing and control groups for your co-marketing campaigns. Split testing and control groups are methods of comparing the performance of two or more versions of your co-marketing materials, such as emails, ads, or landing pages. You can use tools like Google Optimize, Mailchimp, or Facebook Ads to create and run your split tests and control groups. By using split testing and control groups, you can see which version of your co-marketing materials performs better, and optimize your co-marketing campaigns accordingly.

4 Use surveys and feedback

A third way to measure co-marketing ROI is to use surveys and feedback for your co-marketing campaigns. Surveys and feedback are ways of collecting qualitative data from your co-marketing audience, such as their opinions, preferences, satisfaction, or loyalty. You can use tools like SurveyMonkey, Typeform, or Trustpilot to create and send your surveys and feedback forms. By using surveys and feedback, you can see how your co-marketing campaigns affect your brand awareness, reputation, and customer retention, and improve your co-marketing relationship.

5 Use co-marketing software and platforms

A fourth way to measure co-marketing ROI is to use co-marketing software and platforms for your co-marketing campaigns. Co-marketing software and platforms are tools that help you manage, automate, and analyze your co-marketing activities, such as finding partners, creating content, sharing leads, or reporting results. You can use tools like Co-Marketing Hub, PartnerStack, or Crossbeam to access and leverage your co-marketing software and platforms. By using co-marketing software and platforms, you can streamline your co-marketing processes, increase your co-marketing efficiency, and measure your co-marketing ROI more easily.

6 Use the ROI formula

A fifth way to measure co-marketing ROI is to use the ROI formula for your co-marketing campaigns. The ROI formula is a simple calculation that shows the percentage of profit or loss that you make from your co-marketing investment. The ROI formula is:

ROI = (Revenue - Cost) / Cost x 100

You can use this formula to compare your co-marketing revenue and cost with your regular marketing revenue and cost, and see how much value your co-marketing partner adds to your business. You can also use this formula to compare your co-marketing ROI with your co-marketing partner's ROI, and see if your co-marketing partnership is balanced and fair.

7 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?