What’s the ROI for your favorite online marketing medium?
My favorite is e-mail marketing.
According to “Taking Names,” a special report from Direct magazine, in 2008 e-mail generated slightly more than $45 in revenues for every dollar spent on e-mail marketing.
I believe this number, because I know myself how to measure revenues from e-mail marketing precisely, so ROI can be tracked to the penny.
(My e-mail ROI is about $75 for every dollar spent on e-mail marketing.)
In addition to e-mail marketing, I also do other marketing activities.
We do a little PPC, and I can also track the revenues generated by Google Adwords precisely down to the penny.
I am also on Twitter and Facebook, but I do not know how to track revenues generated by either or even if they make me any money at all.
Perhaps there are analytics tools for social networking out there that I am just not aware of, and if you can point me toward them, you will have my thanks.
If you cannot track revenues generated by social networking, then I would argue that you cannot reliably and accurately calculate ROI, right?
That being the case, if you are one of the many raving social media fans trying to convince me of its incredible value — why?
Lord Kelvin, the British scientist, said: “If you can measure something in numbers, then you know something about it.”
Conversely, Kelvin’s statement implies that if you cannot measure something in numbers, than you do NOT know much about it.
I am pretty much in agreement with Kelvin. What about you?