ROI, or return on investment, is a method of measuring success over time and guiding future business decisions. When it comes to marketing, ROI is highly relevant.
Your marketing ROI reveals which marketing channels are worth investing in and which tools are worth investing in. In a broader sense, ROI can determine whether your entire marketing strategy needs revision or if you’re on the right track.
While most people will agree that ROI is an essential metric, they also agree that estimating ROI is difficult. Here, this article will help you know the tools used for driving ROI and call tracking.
What Is (Return On Investment) ROI?
Return on Investment, or ROI, is the amount of money earned by a business investor in exchange for the infusion of investment assets.
In industry, you must concentrate on the money you invested and the profit you made. Marketing professionals use ROI as a tracking tool to evaluate this.
ROI is defined as the ratio of the company’s net income to its investment. Any return is calculated from the business’s net profit and is a measure of the efficiency with which capital was invested in the venture.
What Is Call Tracking?
Call tracking allows you to see what happens between the first website visit and the lead making a purchase. This level of detail is essential for measuring ROI efficiently and accurately.
Call Tracking helps to implement your business and helps to learn and gain information about your audience. It allows marketers to calculate the value of inbound calls generated by their marketing efforts.
How To Drive ROI With Call Tracking?
There are four ways to measure ROI with call tracking.
#1 Visitor Level Call Tracking
With the help of visitor-level call tracking, during the time website visitors land on your site, they will see a unique tracking number that will follow them as they navigate through the site and when they return to it. When a visitor dials one of your tracking numbers, you will be able to trace the call to the source, paid ad, and keyword that brought the visitor to your website in the first place. Marketers can easily track which keywords are generating good leads with this information.
#2 Campaign Call Tracking
Campaign call tracking is suitable for tracking income from leads generated by difficult-to-measure channels such as social media and trade shows. Simply assign a tracking number to a particular online or offline source in campaign call tracking.
#3 Multi-Channel Attribution
You can view the entire buyer journey with multi-channel attribution. For example, if a prospect comes to your website after clicking on a Google Paid advertisement, then they will return to your website by clicking on an organic search result in Google. They may call you a few times before arriving at your website. The buyer contacts your company to make a purchase after 25 days. Call tracking enables you to see each source that this buyer used to get to your website, providing you with a comprehensive view of the scope and value of each marketing channel.
#4 Call Score
Without paying attention to each recording, CallScore allows you to quickly identify which calls were good leads. Call tracking tools, such as CallScore, categorize calls as good or bad leads, allowing you to quickly identify which marketing campaigns are generating sales-ready leads.
What Are The Measuring Tools Used In Driving ROI?
ROI tools are essential for anyone serious about tracking and monitoring marketing effectiveness. It allows you to determine which marketing channels and campaigns have the greatest impact on sales, revenue, and bringing new customers.
They allow you to see your digital ROI by tracking how your marketing affects your sales and deals. You throwing away the risk of wasting your budget on campaigns that perform badly that provide no value at all.
Here, We have the five best measuring tools used for driving ROI.
#1 Ruler Analytics
To determine whether your marketing adds revenue, you can collect all interactions throughout a specific customer journey. It instantly attributes closed revenue to your influencing marketing channels, campaigns, keywords, and more.
Using Ruler, you can freely figure out the source of your leads, track how they progress through the pipeline, and determine whether or not they transfer into revenue.
Ruler tracks every visitor across multiple sessions, traffic sources, keywords, and more.
When a visitor becomes a lead through a form fill, live chat, or phone call, their information is uploaded to the Ruler database and aligned with their marketing touchpoints to build a customer journey.
Your leads will naturally progress through the pipeline over a period of days, weeks, or even months. The ruler will incorporate pipeline data into its reporting, allowing your marketing team to keep track of leads and decide whether or not they are adding enough quality to the funnel’s later stages.
When a customer completes a purchase, Ruler accurately credits the channels, campaigns, and keywords that impacted the conversion. Ruler is compatible with nearly every marketing tool.
It also provides a list of features like customer journey tracking, marketing attribution, opportunity attribution, offline conversion tracking, and live chat tracking.
#2 Cyfe
Cyfe provides a comprehensive business dashboard solution based on real-time data.
It seamlessly integrates with many tools, including Salesforce, Google Ads, Xero, Quickbooks, and many others to provide a comprehensive view of your business’s performance.
Cyfe’s main advantages are its pre-built widgets and reporting capabilities. It is simple to create dashboards and customize them to measure and monitor the ROI of each marketing campaign and channel.
It includes the features like Unlimited history, custom themes, custom logos, unrestricted data exports, embedded analytics, and other features are available.
#3 Google Analytics
If you sell products or have a shopping cart on your website, Google Analytics is the best place to start tracking revenue.
It’s completely free to use and provides a variety of data about your website’s performance. With a few lines of code in your shopping cart, you can track which of your marketing techniques is generating the most sales.
It includes the features like Conversion tracking, event tracking, session tracking, engagement, attribution, etc.
#4 Kissmetrics
Kissmetrics seems to be another tool that identifies your top revenue-generating channels.
You can emphasize how much money you’ve managed to make from marketing, where your profits are coming from, and which campaigns have the maximum lifetime value with Kissmetrics revenue reporting.
It includes the features like management of data, events, reporting, campaigns, customer profiles, accounts, etc.
#5 Plannuh
Plannuh is a marketing tool that assists marketers in tracking and monitoring important goals, campaigns, budgets, and ROI. It helps in connecting all of the tools used by marketers to create plans, budgets, and reports. Plannuh combines all of your marketing data into a single perspective of your marketing efforts.
It includes the features like automated budget and expense management, ROI tracking, goal tracking, etc.
What Are The Measuring Tools Used In Call Tracking?
Call tracking is an essential part of marketing. You can use call tracking to determine which digital ads, keywords, and webpages are most effective at driving phone calls to your company. You can also see how many phone calls result in high-quality leads and conversions.
#1 LiveVox Call
The LiveVox call tracking tool is marketed as a way to solve for companies of all sizes that concentrate on managing agents from anywhere. Campaign management, reporting and analytics, call recording, real-time chat, and IVR speech recognition technology are all included in the Mac and Windows desktop editions. It, in conjunction with the CRM platform, enables integrated call centre abilities.
#2 JustCall
JustCall is a business call tracking tool for sales, call centers, and support teams that is hosted in the cloud. Businesses in more than 70 countries can purchase local and toll-free numbers from JustCall for their regular calling and messaging operations.
You can install it locally on Mac and Windows computers, and iPhone and Android phones. It offers a full suite of innovative call-tracking features, and integrations with over 45 CRM platforms.
#3 Clixtell
Clixtell is a well-known call tracking tool. Its prominent characteristics include recording and transcription, routing, advanced analytics, and so on. The primary function of this tool is to protect against click fraud.
The Clixtell conversion adding features provides excellent conversation analytics. Its centralized user dashboard enables users to manage call traffic as well as website-based clicks.
#4 Call Cap
Callcap, which has two decades of experience, was an early adopter of call tracking software. The company now provides a cloud-based VoIP service for call routing, tracking, and recording. It supports a wide range of complicated call strategy is designed, such as the ability to grade and analyse calls and generate reports based on that information.
Call recovery is one of Callcap’s distinguishing features, as it evaluates instances where an opportunity hangs up without completing a deal or when customer service falls short of expectations.
#5 Invoca
Marketers can use Invoca, an AI-powered call tracking and analytics solution. It includes a suite of advanced call tracking features such as recording, conversion tracking, call routing, campaign and keyword tracking, and IVR voice recognition tools, as well as real-time call and conversation analytics.
To improve the ROI of Google and Facebook marketing campaigns. Invoca touts its actual business intelligence analysis, which contains insights on call results and conversion potential as a standout feature.
Frequently Asked Questions
What is the best way to measure ROI?
Start by taking the sales growth from that business or product line, deduct the marketing costs, and divide by the marketing costs. Therefore, if sales increase by $1,000 and marketing costs $100, the simple ROI is 900%.
Is call tracking possible?
Call tracking extends beyond the basics of caller ID. It is a technology that enables you to obtain detailed information of each individual who calls your company, along with how they found your phone number in the first place. Call tracking is classified into two types: business and personal.
What is the significance of ROI tracking?
ROI calculates the amount of return on an investment in relation to its costs. It is used in analytics and serves as a benchmark for developing future marketing strategies. This allows you to determine which marketing tactics are effective and which can be improved.
Takeaway
Regardless of the aspect, ROI maintains its importance in all business aspects. In this article, you have come across a different aspect that drives ROI with call tracking. While many wonder if it is possible that drive ROI with call tracking, the answer is yes.
It is possible to drive ROI with call tracking. You would have learned four ways to drive ROI with call tracking. You would have also gained knowledge about the measuring tools for driving ROI and call tracking.
Are you a person who is keen to make your marketing more effective? If so, then the information in this article will help you reach new heights.
Do share the experience that you have harvested by using the tactics shared in the article.
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