How to Measure the ROI of your Marketing Strategies

A group of our team members recently had the opportunity to attend IMEX which is a place for meeting vendors and planners to come together from around the world. The team met with many vendors and sat in on several educational courses. Jill attended Jason Bornfriend’s. “How to Measure the ROI of your Marketing Strategies.” She had many takeaways that will help us to better strategize for our clients.

We are always working to grow the organizations that we work with and often use marketing tools to do so. Whether it is social media activity, newsletters, or email blasts, most of our marketing tends to be online. One thing that organizations often struggle with, however, is how to measure the success of that online marketing. Luckily, Jason had several tools and solutions.

If you are looking for an effective tool to track your marketing strategy, try one of the following.

·      Facebook Pixel

·      Google Analytics

·      Google Tag Manager

·      Pinterest Tag

·      Web & Mobile Analytics

·      Bling Ads Universal Event Tracking

Once you have the tracking tool you like, however, you might be confused as to what to look for. Key Performance Indicators (KPI’s) should be your focus for using real numbers to change your approach to digital marketing. Try looking at the following and monitoring their growth over time. Depending on your organization, it might make sense to determine different KPI’s.

1.     Cost per website visitor

2.     Rate at which your website converts users to leads

3.     Rate at which your sales team converts leads to customers

4.     Life time value of one new customer

After you have determined your KPI’s and observed them for each marketing strategy, you will have a good idea as to what is working and what is not. You can then take time to evaluate your marketing strategy and make changes where it is necessary.

Mid-Year Check In

At the start of a new year, we are always ambitious with ideas and goals. We assure ourselves we will have time and dedication to work towards those goals. Life, however, typically has other plans. There is always something more pressing especially when you are a volunteer!  This is something volunteer boards run into all the time. Whether it is a job or family life that comes in the way, something inevitably does and that’s okay.

At the start of your fiscal year, it is important to set those realistic but ambitious goals. They will motivate your work and give others something to strive for. When it comes to midway through the year, however, it is time to check back in with those goals and re-energize the group.

Plan to review your goals at the halfway point board meeting. Assess how the organization has achieved or fallen short on each goal. If your group is falling short on all of the goals, it may be time to revise and make a more realistic plan. If you are still determined to reach those goals, make a game plan. Determine steps that will be made in order to achieve the goal.

One method that many organizations use to achieve goals, is to implement a little competition. Whether it is among members or the board, competition can drive people in a different way. Give something away to those bring in the most members or to the board member that brings in the most sponsors. The money you pay for a reward will be worth it.

At the end of the day, you set the goals for a reason. Sometimes it just takes a reminder of the “why” to light a fire under people again. Having this mid-year check in and encouraging the board to become involved is the best way to assure goals are not swept under the rug.

Let your Members do the Talking

Your board might have dozens of strategies on how to attract new members but the simplest and cheapest way to grow membership is through your current membership. People are more likely to join your organization if they hear about the positive experience someone else is having in it rather than seeing a list of benefits spelled out on your website.

Don’t get me wrong. Having a clear list of benefits is important, however, word of mouth makes a bigger impact. Word of mouth creates a sense of trust that other methods can not imitate. You might be wondering now how to get your members involved with spreading the word and we’ve got a few options for you!

·      Referral program. Offer an incentive for members to reach out to potential members. This could be a discount on their membership, a gift card, or something else creative. Make this program and it’s guidelines clear to all of membership so that you don’t have the same 5 people bringing in all of the new members.

·      Surprise your members. Go outside the box and provide members with something that is not already expected. When members get the benefits that they are promised, they do not see it as something worth sharing with others. They are getting what they paid for, however, if you give them something they didn’t see on their radar, it gets them talking! This could come in a variety of forms.

o   Send a gift card to someone who comes to the majority of your monthly meetings.

o   Do a member spotlight on your website highlighting the member

o   Send a card to congratulate a member on a promotion

The options are endless. When doing these special things for members make sure that they are reasonable, repeatable, and relevant. You want to do things that could be done for a variety of members rather than singling out a member. This will create a bigger buzz to potential members. When depending on members to spread the word, it is important that the board is also involved. The board should be setting the example for members. By reaching out to the community and creating incentive, you should see your membership start to grow.

How to Build Memberships at Every Step in your Organization’s Life Cycle: Wild Apricot Webinar Review

Kristen recently watched a Wild Apricot Webinar on building memberships at every step in your organization’s life cycle. The instructor broke down the various stages and indicated what the focus should be on for each step.

1.     Emerging. When your organization is getting started, it is in the “emerging” stage. This is when early adopters will join looking for something to fill the gap that your organization fills. You should spend your effort focusing on getting the word out, the benefits of being a small organization, and pushing your mission out.

2.     Catching on. The next phase of your organization is “catching on.” In this phase, more people are finding out about the organization and joining. The focus during this stage should be creating processes, reducing fiction, and ensuring an easy time for new members.

3.     Getting the Hang of It. Once your organization is more established, you branding and staffing should have improved. The “getting the hang of it” phase is when people start to care more about the brand rather than just what you are offering. Your attention should be on efficiency and transparency.

4.     Time to Shift. At this point, you are fully set up and known in your industry. You have a broader audience and should be more responsive as well as putting in effort to stay relevant.

With each step of your organization, it is important to keep members happy and returning. This is what will ultimately keep the organization afloat.