Toolbox Series 1: Calculators
One of the perks of being the CEO of a digital marketing agency is the access to tools we use in-house to get our specific tasks completed. I, as the one who makes final decisions on hardware and software, get to work with an amazing assortment of free and paid tools on a daily basis. Many of these tools even offer a free trial period, so there really is no danger to testing them out - financially speaking.
The fact is, these tools can save you time and money - not to mention stress and headaches. This week we’re going to focus on calculators. It may seem like an odd place to start, but a good calculator program can save you time and frustration when dealing with reporting and other issues. Here are some that we use all the time:
Events are an excellent way to get your business name out into the public and network with others in your community. Their value is undeniable, yet marketers know just how difficult it is to determine the leads and revenue generated from such an event. Event Farm fixed this issue with their handy Event ROI Calculator.
Everyone knows that online advertising can be difficult and expensive. Thankfully, HubSpot has come up with an awesome calculator for determining Ad Spend ROI. Their tool breaks down your budget to identify the costs you can spend, sets a value for advertising customers, and produces a legitimate value for return on investment - all based off the budget you entered to begin.
Determining the portion of your marketing budget dedicated to different marketing avenues can be difficult at best. Web Strategies has come up with an excellent tool to use when you need help understanding how much budget should be allocated to each marketing effort. It really does help determine monthly and annual budgets with just a small amount of input from you. Think of it as a baseline number to work from.
The good folks at Kissmetrics have come up with an awesome tool for determining whether or not your conversion experiments pass a significance test. Basically, it will inform you if changing the wording of your ad or email subject line really had an effect on CTR or email open rates.
Entrepeneur.com came up with a great tool for determining ROI from email marketing campaigns. All you do is set criteria (audience size, response rate, etc.) and the calculator finds the cost, revenue, and profit from that specific email campaign. There are few better ways to understand the effectiveness of your email marketing, so this is a tool every marketer should have.
The team at HubSpot makes our list again with their inbound marketing ROI calculator. This is pretty simple stuff, but it can give you a baseline number you can use to determine the worth of this particular marketing avenue. The truth is, there is never too much data in this business, so a tool like this will give you another number to use in your own decision-making.
There are a number of vital metrics in business and CAC (customer acquisition cost) is definitely one of them. This is the overall cost to a business in acquiring a customer, and, while it will be guesswork to some degree, the number is still important because of its impact on a business’ plans to expand, its forecasting of future revenues, and its allocation of marketing resources. Knowing a figure, even a ballpark one, will be helpful when determining what will work and what won’t. Thank RenegadeWork for their excellent effort.
The calculator programs we’ve covered are excellent tools for cutting down the amount of time you spend on formulas and give you more time for formulating successful marketing strategies. Give them all a try and keep them in your toolbox. You never know when they may come in handy.
Anything missing, know about one that is not listed above? Share in the comments below.
Hope you find these useful, Have a great week!
I'm Spencer Wade - strategist, designer, manager of people and ideas. Platinum Top Contributor for Google Search, G+ & AdWords - TC Mentor too. I’m the founder of Lift Conversions, a Google Partner agency, located in Chicago. I’ve completed Google’s tests - Search, Display, Video, Analytics, & Mobile, and enjoy being a part of the forums. My agency is also an Official City Partner in the Get Your Business Online effort with Instant Verifier access to help immediately verify business listings.
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