Tracking ROI and KPI’s to prove the effectiveness of your digital ventures
One of the ever-elusive issues of any digital business venture is proving ROI of your website conversions. With multiple and varying touch points, it can become difficult to track where conversions are made in order to attribute successes to a specific initiative.
In this report we’re aiming to break-down exactly how to track ROI and KPIs, making this as clear as possible. Whilst many things in business can require a hefty financial investment, fortunately many of the tools used in standard ROI tracking practice are freely available.
It’s important to stipulate early-on that whilst your investors and board members might be completely preoccupied with ROI of your website conversions, it’s actually advisable to restrain yourself from tracking this too early (more details on why below).
Rather than expecting to track the ROI of your website conversions within the first few weeks, months or in some projects years of the project’s launch, ROI needs to be seen as a much longer-term measurement.
So what metrics do you appease your stakeholders with, in the meantime? This is where KPIs come in. The KPIs you set should be the smaller more incremental indicators to future positive ROI performance. These should be the metrics you take to your stakeholders, learn from and use to improve your product and website conversions as you go.
Keen to learn more about tracking ROI for your website conversions?
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