Small Businesses Are Terrible at Tracking ROI
If you operate a small business chances are pretty good that you are not tracking the return you are receiving from your online promotional efforts.
According to a new survey from RevLocal, 75 percent of local businesses say they invest in local seach marketing, but less than half (44 percent) are tracking the ROI of their efforts.
The survey of over 500 business decision makers, which examined common search marketing challenges for local businesses, found that half of consumers who conducted a local search on their smartphone visited a store within the same day – and nearly one in ten of those searches led to a purchase within a day, according to an unrelated Google study.
For local businesses, search marketing is a critical component to success – and while many small business owners are putting some dollars toward digital marketing, nearly two-thirds say they spend less than $500 per month on digital advertising. The RevLocal study found that nearly six in ten businesses are investing in SEO and social media, and 36 percent are investing in review marketing. Moreover, nearly everyone (95 percent) say they plan to increase or maintain their digital marketing budget for next year.
“Local businesses need to do more with less, and search marketing is no exception,” said Aaron Boggs, president of RevLocal. “Our study shows what we have known to be true, local businesses understand that digital marketing should be a priority, but the market is fragmented and results are unclear. RevLocal is aimed at providing that clarity by providing a personalized approach to digital marketing that caters to the unique needs of this group.”
Are you a small business engaged in search marketing? Are you tracking your return on investment from those efforts? What solutions are you using to do so? Share your experience with other Website Magazine readers with a comment below!