If you’re looking to track the ROI (return on investment) of your marketing efforts, then you’ve probably realized that there’s more than one approach to track this. In today’s world, the most common way that marketers are able to track their ROI is through the use of a vanity URL.
A vanity URL is a short link that is only valid for a given period of time. This means that when a user clicks on the link, they will be taken to a specific page where they can make a purchase. After they’ve made their purchase, the URL will change to something that matches the price that the user paid for the product.
The main benefit of using a vanity URL for marketing purposes is that you’re able to track the ROI of your marketing efforts without the need for a huge database of product names and prices. If you have a large database of products, then it’s nearly impossible to accurately track the conversion of each and every product because you’ll never be able to account for the fact that some products are more expensive than others.
Let’s say that you run an e-commerce store and you sell a product that costs you $10 to make. If you’ve ever shopped at Amazon, then you’ll know that the price of this product will change depending on the promotion and the seasonal effects. In this example, you’ll have $10 worth of product at the start. When a potential customer clicks on a link to your site with the price of this product (e.g., www.example.com/product1), the price that they see on that page will be $10. However, if you’re running a sales campaign right now and you’re using a discount code to offer this product at a discounted rate of $7, then the price that your customer will see when they click on the link is actually $7.
As you can imagine, this is not nearly as effective as having a consistent price for all of your products. The reason for this is simple. If you’re not tracking the price that each and every product, then you’ll never know if you’re actually improving your ROI or if you’re just wasting your time and money on marketing.
Luckily, you don’t need to have every product’s price change manually. You can use a tool like ClickFunnels to create automated price changes based on certain criteria. Let’s look at how this tool can help you create automated, recurring price changes for your e-commerce store.
Create Subscription Plans
One of the key ways in which ClickFunnels’ pricing tool helps you track ROI is through the creation of subscription plans. A subscription plan is a plan that you can create within ClickFunnels that automatically renews every month or semester.
When you create a subscription plan, you will need to choose a name for it and then decide how long you want it to last. Once that’s done, you can decide how you want payment to be handled. You can choose to have the plan automatically renew every month or at the end of every semester.
The beauty of subscription plans is that you’re not limited to just having a vanity URL. With them, you’re able to track the conversion of any page that is part of your sales funnel. This includes your checkout pages, thank you pages, and any other pages that you can think of. You can also set up email notifications so that you can track the conversion of your website even if you don’t have access to your e-commerce store’s database.
If you decide that you don’t want to continue using a vanity URL for this product, then you can create a subscription plan for it and then redirect the user to your website’s main page once they’ve made a purchase. You’ll be able to see a detailed report of your sales, along with some basic performance metrics, through your ClickFunnels dashboard.
Create Membership Programs
Another way in which ClickFunnels helps you track the ROI of your marketing efforts is through the creation of membership programs. A membership program is a type of loyalty program that is often associated with a social media network. The beauty of a membership program is that you can give certain users special benefits that non-members do not enjoy.
A great example of this is a gym membership. If you own a gym and you decide to implement a membership program, then you can give people who join your program special perks, like discounted rates or early bird privileges.
The main benefit of a membership program, however, is that you can encourage people to become members of your website or social media network simply by offering them special perks. The more you can do to encourage people to become members, the better. If you provide value to your members, then they will value your network and your service. This, in turn, will result in more purchases and, ultimately, greater ROI.
If you decide that you don’t want to continue using a vanity URL for this product, then you can create a membership program for it and then redirect the user to your website’s main page once they’ve made a purchase. You’ll be able to see a detailed report of your sales, along with some basic performance metrics, through your ClickFunnels dashboard.
Track Lifetime Value
Even if you don’t sell products with a long half-life (e.g., toilet paper, paper towels, etc.), you might still want to consider using a tool like ClickFunnels to track the lifetime value of your customers. A long half-life means that a product or service has the potential to stay in stock for a relatively long time. This is usually associated with consumables, like toilet paper and diapers, or with services, like haircuts and massages.
Products with a long half-life are great for marketing purposes because you’re able to track the value that they provide to your business over time. This is usually measured in terms of income or profitability. If you’re able to establish a strong correlation between sales and income, then you’ll know for sure that your investment in marketing is paying off. If you’re not, then you should consider adjusting your strategy.
If you decide that you don’t want to continue using a vanity URL for this product, then you can create a lifetime value tracking algorithm within ClickFunnels. When a user signs up for your email list, you’ll be able to track their engagement, acquisition, and the lifetime value of your customer through customized email campaigns. You’ll also be able to establish goals and track the results of your campaigns. Keep in mind: You’ll need a significant audience to track lifetime value with any degree of reliability.
The Bottom Line
As you can see, there are several different ways that you can use a tool like ClickFunnels to track the ROI of your marketing efforts. If you decide that you don’t want to continue using a vanity URL for this product, then you can create a subscription plan for it and then redirect the user to your website’s main page once they’ve made a purchase. Alternatively, you can create a tracking algorithm within the tool so that you can track the lifetime value of your customers.