How to Measure the ROI of Your Cannabis Digital Marketing Campaigns

Knowing how to measure your ROI in the cannabis industry arms you with important information: what’s working for your business and what isn’t.

If you move full steam ahead with your marketing efforts without taking ROI into account, you could be missing valuable opportunities or pouring money into strategies that don’t serve you. In an industry where competition is fierce, money is tight, and saturation is the reality, that’s not something you want to do.

Without understanding how to measure your ROI, you can’t improve your campaigns – which makes for wasted money, time, and energy.

How Can I Measure ROI Effectively?

Of course, there are advertising restrictions and limits on mainstream tools within the cannabis industry that make tracking ROI tricky. With a bit of ingenuity, though, we can help you make it happen.

Google Analytics

Google Analytics is the perfect place to track the traffic on your website, your conversion rates, and the overall performance of your campaign. With a tool like Google Analytics, you can clearly see what blog posts drive the most traffic, what landing pages drive the most purchases, and tweak your campaigns in relation to what content performs the best.

Events

Using QR codes or custom URLs at events lets you know how many attendees turn into paying customers. You can also create event-specific hashtags and tell people to tag your brand (make signage extremely visible!) so you can get a read on your brand’s online visibility and the impact your presence makes on the community at the event.

Billboards

Many cannabis businesses rely on billboards to advertise their business. A great way to track the ROI of this marketing strategy is to use before-and-after metrics — look at the sales data in an area before you put up a billboard, and review it a few months after you launch.

With billboards, you can also use geotargeting surveys when your customers are checking out in person to glean more information on how they heard about your business.

Influencers

When you work with influencers, it’s possible to track the ROI of sponsored posts by using affiliate links or unique discount codes. Working with influencers is another great opportunity to use before-and-after metrics. Before you partner with an influencer, check out the number of social media followers you have, along with website visits and related revenue. After you’ve finished your influencer campaign, take a look at those same metrics and gauge the ROI.

Social Media Campaigns

Keep an eye on social media engagement — followers, comments, likes, reactions, and shares — before and after a marketing campaign has finished to review campaign performance.

Remember: Before and After

Noting the metrics before and after a campaign maintains the context for measuring your ROI. When you understand where you started and where you finished regarding your latest marketing strategy, you can more clearly measure the ROI and decide whether that strategy is worth implementing again.

Need Help Measuring Your ROI?

Every cannabis business should understand the importance of measuring its ROI. When you have a solid idea of the ROI of your marketing campaigns, you can make informed decisions and come up with marketing strategies that make the most sense for achieving success — and accruing as much ROI as possible.

If you’re not sure where to start, Cannabis Digital Solutions can help. Reach out to us today to get started!

Shannon Allen

Shannon Allen is the Chief Revenue Officer for Cannabis Digital Solutions. She has more than 25 years of experience in sales and marketing, and more than 15 of those years were spent specifically working in the digital world. Her passion for digital marketing is what drives her to find the best solutions for clients and CDS. Shannon believes that true marketing starts after the sale with strategic campaigns and detailed reporting to help all clients get a return on their investment, so they see the value in digital marketing.