In most areas and aspects of businesses, seeing and knowing the return on investment (ROI) is quick and almost effortless. A few clicks and taps on a computer will allow someone to see which product or service is getting the most sales. Other areas are not as easy, and SEO falls on the not-so-easy list.
Measuring or calculating the SEO ROI is certainly not impossible. It can be challenging, but the benefit it can give in terms of strategic planning more than makes up for it.
What is SEO ROI?
SEO ROI means calculating a Search Engine Optimization’s Return on Investment. Companies and businesses worldwide can calculate SEO’s return on investment by looking at their search engine rankings, goal completions, and organic website traffic. They then use the formula which is:
(Gain – Cost) / Cost
Calculating for the return on investment of the SEO can put the business owners and marketers’ constant question on whether they are getting more than they are putting in to rest. Knowing the ROI can give them a clear picture of whether their business is truly profitable or not.
How to Measure It?
Calculating the ROI may depend on how the business makes money from its website:
- E-commerce (On-Site Purchases)
It is easiest to calculate with E-commerce since the purchases are processed on the website itself. The owner or marketer just needs to set up an e-commerce tracking to make it possible.
Using Google Analytics, they can set it at the View Level. They will only need to add JavaScript to their website to send their e-commerce data to Google Analytics.
- Lead Generation (Off-Site Purchases)
Lead Generation, on the other hand, is when the purchase is done offline. What makes this more difficult is because not everyone who shows interest becomes a customer.
An excellent way to solve this is by using Goal Values. Using Google Analytics, owners can set up their goals. There are a few default goals on there but setting up a custom goal is also possible.
How Much Does A Good SEO Cost?
The cost of the SEO can come down to the following:
- Dedicated SEO Agency
It is not uncommon nowadays for companies or businesses to hire an agency to handle their SEO work. These agencies or firms focus solely on SEO, which means they have professional knowledge and experience when it comes to it.
- SEO Technology
Aside from the human cost, companies also need to allot money to pay for one or more SEO tools the team will use. While there are various free versions out there, it is still good to invest in the best possible tools.
- Internal Hires
It means hiring an employee to work on SEO. Putting together a team that includes SEO managers, editors, and writers who come up with the content for ranking on the search results is a good idea. Hiring web developers that can optimize the website can also help with SEO.
Most starting costs are around $1000-$5000 a month. Less than that means they only do the skeletal technical work. The above $5000 pay falls more on established SEO companies that have a proven track record and reputation.
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A well-structured and made SEO strategy is capable of producing a stellar ROI for companies and businesses. While it can be tricky to measure, the benefits it can give makes up for it. It is not a surprise that SEO is misunderstood among several marketing teams around the globe. Which means it can serve as a competitive advantage to those who understand it.
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