Measuring ROI is not an easy task for most marketers. To accurately calculate ROI, you need to know what your 'Y' is and have the right tools to measure it. Third-party cookies are often used to measure ROI, but they are not accurate and will not be supported in 2023. First-party cookies are the future and should be the foundation of measurement. By upgrading to Google Analytics 4 and committing to a first-party cookie strategy, marketers can accurately track their ROI and measure the value of their marketing investments.
The variable 'Y' needs to represent a revenue-driving activity, such as producing more leads or e-commerce transactions. To measure ROI, you need impression and cost data from marketing platforms, data on customer conversion paths, and conversion data. First-party cookies can track website visits, conversions, and other important actions without the noise of third-party cookies. Additionally, you can incorporate first-party data from lead forms and CRM databases to track the entire customer journey from cost to customer.
Measuring ROI is essential for marketers to effectively show their value. By switching to first-party cookies, marketers can accurately measure their ROI and demonstrate their impact. To make the leap from third-party to first-party cookies, marketers should upgrade to Google Analytics 4, implement a tracking strategy, and commit to reaching the next level of insight in the next 90 days.
Finding Your 'Y': How to Measure Marketing ROI Without Third-Party Cookies
Don't worry ... it's FREE!
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