How to Calculate the Returns on Your Wi-Fi marketing Investment

wifi 1024x573 - How to Calculate the Returns on Your Wi-Fi marketing Investment

Wi-Fi marketing and analytics platforms have become powerful tools that offline businesses use to collect customer data.

Using this tool, marketers can effectively communicate with their customers. They do this based on data such as visit frequency, amount spent per visit, social media activities, and demographics, with the result that they will get more engagements on the content and, ultimately, an increase in sales.

That last bit sounds great because it means you will be getting some ROI from your marketing investments.

The question is: how do you check the ROI for each visitor that comes from your Wi-Fi marketing?

The short answer is…

It really depends on what industry your business is in.

This is because each business and industry has a different objective they want to achieve through their marketing campaign.

For instance, a clinic in the health and wellness industry will focus on providing factual information to their customers, improving their clinical experience, and using survey tools to collect feedback, questions, and suggestions.

On the other hand, a hotel in the hospitality industry will look more into build direct relationships with their customers in order to increase brand loyalty.

Whatever your objective is as a marketer, you need to prove that your chosen Wi-Fi marketing platform will yield returns.

Not to worry…

I will show you a fairly simple way to calculate the returns on your Wi-Fi marketing investment. But first, let’s look at 3 important things that increase the value you get from Wi-Fi.

  1. How Do You Value Your New Customers

For every visitor data that enters your database, you have got yourself a potential lifetime customer. So how do you value every new visitor that gets recorded in your CRM? Do you have a plan for new entries? Do you have a strategy to keep them coming back?

Having a plan for all new customers positions you to reap value from your campaigns. It also keeps you organized and helps you save time. Therefore, before you initiate a Wi-Fi marketing campaign ensure that you have a plan to keep your new customers. The data you collect from them will give you an idea of who they are and what they want. This will give you the leverage you need to tweak your plans to better suit them.

  1. Growing Your Social Media Likes And Check-Ins

Social media is an important asset if you are looking to generate more value from your Wi-Fi campaigns.

Why?

Because, for every new like or follow you have a chance to get a potential customer. Wi-Fi marketing tools can help you get likes and follows through automated requests sent out to customers.

And the more likes and follows you have, the more new visitors will want to like and follow you.

  1. Getting Online Reviews And Feedback

Online review is the new word of mouth. They serve as incredible marketing tools. If used correctly, they can help you cut down marketing expenses on ads. Online reviews work for every kind of business there is – large or small.

All you need to do to ramp up your positive reviews is to provide quality service. And afterwards, ask your customers for a review or feedback about their experience with your business.

Using the feedback, you can gather even more information about how customers perceive your business. This will help you make the necessary changes you need to provide better services and improve your customer experience.

Here are 6 proven ways to get customer reviews and ratings.

How to Calculate ROI on Each Visitor You Receive From Your Wi-Fi Marketing Campaigns

I promised to show a simple way to calculate your returns for each visitor that comes in as a result of your Wi-Fi campaign. Please note that the numbers used here are just examples. They may be smaller or larger when you run the same calculation for your business.

So, let’s say every month you have 20,000 new visitors at your business location.

Let’s say 20% of them will be converted to and registered as customers through your social Wi-Fi.

20% of 20,000 will be 4000 customers.

Then,

Assuming 80% of them log in to your Wi-Fi network using social media and follow your business. You would have 3,200 customers following you on social media.

An estimated 5% of the 3,200 customers will leave you a review online. That means you will get 160 customers leaving feedback on your business.

Following this, an estimated value for each of these parameters – database records, reviews, and social media following – is pegged at an average of $5.

Your total estimated monthly cash flow would be:

4,000 x $5 + 3,200 x $5 + 160 x $5 = $36,800

Some of the figures (the percentages) used in this calculation were collected from reports published by some offline businesses. As you collect more information with social Wi-Fi, you can get the specific number of monthly footfalls around your business premises. You can also deduce what percentage of visitors get recorded as customers in your CRM; login through social media; and leave a review.

Final note

Remember that you can use different parameters from those in this calculation. You can substitute parameters such as social shares, invites, loyalty program participation, etc. into the calculation if they make up your marketing objectives.

Want to know more about what our Wi-Fi marketing tool can do for you? Feel free to contact us and ask any questions you may have. We’d be more than happy to provide answers.

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