Increase the ROI on Your Marketing Spend
No marketing campaign is perfect, and there are almost always new avenues to take that let you squeeze more revenue out of every dime. Small businesses in particular need to fine-tune their campaigns to be as effective as possible because they have fewer resources and a much smaller margin of error than bigger companies.
The business world of today is home to dozens of different marketing channels, from email to social media to blogging and everything in between. Businesses that work with this factor by implementing an intelligent strategy to study their marketing campaigns are able to discover which channels are performing best, and then spend more resources on the most effective ones. Companies that use this method have been found to increase their ROI by 15 to 20 percent.
So, how does a company examine their campaigns, increase ROI, and get the most out of it’s marketing spend?
Use A Comprehensive Analytics Program – Analytics is much more than simply tracking how many people visit a site and what they buy. While many companies use an analytics program, few use it to its full potential. Any ecommerce website should have full ecommerce tracking, including data about relative landing page success, a way to compare different marketing methods, and a way to track customer acquisition cost.
Relevant goals should be set up so progress can be gauged continually – did the customer reach this goal level or not using this lead nurturing program? Without an intelligent system of goals, there is no way to adequately study the success of a marketing campaign.
Companies using Google Analytics, one of the most popular and effective analytics programs, should study the official Google Analytics Ecommerce Tracking guide.
Invest in Offline Brand Awareness Campaigns – With any and every small business able to create a website and online advertisements, real-world marketing campaigns are beginning to stand out more than before. Seeing something in real life gives a product a solidity and ‘real’ feel, more so than products advertised online.
Magazines are a great, cheaper way to advertise. They have the advantage of already being specialized for a target demographic, instead of general audiences. This makes it easier for companies to find appropriate publications and get the word out to their target audience. Magazines also tend to be kept longer than newspapers, which are usually thrown out a day or two after they are published.
TV, radio, and in-store advertisements are still effective, with TV being the most expensive and valuable. Offline marketing campaigns increase ROI most effectively when they are combined with online marketing campaigns. A particular product can lead a consumer to a website, where they can be asked to submit a form, register for a prize, or buy a product.