When you want to focus on increasing your marketing campaign ROI (return on investment), you have to pay close attention to small details as well as the big details. We all know that to increase your ROI, you need to increase your income, decrease your costs, or both. In this article, we are going to give you 7 ways to increase your marketing campaign ROI.
1. Focus on Growth
Whether you are a small business or a big business, it can be tempting to focus on cutting cost. What you want to focus on is increasing your income so you can increase your growth. Look for ways to invest your money in time creating systems that will make you money now and in the future so your business can keep growing and does not experience stagnation.
2. Make Analytics Your Friend
Whether you love crunching the data or not, you need to know what is going on and why. Analytics will tell you where you are making the most profit in your business. Let’s say that you have one part of your business where you are running ads on an online platform and you are generating $1,000 in revenue but you are also generating $1,000 in revenue from billboard advertising. Unless you look at the analytics you would know that you are bringing in the same amount of revenue but you are spending $200 on one and $800 on the other. With this knowledge, you might decide to allocate more ad spend to the more profitable part of the campaign if there is room to scale.
3. Raise Your Prices
Raising your prices will not only give you more capital to work with, but it will also put pressure on you and your product to be of high quality so the price raise is validated. If you simply raise your prices and hope people are going to be happy with paying more for the current product, that isn’t going to work unless you are going after new customers that have not seen the previous price. If you want to increase your price to current customers, you must show a true reason for the price increase.
4. Market to Your Target Audience
If we could all market to only the people that would want our products and services, that would be an ideal world. With the latest advancements in technology, this is becoming more and more possible. You can now use account based marketing on LinkedIn which will allow you to send InMail and use other marketing strategies on specific LinkedIn accounts. This means more of your marketing dollars are going to be invested getting in front of the people that are most likely to be in the market for what you have to offer.
5. Experiment & Grow
You need to constantly be experimenting if you want to go to the next level, but you also need to experiment if you want to stay in the game. Your competition is learning the latest and greatest marketing tools and you need to learn them as well.
When you are experimenting, you need to give the new method enough time to work. Additionally, you need to go back to the metrics we spoke about above and see how the new techniques are performing. If you put new strategies in play, but you do not track them, you won’t know if they are increasing or decreasing your ROI.
6. Automate As Much As Possible
You can’t be everywhere at once and you don’t want to be. Micromanaging and doing everything yourself is not going to allow you to get to where you want to go. You need to create systems and automation in your business that will be able to run when you aren’t there.
One of the easiest ways to put automation to work for you is by using email marketing. Email marketing is going to enable you to continue to reach interested customers that already know about you, (because they subscribed), right in their inbox. Email marketing has proved to have a high ROI and once you have acquired the email address, there is no more cost going out to reach this segment of potential customers.
Source: Neil Patel
7. Use Video
We all love video and whether it is a moment we are too tired read or we need an explanation that only a video can give, video helps with conversions. Having well thought out messaging in sales videos, explainer videos or introduction videos will help you turn your potential customers into customers.
According to Facebook there are over 100 million hours of video consumed on a given day. Making sure that your video is one of those videos can mean an increase in your ROI if you learn how to market online with video. It does take skill to be able to be heard through all of the noise that is on Facebook, YouTube or any other platform where people watch videos, so you have to make sure that your video is worth watching.
While any one of the above tips can help you increase the ROI of your marketing campaign, if you do nothing with the information you won’t see any results. This will have just been a good read. Take a minute to make a plan and start using these strategies in your own business today so you can start seeing results like more revenue and more net income.