Are you looking for ways to increase marketing ROI and need help determining how to implement the best strategies? In this article, we share 5 proven methods of ensuring that your marketing ROI is at an all-time high, which means you can get more sales and customers.
You’ll see that by optimizing your strategy you can save money on marketing efforts and get even more customers with the same budget. Getting this right can be the difference between running a successful and failing business. Continue reading to start growing your business with marketing insights.
Step 1: Choose High ROI Marketing Channels
The first step of the process is to choose a marketing channel that is generally considered as high ROI. This ensures that you start off at a advantage instead of trying to turn more difficult marketing channels into winners.
For example, every $1 spent on email marketing provides a return of $40 on average. This is considered one of the highest ROI’s in the marketing industry. However, your performance will vary on the execution of the email marketing strategy, your industry, and other factors.
Other high-ROI marketing channels you should consider are PPC, Influencer marketing, Social media, and content marketing. These are proven to be some of the best ways of scaling a business if you choose the right approach.
Step 2: One Marketing Channel at a Time
Don’t spread yourself too thin by starting off with too many marketing channels. While an omni-channel approach is the best in the long-term, you need to master one at a time to ensure each one has an optimized ROI.
Otherwise, you can blow through your marketing budget fast without getting great results. Once you increase profits from one marketing channel, you’ll have extra resources to invest in others. This is a reasonable approach to growing your business.
Note that not all marketing channels take the same amount of time to master. For example, you can master PPC quickly because it’s a fast-paced method. After putting up the advertisement, the results will appear within 24 hours. Whereas, when you do SEO, it can take weeks or months to see the fruit of your labor.
Step 3: Hire a Marketing Company
Don’t have good marketing skills or the desire to learn them? Then you can hire a marketing company to help you get started. During the process, you’ll learn how to market your business properly across multiple channels.
Professional marketing services understand how to increase ROI so that it’s optimized. When choosing a service, make sure that they have a proven track record and understand how to get the best ROI for your industry.
Also, check to see if they have the capacity to attend to your project. Otherwise, you may find that they have too many more important clients, and your project is not made one of the priorities.
Step 4: Education
It’s a good idea to educate yourself on the best marketing practices. Here are a few ideas on how you can go about improving your knowledge:
- Mentor: getting a mentor to teach you the best marketing practices is a good shortcut if you can afford it. However, finding the right mentor can be tricky, ensuring they have time and the right expertise. Also, look at their track record and style of education. You can also find free mentors on social media websites.
- YouTube: there are a large number of informative YouTube videos that share marketing strategies. Exploring and digesting these will improve the quality of your approach to optimizing your ROI.
- Courses: there are many marketing courses out there that you can take and they don’t take a long time to complete either. Within a few weeks, you can have the knowledge to get started in your pursuit of increasing marketing ROI.
- Trial and error: in some cases, the best way to learn is just to go out there and do it yourself. Having first-hand experience is the right step after you have learned a few basic lessons elsewhere.
- Competitors: you can spy on your competitors to see how they are succeeding with marketing strategies. For example, you could subscribe to a competitor’s email list and inspect every detail of their approach. This will give you some ideas for implementation.
Step 5: A/B Split Testing
A/B split testing is a strategy marketers use to improve the quality of their approach through modifying variables. For example, you could modify the subject line but keep everything else the same about your email and send it to two different groups. This will help you discover the best subject line in terms of increasing the ROI of the email campaign.
Furthermore, you need to make sure that a sufficient number of emails are sent to each group so that you receive statistically meaningful data. Otherwise, you’ll draw incorrect conclusions from meaningful data.
There is no end to the amount of A/B split testing you can do. In fact, you can keep testing variables in pursuit of the best ROI in your industry. However, the testing process takes up resources, so you’ll need to determine what you can allocate.
To summarize, you can increase marketing ROI to new heights with the insights in this article. Make sure to take all 5 steps at a time, and you’ll have a simple time improving the quality of your approach.
Note that there are many limiting factors that are out of your control. For example, the industry, technological developments, market dynamics, and much more. Therefore, you tend to set realistic expectations for what you can achieve with a marketing channel’s ROI.