Marketing is essential for any business; it educates, informs and keeps your customers engaged with your business, products and services. It can also help your company build a strong reputation and maintain demand and relevance for your products and services.
When launching a marketing campaign, you want to ensure it’s as successful as possible given the effort, time and money you’ve put into it. Whether you’re aiming to increase sales, attract new customers or build brand awareness, you need the right strategies to maximise your return on investment (ROI).
Below are several areas to consider when looking for methods to increase your marketing ROI.
1. Determine Your Core Metrics
Core metrics for any marketing campaign include sales, leads and traffic. To determine how effective your marketing messages are, measure your conversion rate, bounce rate and unique visitors after every campaign to see how they behaved. If your conversion rate is up or your bounce rate is down, you’ve likely executed a successful campaign. This information provides data on how to further improve your ROI, meaning you can refine your marketing tactics to continue appealing to your target audience.
2. Try Different Marketing Channels
In today’s digital economy, it’s important to test a range of campaign channels to determine which ones work best for your business. This can include having a mix of both digital and more traditional channels, depending on your campaign objectives.
Some key marketing channels to try include:
- Social media
- Direct mail
- Digital advertisements
- Video marketing
- Content marketing
- Mobile marketing
Once you know your most effective marketing channels, you can focus on them to increase your ROI.
Experimentation helps identify opportunities for growth. A simple test-and-learn approach can provide many valuable insights. For example, you can try taking one action with a target group and no action with a control group. Then, compare the results from each group to determine how well the action worked. It’s a good idea to stay focused on one area of experimentation at a time to help ensure that your process and results are as clear as possible.
4. Run A/B Tests
A/B testing involves modifying one element of a campaign and comparing its performance to a previous campaign. This method allows you to see which campaign strategy works best so you can determine the ideal way to optimise your marketing efforts. Elements that could benefit from this testing include:
- Calls to action
- Website layout, design and copy
- Navigation links
5. Get Direct Feedback With Survey Sampling
One of the best ways to determine what your customers want is by asking them directly. You can survey a sample of customers to get answers to questions that inform your marketing efforts. There are many sampling methods to choose from, so you can select the one that works best for your specific needs.
6. Focus on Your Spending and Income
When determining how to improve your ROI, you must focus on how much you’re spending and bringing in. Analyse your spending and income at each stage of your campaign to discover areas where you’re spending a lot but getting poor returns. You can also compare your core metrics from each of your marketing channels to determine if you’re getting the results you want.
Measuring your marketing ROI is important as it can provide valuable insights and tangible numbers to help you evaluate the performance and success of your campaign. This data can further help you create and steer your future marketing campaigns in the right direction. Better campaigns will ensure that you’re adding value to your brand and help shape your marketing investment choices in the future.