4 Ways to boost your digital marketing ROI
Your Return on Investments (ROI) is one of the most important areas that needs to be constantly monitored in the world of business. In monitoring your ROI, it tells you if your business is a profitable investment to place your time and energy into or if changes are needed.
If you’ve found that your marketing ROI needs some improvement, but are unsure as to how to make this happen, this expert guide will give you the top key principles to improving your marketing ROI so you can see more profits in your pocket.
Firstly, define your goals clearly:
The first step in measuring and improving your digital marketing return on investment is identifying clear goals that allow you to achieve objective results. If your goals are unclear, then there’s a good chance that you might not be using the right metrics to track your ROI.
Developing SMART goals for each campaign before you implement the tactics is a great way to make sure you’re on the right track for success. Without clearly defined goals in place, you won’t be able to measure your ROI properly. And if you can’t measure ROI then you can’t find ways to improve it. When establishing a business goal, it helps to keep the acronym “SMART” in mind, a reminder to make sure the goal is Specific, Measurable, Achievable, Relevant, and Time-bound.
Perhaps – “Convert 20% of leads into customers” is your goal. Then, you need to make sure that this is time bound. So, adding a timeline like “in quarter 3” or “in 6 months” ensures you have an objective to complete your goal.
KPIs should relate directly to your goals:
Once you have clearly defined goals and objectives in place, you need to make sure that you’re choosing Key Performance Indicators (KPIs) that align with these goals. KPIs are the key metrics or ways that you measure your progress toward these goals.
KPIs for SEO will be different than KPIs for email marketing or social. If you don’t have KPIs in place, you have no way of monitoring your progress towards your goals.
Keep Testing different Strategies Regularly:
Testing is an essential part of improving your digital marketing ROI. The only way to know for sure which elements of your digital marketing campaigns are impacting your success is to test them. You can run A/B tests on different aspects of your digital marketing campaigns to see which elements provide better results. From email marketing to social media content to PPC ads, every element of your campaigns can benefit from thorough testing.
Not only does it help you improve the performance of individual digital marketing campaigns, but it can also help you discover new insights that can be applied to your broader digital marketing strategy.
Analyse and make constant Improvements:
Once you’ve done some experimenting and have continued to track measurements over time, you will start to notice some trends or areas of opportunity. It’s not just enough to track your chosen metrics over time. If you really want to improve ROI, you’ve got to adjust your campaigns based on what you find. Perform new tests based on what you find to continuously find new ways to make your campaigns even better than before.
For example, let’s say that you are using sale conversions by different devices as one of your metrics. In measuring this metric over time, you find that certain demographics of your population, such as younger age groups, prefer using mobile devices. If you want to improve ROI by boosting conversions on these devices, you might consider tailoring your messaging and offers on mobile campaigns to appeal to this segment of your target population.
Improving your marketing ROI won’t happen overnight, however by making the right changes to your marketing efforts, your business has the potential to see growth in many areas including in your ROI.