Companies worldwide invest a significant amount in online marketing in the attempt to achieve their ultimate goal – to maximize profit. Return on Investment (ROI) plays a central part for businesses in deciding whether to continue marketing campaigns further. As a business owner, you too have invested in online marketing with an aim to achieve high ROI and success.
When I talk about ROI, it's not just a process of checking measurements; it is a process which enables marketers to gain critical insights about overall performance and profitability received from their marketing strategies.
As a marketer, it doesn’t matter how hard you're trying. If you aren’t receiving expected ROI, then probably all your efforts are going down the drain. Not getting the desired ROI indicates you are doing it wrong or your competitors are smarter than you, and it indicates that the time has come for some in-depth brainstorming.
The desire to stay ahead of the competition often guides marketers to follow the wrong path, which may result in nothing but regret and disappointment. If you want to know what you need to do this post will provide some handy tips.
ROI Measurement: Act on Insights to Reassess, Revise and Rework
Well, it’s all about competition. Your competitors aren't taking it lightly, so neither should you. Every business owner dreams of dominating and impacting the market for the longest possible time. The major thing that motivates companies to constantly try is achieving a high ROI.
But, how do you know if you're getting a high ROI? Measuring it is the first step. It will make it easier to analyze your campaign and understand the way the market is changing. Thus, you can reassess, revise and rework your marketing strategy.
There are certain tools that offer free/paid ROI measurement facility. Some of my favorites are listed below:
If you haven’t tried these tools yet, then you're missing out on their exceptional benefits. Give them a try to learn what you're gaining from your present online marketing strategy.
Make Your Landing Page More Effective
The landing page is the first impression people have of your business – digitally. So, having an impactful and effective landing page is mandatory, as it will help you attain better conversion and click-through rates as well as boost lead generation. It has been observed that enterprises that pay serious attention to their landing pages enjoy high ROIs.
Landing pages are pretty crucial to any businesses, and it has been found that companies that have more than 40 landing pages get 12 times more leads as compared to those with just five or fewer landing pages.
So to create a highly influential landing page, follow these tricks:
- Create an action-packed title and subtitle
- Use graphics that are aligned to your business themes to make the page authentic
- Highlight the pain areas of the customers – who are your target audience
- Provide assurance and highlight value
- Offer freebies (if possible)
- Position your CTAs closer to your well-written actionable content
PPC: Delivers Instant Results and Boosts Conversions
Pay per click (PPC) is a paid form of advertising and an important part of search engine marketing (SEM). It is something that delivers instant results and boosts conversions. It is advised to run PPC campaigns only when you have a clear goal in sight.
Google’s AdWords can help you create an impactful PPC campaign that will reassure you that every penny you spend counts. The tool provides you the most critical data about keywords and ad copy that are generating clicks for your business.
Moreover, Google AdWords enables you to control underperforming campaigns. So after monitoring the performance of different campaigns for at least 2-4 months, you can easily make a decision whether things are working out like you wanted. Additionally, you can even run conversion optimization tests to improve the performance of working campaigns.
Digital Marketing Evangelist Avinash Kaushik has also highlighted a few techniques that can help you improve ROI with PPC/SEM analytics:
- Identify the keyword
- Focus on "what's changed"
- Analyze visual impression share
- Embrace the ROI distribution report
- Zero in on the actual user search query (and match type)
Embrace Inbound Marketing
The days of disturbing calls or unwanted emails are numbered. These irritating techniques to target potential customers no longer bear fruit because modern day consumers are smart and understand how to make apt choices to get rid of their problems.
This is an era of inbound marketing in which companies leverage the power of content and SEO techniques to get searched online. If you own a business or market any business, then this one goes without saying that to get searched online you need a full-fledged SEO strategy along with buyer-centric content.
Thus, instead of making the site a professional babbler, make it more specific for your buyers so that they can easily get what you want to convey.
Channel Your Resources to the Right Audience
As a marketer, you win half of your race if you succeed at identifying the right audience. Knowing your audience will allow you to channel your valuable resources towards them.
You can use Google Analytics to determine the demographics of your visitors to know exactly who they are. Furthermore, you can leverage different social media channels to identify the correlation between the products/services you offer and the audience who's searching for them.
To get connected to the right audience, you need to ask yourself a few questions:
- What can you offer and who is affected?
- How can you reach them?
- Where are they located?
- When do they come online?
Knowing this can make all your marketing campaigns and efforts worthwhile.
Start Content Marketing to Boost Brand Engagement
Content marketing is an integral part of online marketing. When a modern user visits your site, the first thing he or she notices is the content.
You can publish buyer-centric content in the form of white paper, infographics, web content, blogs, articles, podcasts, videos and so on to boost engagement. By providing real value through content, you can increase the readership and build brand loyalty.
By using tools like BuzzSumo, you can analyze the ongoing trending topics that users liked the most.
So rather than creating content in potentially inaccessible professional language, you must try and reshape it to better reach your audience. Doing so will give your brand massive engagement, which will improve the chances of lead generation and conversion.
Be Proactive with Social Media Marketing Campaigns
With the massive 1.59 billion monthly users, Facebook has dominated on the social front. Following it is Twitter with 320 million monthly users. Every social media platform has its dedicated audience, and advancement in several web-based technologies has made these platforms an ideal place for marketers to start and execute different marketing campaigns.
But before starting your campaign, you need to create a powerful social media strategy.
For running social media marketing campaigns efficiently, you should:
- Never rely on a single platform
- Create customer-centric actionable content
- Deliver information but through various modes
- Be on track and monitor results often
Email Marketing Generates Leads and Encourages Re-Marketing
Marketers who think that email marketing is dead are actually making a big business gaffe. This conventional way of marketing is still valuable and promising. However, the advent of smartphones and other technological advancements have forced email marketing to change and adapt.
To better understand the situation, let’s begin with some striking information:
- As per McKinsey & Company, conversion rates through emails are three times higher than social media.
- According to BlueHornet, emails are highly effective at generating leads as 72% of buyers sign up for emails to get discount benefits.
Some crucial tips for an effective email marketing campaign:
- Don’t forget to target mobile audiences – mobile is the future
- Create a subject line that compels buyers to open it
- Personalize content to target the right audience
- Fuel your content marketing through emails
Email personalization aims to target a particular audience, encouraging re-marketing and undeniably boosting engagement.
Perform Regular Competitor Analysis
The saying goes, “keep your friends close and enemies closer.” But, the phrase should be tweaked a little to suit the business world: “keep your friends close and competitors closer.” This can actually be your success mantra. Try using these powerful tools that offer free/paid analysis:
- SEMrush – You can use the tool to gain insights into competitors’ strategies by analyzing their best performing keywords and perform lots of other functions.
- Ahrefs – This is one of the most powerful and comprehensive tools that allows you to analyze the backlinks of your competitors.
- Open Site Explorer – You can use this tool to explore your competitors from the technical and social point of view.
- RankWatch – This fantastic tool enables you to compare your competitors in terms of keyword usage, rankings, and other parameters.
- BuzzSumo – BuzzSumo is one of the most useful tools that you can use to analyze trending content. Furthermore, you can also see the content shared by your competitors to attract customers.
With the help of different tools, you can not only measure the effectiveness of your marketing campaigns but also act accordingly to attain significant improvements in ROI.
Beside this, to remain ahead in the competition, business sites need constant optimization to meet market challenges. The performance of a website really matters when it comes to getting maximum ROI from online marketing.
You can include content updating, CTA alterations, navigation testing and other elements in your experimental goals.
However, these changes shouldn’t be done on live sites. Instead, make a separate version of the page and test it with A/B tests or multivariant tests to optimize it and only set it live after monitoring the results. By setting the best version live, you can improve the overall performance of the site.
To further prove my point, I am sharing the case study for Cadbury. With its “Chocolate Charmer” online advertising campaign, Cadbury attained an ROI that was 4 times higher than its TV campaign. They only spent 7% of their budget in the online campaign, but it generated about 20% of their sales.
Online marketing is pivotal to business success in today’s time. So, you must plan to create a successful campaign and measure them to ensure you attain maximum ROI. The points that I have mentioned above simply portrays the essentials that every smart marketer need to follow to maximize returns from online marketing.
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