Everyone wants to maximize their ROI (Return on Investment) for their marketing campaigns. However, it can be quite difficult to know where to start when you are trying to improve your marketing ROI.
In this article, we’ll discuss 3 easy ways you can start improving your marketing ROI – today!
1. Analyze All Of Your Campaigns – And Identify Underperformance
You likely have quite a few different marketing campaigns for your company. From billboards and pamphlets, flyers, signs, television/radio commercials, to SEO and PPC marketing, and marketing on social media websites such as Facebook.
This can be a good thing – diversifying your marketing materials helps identify which platforms offer maximum impact. But unless you regularly analyze each campaign – and its performance – you won’t be able to improve your marketing ROI.
Take the time to look through each individual campaign. Can you analyze how many leads have come from it? Do you know how much you’ve spent on it? Could your money be better spent elsewhere?
See which ones have the best return on investment, only then can you maximize marketing efficiency – it all comes down to focusing your efforts on what works.
2. Have A Clear Goal – And Work Towards It
This is one of the things that – shockingly – many companies fail to do. Okay, so you want to increase your marketing ROI. What’s your actual goal?
Do you want to spend less money to bring in more customers? Increase the reach of an already-successful campaign? Spread out to a new demographic?
Until you have a clear goal that you’re working towards, you won’t be able to maximize the ROI of your marketing strategy – because it won’t be clear what “return” you’re actually getting!
So when re-assessing your marketing strategies, start backwards. Don’t just look at your marketing strategies and how they contribute to a larger goal. Start with your goal, then ask how your marketing approach is helping you achieve that goal.
This top-down approach will help focus your marketing efforts, and streamline your approach to marketing.
3. Know Your Audience
Again, this is a very basic thing that often goes overlooked when you begin to run multiple marketing programs. You don’t want to appeal to the broadest possible variety of people. You want to appeal to the specific market segment that is likely to buy your products.
For example, say you’re a real estate broker. Would you advertise on Snapchat or Instagram – services that mainly bring in younger, Millennial consumers who have less money and lower incomes?
Or would you invest in platforms which are more likely to reach older folks who have substantial savings, or who already own property?
Obviously, the latter will provide better results. Marketing to younger consumers is all well-and-good, but even if they are aware of your services, they may not be able to use them for some time. Always target the consumers who can use your services or products first – appealing to other demographics should always be secondary.
Follow These Tips – Maximize Your Marketing ROI
There are dozens of strategies you can follow to enhance your marketing efforts – these are just 3 of them. But these tips are a great place to start, so think about how you can use them in your business. For more information and business advice, Nexus offers tailored consulting packages.