Running a small business is tough and so knowing how to increase marketing ROI is vital for your small business. With tight budgets, slim profits, and limited resources, there is always a constant struggle to cover expenses. Many small business owners have to wear many hats and fill in any shortcomings themselves, either due to lack of revenue or a desire to maintain the same profit year after year.
That’s why it is crucial to maximize and increase marketing ROI. You don’t have the flexibility for trial and error as a small business. You need to know everything you can about how an investment will play out.
Unfortunately, all of this is pretty risky.
Luckily, we put together these seven tips you can use to help increase marketing ROI when it comes to your small business.
7 Tips to Increase Your Marketing Return On Investment
1) Know Your Goals
What is it you want your marketing to achieve? Knowing your goals will allow you to focus on your marketing and make it more impactful. If you want your customers to sign up for your newsletter, you can craft marketing materials and messages for that specific goal. If your focus is on increasing revenue, you can create marketing materials with a particular call-to-action to buy products, recover abandoned carts, or walk through your doors. Don’t scatter yourself too thin trying to do a bunch of things at once. Establish what is most important and focus on the crucial items first.
2) Discover Your Best Channels
Rely on real data and experimentation to tell you what channels are working best. By the way, a marketing “channel” is a method of communicating with your audience through a particular tool or platform, such as social media (Facebook, Twitter), direct mail (printed mailers, door hangers), digital advertisements (Google Adwords, display ads).
Learning the best channels takes time, but once you do, you can focus more resources on the ones that work best. Cut out the ones that don’t. Circle back to them later when you can experiment with them some more, without losing too much money.
3) Perfect Your Integrated Marketing Campaigns
Integrated marketing is a cross-platform approach to creating a cohesive and seamless experience for consumers to interact with. Whether your customers are online, watching TV, or reading something in print, your message is consistent and recognizable.
Integrated marketing is great because it can increase visibility and also enhance your message. In fact, 72% of consumers prefer an integrated marketing approach.
4) Use Optimized Campaigns To Reach Targetted Customers
Here is where real data will help you again. You could run a boosted campaign on social media, but you won’t be getting much for your efforts. Instead, use your budget more effectively and make your messages more impactful by developing targetted campaigns aimed at specific customers.
For example, let’s say you have a list of customers who have opted-in to receive emails from you. Use that list and cross-reference it to the emails that have signed up for your customer rewards program. Then, using the list of emails who are not signed up, send an email blast to tell them all about your customer reward program and how they can sign up. You can take this a step further and upload this list to Facebook, where you can create ads and sponsored posts about your loyalty program.
5) Use Content Marketing
Content Marketing is one of your best marketing channels that can have long-term benefits. Not only is it one of Google’s most important ranking factors, which will enhance your visibility in search rankings, it also offers a high return on investments. Content marketing provides minimal costs, long-term durability, and compounding effects.
Even if you don’t have the time, money, or skills to create videos or infographics, you should still focus on well-written content, such as those on a blog. Plus, even if you can’t publish multiple times a week, you’ll again see results from posting once a week. Quality is more important than quantity.
6) Automate Tasks
One of the best benefits of digital marketing is that so many platforms allow for automating certain responsibilities.
Here are a few examples:
WordPress: Schedule blog posts to be published on a specific date.
Facebook: Schedule your posts in bulk
MailChimp: Schedule email marketing campaigns
By automate your tasks, you can save time and money. Also, you can schedule for weeks or months in advance so that you can focus on your business—and never miss out on posting during crucial moments.
7) Always Measure & Improve
By measuring your marketing efforts, you will know that you’re strategy is working. Data will become your best friend regarding trying to improve your marketing’s return on investment. Use as many free analytics tools as you can, such as those built-in to social media, or invest in software that covers all your channels. Monitor your performance of each channel and also measure the performance of individual campaigns that are being used on that channel as well. This will allow you to adjust as needed and optimize every dollar spent.
Increase Marketing ROI Today
By using these seven tips, you can become more efficient and start seeing a higher return on your marketing investment. Being smart with your resources and using real scientific data to influence your actions, instead of guesswork, will help tremendously.