When it comes to your marketing, every dollar counts. Are you getting the best possible return on your marketing investment? If you think you could (or should) be seeing a better ROI, the following five tips could help. Each one can help you with one specific area of your marketing, allowing you to enjoy a better return on every dollar you spend.
#1 – Discover & Evaluate Your Core Metrics
Metrics will play an integral role in your ability to grow your returns. After all, it is these metrics that tell you which campaigns are working, and which ones are not. Some of the metrics that are crucial to your success include sales, website traffic, and lead generation. You must carefully measure and optimize these, but you must do so in a way that works for your unique business needs.
For example, when it comes to website traffic, you should drive traffic to your sales page rather than other pages. Though having information available is also quite important, targeted traffic directly to your sales page will provide you with a better return, dollar-for-dollar, than traffic targeted to your blog. Once you can figure out what works best – in other words, what brings your sales page the most traffic – then you can find ways to make it better. Options include search engine optimization, website tweaks, and even new website content.
#2 – Run Experiments & Analyze the Results
Far too often, companies will put all their marketing dollars into one or two channels that have proven successful in the past. Some companies might opt for online marketing via their websites, leveraging SEO to drive sales. Others may prefer email and SMS marketing tactics. Though any of these can certainly provide you with more traffic (and, ultimately, more sales) it is often better to combine multiple channels. Options include content marketing, paid digital advertisements, social media, SMS and push notifications, and email marketing, just to name a few.
#3 – Do Not Discount the Power of Video
Experian, one of the leading credit bureaus, conducted a survey to determine whether embedded videos could improve conversion rates in email marketing. They found that conversion rates increased by an average of 21%, and they even found that click rates went up by 13% if the email said “video” in the subject line. With the average person receiving roughly 84 emails a day, it’s vital to stand out and make things convenient for your leads and customers. According to Facebook, its collective audience views 100 million hours of videos each day. Optimize your videos with text, too, so they are still meaningful, even without sound.
#4 – Consider A/B Split Testing a Must
When you are trying to boost your marketing ROI, it’s important that you understand which campaigns – and even which types of campaigns – work best for your unique needs. This is where A/B split testing comes into play. Essentially, it compares one variation of a campaign against one you are already running to tell you whether that change would benefit your marketing attempts. This is one of the best ways to gather data for overall marketing optimization. By experimenting with alternatives, it is easy to see which ones can benefit you without making a significant financial commitment beforehand.
#5 – Eat, Sleep, & Breathe Metrics
If you pay enough attention to your metrics as you follow the steps above, you will learn how to read these numbers much like a book and make the necessary adjustments. To truly compare your metrics, consider using a unique URL for every campaign you run. This way, Google Analytics can show you data separately, especially if you use a plugin called Google Analyticator for WordPress blogs. You might also choose to use a service like bit.ly, which shortens your links and allows you to gather in-depth information simply by adding a “+” to the end of any link. By eating, sleeping, and breathing your metrics, you are far more likely to understand them.
Making every single marketing dollar you spend count is vital to your overall success, and these five tips can help you do just that. By discovering and truly getting insightful with your metrics, running experiments, trying different channels, and even utilizing video wherever possible, you can drive your marketing ROI through the roof.