Henry Ford once said that “stopping advertising to save money is like stopping your watch to save time”. In order to generate enough money to keep your marketing campaigns going, though, it’s essential to make sure that you are achieving a healthy ROI for your efforts. To help you make the most out of your company’s marketing budget, here are five proven marketing strategies that are sure to boost your ROI.
Email Marketing
Email marketing may not be as trendy as more recent marketing developments such as social media marketing, but it is still one of the most powerful tools in any company’s digital marketing toolbox. In fact, four out of five marketers say that they would rather give up social media marketing than email marketing according to a Hubspot survey. There are approximately four billion daily email users worldwide, encompassing a little over half of the global population and presenting a wealth of marketing opportunities.
Of course, reaching these billions of email users isn’t quite as simple as just sending out a mass cold email. First, you will need to grow your list of subscribers and ideally populate it with qualified leads that are genuinely interested in whatever your company is selling. This can be done in-house or by using a service to obtain quality digital marketing leads for your business.
Once you’ve managed to build a large list of subscribers, though, the possibilities presented by email marketing are limitless. From reconnecting with shoppers who have abandoned their cart, to promoting new deals and discounts, to upselling additional products and services to existing customers, there is no shortage of ways that you can leverage email marketing for increased revenue. Best of all, email marketing is automated, highly affordable and often completely free once you’ve managed to build your list, making it an easy way to help stretch your marketing budget further.
Content Marketing
Content marketing accomplishes two different yet highly important purposes that can both boost the ROI of your marketing efforts. The first of these purposes is improving your website’s SEO so that it will rank higher in the search results and be found by more potential customers. There are a lot of factors that go into the algorithms that Google uses to determine search results rankings, but the presence of high-quality content is one of the most impactful. If you want Google to rank your website as high as possible, it is essential to populate it with plenty of well-written and keyword-optimized content.
In addition to helping drive more traffic to your website, content marketing also serves as a powerful way to communicate key messages to potential customers. Whether it’s soft-selling your products or services by educating customers on the benefits that they provide or simply offering valuable information that is designed to establish your company as an authority in its field, content marketing can be used to accomplish a number of marketing goals.
It’s also worth pointing out that the content in content marketing doesn’t always have to come in the form of purely written text. Other types of content that can be highly effective elements of your overall content marketing strategy include infographics, videos, podcasts, photos, IG stories and beyond. Infographics can be an especially useful way to present important information in a visually appealing format, and high-quality infographics are surprisingly easy to create with the help of free infographic templates.
Videos can be created with software such as Write-on Video, Adobe Premiere Pro or DaVinci Resolve – depending on your budget and your marketing team. You might have to outsource your video creation as well to achieve truly professional results.
AI Marketing
As AI technology becomes more and more prevalent and accessible, businesses of all sizes are now starting to use AI to guide their marketing strategy. There are several different ways that AI can be leveraged in marketing. For most companies, though, the biggest marketing benefit that AI offers comes in the form of data analysis.
Every successful marketing campaign is driven by quality data. While collecting customer data can be a challenge in itself, analyzing that data for beneficial insights can be even more difficult and time-consuming. With AI-driven data analysis tools, though, companies can draw much more value from the raw data that they collect and use AI-generated insights to guide their marketing strategy. Given the wide range of AI data analysis tools on the market today, there’s no good reason not to start leveraging AI as part of your data analysis process.
Creating a Sales Funnel
It isn’t often that a customer purchases a product the moment they see an ad for it. Instead, most customers undergo a process that is known as the customer journey that entails research into both your product and your company as a whole. As a marketer, your job is to carefully guide them along this customer journey by creating and optimizing sales funnel for your website.
A sales funnel is a series of web pages and marketing strategies that is designed to nudge customers along the customer journey toward the point of purchase. One example of what a sales funnel might include is an ad where customers first learn about your product that leads to a landing page that presents more information and an opportunity to sign up for your mailing list. From there, the rest of your sales funnel could include an email nurturing campaign that continues to educate customers about your product and company and ultimately guides them to your product page where they can make a purchase.
Achieving a high conversion rate is the most important goal when it comes to maximizing the ROI of your marketing campaigns, and few elements are more important when it comes to boosting conversion rate than an effective sales funnel. You might need a ROI calculator to check the outcomes of your campaign.
Quality Reporting
Digital marketing is largely a process of trial and error, utilizing A/B testing to determine what works well and what doesn’t. In order to learn from the results of your campaigns and engage in a process of continuous improvement, though, you need to have a good reporting system in place.
All of the data that you gather from a marketing campaign and your A/B testing efforts should be organized and carefully analyzed for insights. Hearkening back to the value of AI, this is a process that can be made much more effective with the right AI tools. However you go about it, implementing a process of data reporting and analysis is something that is sure to help you boost the ROI of your marketing campaigns moving forward.
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