If you have already set foot in the business world and are starting to get a hold of it, it’s time you start thinking about multiplying your ROI. There are many ways to do that and one of the popular ways is undoubtedly marketing.
Marketing & promotions are one of the most effective ways to increase your ROI. And with the recent digital invasion in the marketing sector, you must go for digital marketing. It’s highly cost-effective while giving better results than traditional in most cases.
Hence, if you wish to employ digital marketing to boost your business ROI, we’re here to help you. In this article, we’re going to highlight some top ways in digital marketing that will increase sales.
But if you’re someone who’d like a more personalized approach to digital marketing with industry exports and mentors, this MBA in Digital Marketing is a good idea.
Moving on, let’s first understand the different variables that affect your ROI.
Understanding Variables under ROI
Your ROI will show whether or not your marketing efforts to gain new clients were successful when you calculate it. That is, whether the investment was cost-effective. If this statistic is negative, it means that a strategy’s expenses outweigh its profits, and the company is losing money on that strategy.
When the opposite happens, it shows that it was useful and had the anticipated effect, resulting in higher numbers than the initial investment.
With these facts in hand, you can determine whether your company’s marketing plan is working, allowing all decisions to be based on data and statistics rather than hypothetical forecasts. As a result, any company’s return on investment (ROI) from digital marketing is a vital statistic for success.
Let’s now look at some useful digital marketing strategies that you can use if you aren’t already.
Digital Marketing Ways To Improve Business ROI
CRO, or Conversion Rate Optimization is a highly effective marketing strategy that will help you optimize your work in a way that gets you more conversions without increasing your budgets. They’re nothing but making minor edits or adding small elements to your experience which make a very big difference.
For example, you could add bargaining chatbots to your best performing product pages or you can add pop-ups on relevant pages which trigger on certain scrolls, etc. All these CRO techniques can bring your lead gen up by 3x. If you’d like to know more about CRO and how to integrate these strategies.
Predictive Analytics Tools
Predictive analytics is a useful tool for determining and improving your return on investment. It primarily makes use of machine learning and artificial intelligence to collect insights from vast databases, models, & algorithms to predict future customer behavior.
Predictive analytics can also assist marketers in identifying and prioritizing leads in order to identify the most likely customers to convert. Cortext, an AI-powered tool, employs predictive research to find out the preferences of your audience. The tool analyses data to forecast which visual content might appeal more to your target audience, & then accordingly creates high-quality social media content customized for you.
Predictive modeling is an effective method of calculating and improving return on investment. These analytical tools, which were previously only used to anticipate conversions or sales before starting a marketing campaign, now allow marketers to discover specific and qualitative data about individuals and organizations utilizing internal, website, and social data.
Automate Email Marketing
Emails still remain one of the best forms of marketing communication methods and they’re also high-performing when it comes to converting leads into sales. Hence, if you wish to increase the number of sales from remarketing, you must automate your email campaigns.
Use customized and personalized communication to target this lot and set triggers for different timelines and actions of the user. This will definitely help you push a consumer better & faster into the funnel.
You can also set a separate automated email campaign for all your past customers where you can introduce the latest products or offers. This group of audience requires least persuasion and hence, will again help you up your ROI.
You might already be doing SEO for your website and all pages on it (if you’re not, this is your sign to start), but it’s now time to go international with it. Why? Now, it’s not secret that SEO is a zero-cost strategy that can genuinely attract heavy traffic and bring conversions.
The same logic applies to international SEO and this time, you will be expanding your geographical boundaries at little to no cost but at the same time, you will be earning in all currencies.
You also start forming a global presence which is the need of the hour. It helps you beat competition and capture untapped potential markets from your home country.
These were some of the best digital marketing strategies that you must use if you want to push your ROI further up.
Some other things you must keep in mind is to ignore vanity metrics. They’re all those numbers and statistics that look big but don’t really make a difference. For example, an increase in the number of followers may not always impact you.
Lastly, if you’re under the start-up category, along with using the strategies mentioned above, you can also use these digital marketing tips specifically advised for startups. So make sure you read that blog as well.
Do you have any strategies that helped you bring a drastic change to your business sales and ROI? If yes, then do let us know in the comments section below so that we can help other companies benefit from it.