With access to the outside world largely restricted thanks to the ongoing coronavirus issue, businesses need to look more closely at just how effective their online marketing campaigns are. If you’re not getting the return on investment that you need, here are some tips to help you turn things around and get your money’s worth.
Pay attention to the analytics
First of all, to really get an idea of ROI, you need to know how effective your marketing actually is. Avoid the marketing mistake of looking only at vanity analytics and focus on what really determines the effectiveness of your marketing methods. The conversion rate shows how many people who click on your site actually become customers. Cost per sale shows how much you’re paying for every conversion. These are the most two important stats when looking at ROI.
Find your best channels
It’s all too easy to try pumping money and time into a marketing channel that isn’t going to give you the returns that you want. Find which marketing channels best suit your business. For instance, with technical products, video marketing showing demonstrations is a better way to communicate their value. With lifestyle products like food, fashion, and homeware, the highly visual nature of Instagram might be better suited.
Make sure your targeting is good
You want to make sure that your messaging is hitting the people who are most likely to be moved towards conversion by hearing it. By targeting your ads at the right audiences, you can greatly increase the percentage of people who respond to it. Remarketing to people who have already visited your site can help you convert those who are already partway convinced instead of letting them off the hook, as well. Define your audience and make sure you’re targeting them specifically at every turn.
Manage your budget
Return on investment isn’t just about effectiveness, it’s about how much you’re paying for that effectiveness. For things like advertising campaigns, it’s easy to let your ad spend keep growing or stay at a high level when you could decrease the budget a little without harming your analytics. Good PPC management is essential for making sure you get your money’s worth. Don’t set it and forget it, either learn how to manage your spend, yourself or work with those who can take care of it for you.
Test, test, and test again
Optimizing your marketing so that the latest ad campaign or website version is better than the last one is the best way to make sure you’re spending your money well. A/B testing is all about launching test versions of marketing campaigns to see which ones work better, allowing you to figure out what elements and messaging works best for your audience so that when you put the weight of your budget behind it, you get the best results.
If you’re paying for a digital marketing campaign then it’s important to make sure that it’s actually doing what it’s supposed to. Too many business owners assume it’s all working without looking at the facts. Make sure that doesn’t happen to you.