Get The Highest Marketing Return On Investment With These 7 Powerful Steps

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Around 70 percent of businesses lack a content strategy.  

It could be that they don’t see the value of content marketing. They don’t see the return on investment with blog content or any other form of marketing. 

This is also true with businesses that are transitioning to a digital marketing strategy. Since COVID-19 disrupted businesses across the nation, more businesses are realizing the need to have an online presence. 

This includes a website, a blog, email strategies, social media advertising, and more. But what’s the key to the best return on investment for these businesses? What should every business expect to get out of it when they invest in a digital marketing strategy? 

That’s an important question to ask, especially if you have a razor-thin profit margin. You don’t want to spend what you’re earning on something if it isn’t a sure thing. 

Here’s a guide on how to get the highest return of investment in your marketing strategy. 

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1. Know Your Marketing Goals

When you are trying to improve your business ROI, you need to know what your end goal is. You need to know what you are trying to aim for, which gives you a practical idea of how realistic it is to achieve that goal in however many months. 

When you execute a business strategy that’s aligned with your business goals, it can help you improve your overall ROI. 

Of course, you also need to know examples of successful strategy execution, the strategy execution process, and understand a strategy execution model. This can help you improve your ROI because you are looking at specific examples of what works. 

You’ll see how strategy execution and ROI are linked and how they fit together. Knowing your goals is the first step in aligning strategy execution and ROI because you are seeing what works in your business. 

2. Look at Your Analytics

One of the best ways to look at how you can improve the ROI of your digital marketing strategy is to look at analytics. You want to see what is working in terms of clicks, cost per lead, and conversions. 

You can also take a look at website analytics and see what pages are viewed the most. This helps you assess what kind of user engagement you are getting from your website and if you can optimize it. 

When you have an idea of the users who are engaging with your website, you can optimize a blog post and certain pages because you know what’s working. 

If you are running social media campaigns, take a look at how many new followers you are getting on a weekly basis. You also want to see who’s engaging with your brand on social media. These are people who are making comments on your posts or clicking and visiting your website. 

When it comes to email marketing, you should consider what kind of open rate you are receiving. You also want to see how many people are clicking on your email links of promotions. Another email measurement is seeing how many people are unsubscribing from your emails. 

marketing return on investment
It’s time to start planning and evaluating your marketing as you do other areas of your business. Use your strategy and acumen in your marketing and you will increase your return on investment.

3. Improve What’s Already Working

After you take a look at the analytics, you should consider optimizing areas of your digital marketing strategy that is working, that is converting leads. 

When you are optimizing your landing or sales page, or whatever is working in your digital marketing strategy, it also means you are taking less focus off of something else. 

It should help you take your broad marketing strategy and narrow it a bit so it’s more focused. You want to take some strategies that are not working and redirect your marketing budget to parts of your marketing strategy that are successful. 

This is why it’s important to have a broad marketing strategy, at least in the beginning. It helps you assess what is producing the most revenue. Then you can optimize that strategy. 

4. Retarget Audiences

When you are trying to improve your ROI, you should consider retargeting audiences

For example, your first marketing strategy may have targeted people who were unfamiliar with your business. You were targeting people and introducing them to your brand. 

But when it comes to improving your conversion rate, building a relationship with customers, and improving your digital marketing ROI, you need to retarget audiences. Retargeting allows you to reignite someone’s interest in your business. 

You are showing them more ads of your business, warming them up to your business what valuable information. When you retarget audiences, you aren’t trying to convert cold leads, you are trying to convince people who have already been introduced to your business but didn’t take any action. 

Retargeting methods may include showing audiences different videos that convey more information, different landing pages, different guides, and more. 

5. Refocus What You Are Providing to Your Target Market

If you are initially targeting an audience or retargeting an audience, you have to constantly evaluate what kind of information you are providing to them. You have to reevaluate the guides you are providing to your target market. 

You don’t want to create something quickly with little value. You want to create high-quality information that is going to entice your target market to take action. You want to give your target market something that represents your brand. 

You want to make sure your brand is telling a story that has an emotional appeal to your target market. This story should convey the benefits your target market is receiving when they are receiving any kind of information from your brand. 

If you want to improve your business ROI, you have to consider what kind of information is getting your target market to take action. What appeals to them? What helps them overcome a problem? 

These questions should guide you when you creating valuable resources for your target market. 

6. Focus on Building a Customer Relationship

Another way to improve your business ROI in your marketing strategy is to continue building customer relationships. 

If you aren’t nurturing your leads, you can’t expect to develop a relationship. You can’t expect sales based on a one-time website visit. 

If you want to build a lifelong customer relationship, you have to be in constant communication with your consumers. This is why email marketing is a great strategy to implement in your business. Email allows you to build a relationship with your customers without trying to oversell them. 

Email is about telling stories about the customer experience and how you’ve helped customers overcome a problem. 

Emails are also strategies because you can tell multiple stories about your business and the benefits you provide to customers. You can also send promotions throughout the weekly alerting customers of an upcoming sale. 

This is an opportunity to warm up audiences and build lifelong customer relationships. While it may take longer to build a relationship, email is about catering to a different segment that isn’t ready to buy right now, but they will be ready to buy in the future.  

7. A/B Test

The final way to improve your marketing ROI is to make minor changes in your marketing strategy. 

You should consider making changes in the call to action (CTA), the body copy, the headline, and the picture. 

You are testing to see which ad performs the best in your marketing strategy. This can help you decide which ad is performing the best. It gives you an idea of what works and causes the most action with your target market.

If you want to improve your overall marketing ROI, you want to initially test and evaluate what works with your target market. It may mean choosing different colors for your website, where you place the headline or copy on your website, as well as other changes. 

When you do the test, you should look at the analytics that is providing the most clicks and the most user engagement. You want to see what is producing the most sales and then optimize whatever test performs the best.

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Now You Know How to Get the Highest Return on Investment 

Getting the highest return on investment in your digital marketing strategy takes a lot of work because you have to be willing to try new strategies. You have to be willing to be patient and see what works best for your target market. 

If you’re ready to dive deeper into what digital marketing is and how it can help your business, subscribe to get actionable small business tips 2x per month. You’ll also get updates on our digital marketing courses.

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10 Amazingly Easy Steps for Marketing Your Small Business

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