Digital marketing has played a pivotal role in the marketing campaigns of many businesses. Considering that the majority of the world’s population now has access to the internet, business owners are taking advantage of technology to reach their audience and boost their sales. For digital marketing firms, this means more business.
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But as the demand for digital marketing services increases, it’s harder for marketers to keep up with constant changes in customer behaviors and expectations. As a result, digital marketing companies need to keep an eye on their Return on investment (ROI) because not only will this help them measure their success, but it will also help them determine which strategies or campaigns are doing well.
Suppose you do not see an improvement in your company’s ROI. In that case, chances are, you might have to revisit your strategies and start planning again.
It is extremely necessary to teach your people about ROI and work on revenue-generating assignments. Distributing activities that are ROI-centric provides your employees with insights into how they can contribute to the company, and help achieve the objectives of their department and the organization in its entirety. Less priority must be given to tasks that don’t directly contribute to the growth of the business. While working on routine tasks are still necessary, focusing on areas that generate higher ROI can help you distribute your manpower and resources more efficiently. When employees are involved and empowered, they are motivated to work knowing that their efforts are appreciated and their help is needed.
That said, here are seven ways to increase your digital marketing company’s ROI:
Study your target audience
One of the biggest mistakes that digital marketers often make is not studying their target audience. Even before starting your business, you should already know or at least have a rough idea of what type of businesses you want to cater to. You can start with one or two if you’re a start-up. For instance, you could begin catering to staffing agencies or financing institutions, then expand as you go.
Start by creating a buyer’s persona. A buyer’s persona is a semi-fictional representation of your ideal customer. They embody your target customer’s preferences, goals, hobbies, activities, and more. Through research, you can discover the wants and needs of your buyer’s persona and tailor your campaigns according to these data. If you do it right, you might just get them to convert into customers, thus effectively increasing your ROI.
Remember, customer behaviors and expectations change over time, so you might have to conduct constant research and adjust your campaigns accordingly.
Work on giving a great user experience (UX)
As people go digital these days, one of the first things people usually see is your business’s website. As a digital marketing agency, you have the skills to make sure that when leads land on your website, they will have a positive experience, translating to better conversions.
To improve your user experience, here are some things you can do:
- Improve your site’s loading speed.
- Keep your site design sophisticated and professional
- Use relevant images
- Position your company’s information and services where the audience can easily see them
- Add headlines with relevant keywords
- Fix any 404 pages to avoid frustrated customers.
Personalize
If there’s one trend that’s driving the digital marketing landscape right now, it’s personalization. In fact, a study by Marketing Dive found that 71% of consumers prefer personalized ads. They further explained that personalized ads help boost engagement. For example, people were twice as likely to click an ad featuring an unknown brand if the ad was designed to meet their preferences. Moreover, people were more likely to provide their contact information if they got to have personalized ads.
If anything, it shows that personalization could have a significant impact on the marketing campaign of companies, and therefore, their ROI. But how do you do this?
AI-powered chatbots are becoming increasingly popular today. From the first interaction with the customers, these internet robots can scour through the customer’s information and collect data to provide insight into their behaviors. From there, you will know how to create your ads, so they will fit your customer’s preferences and entice them to convert.
Other personalization strategies you can use are:
- Conducting a survey to know their preferences
- Communicating using your customer’s first names
- Showing targeted ads
- Personalized emails
- Personalized follow-ups
Create high-quality and user-friendly content
If you’re in digital marketing, chances are, you’ve heard it over and over again: Content is King. Content allows you to educate your audience about your product and services. The more you provide high-quality and valuable content, the more your audience will trust you and become customers.
When creating content – whether video content or blogs – it’s essential to use relevant and high-ranking keywords. These keywords are what your customers use when searching for your product and services. Using them within your content gives your company a chance to show itself on top of the search engine results page (SERPs), thus increasing your chances of exposure.
Be sure to break down long paragraphs into short, easily digestible ones. If you can, use numbers and subheadings to distribute your topic. Most importantly, your content should provide high value to your audience, so they will keep coming back to you if they need more answers.
Allocate more on areas generating higher ROI
Go over your strategies and determine the areas you’re currently doing well in and identify those that aren’t generating as much revenue or ROI. You don’t want to continue spending on strategies that aren’t as profitable. Instead, relocate your budget to areas with high ROI.
For example, investing in a streamlined appointment setting with your company by integrating an online scheduling software can help improve UX, increasing customer satisfaction. On the other hand, you might have to spend less money and effort on newspaper ads as more people go digital these days.
By focusing more on what works, you’ll have better chances of attracting and nurturing new leads. Taking the time to assess which areas of the business are currently working best and allocating more budget in that area will help your company and its ROI in the long run.
Happy employees = Productive Workers
Your company’s culture can have an impact on your employees. Without a positive company culture, employees will struggle to find the meaning behind their work, resulting in a negative impact on your company’s bottom line.
On the other hand, a positive company culture produces happy, loyal, and productive employees. Working in a favorable environment empowers the employees to do their best. Moreover, positive company culture will also attract more talents, which further contributes to the best interest of your company.
Here are some ways to create a positive company culture:
- Promote your organization’s goals
- Encourage diversity and inclusivity by celebrating differences
- Recognize employees’ hard work
- Celebrate wins regardless of the size
- Allow flexibility
- Be transparent in every way
Continue keeping track of your results.
As you launch new strategies or improve existing ones, remember to track your progress. Keep an eye on your company’s metrics and sales activities. For example, if you have allocated more budget on one area in your business, be sure to check for further improvements. Also, check if there are areas that aren’t performing well, so you can plan a fix and ensure that your ROI doesn’t experience a steep decline.
The Bottom Line
Return on Investment (ROI) is more than just a buzz in the business world. It’s a crucial metric that your company should closely monitor. If you’re not generating enough, you might have to revisit your business strategies and make some tweaks. Business owners should always work towards improving their business’ ROI as it will play a big role in the growth and success of their company.