Growing a small business and ensuring it becomes recognized takes a lot of time. You have to ensure you are adopting the best marketing strategies that focus on uplifting your business.
Even with the best marketing tools at your disposal, you may still be missing out on a chance to improve your ROI.
Only 61% of marketers believe their marketing strategy is effective.
As a small business, you can’t rely on trial and error tests, otherwise, you might end up wasting a lot of money.
Let’s look at the five brilliant ways to ensure your marketing strategies increase your ROI.
1- Set SMART Goals For Your Marketing Campaign
Most top achievers would first write down their goals and work towards achieving them. Ask yourself, where do you want your business to be in the next five years? What do you want your marketing strategy to achieve? Know what is good for your business and come up with some achievable goals.
Your marketing strategies should focus on issues, such as increasing brand awareness or increasing the customer base. Whichever goal you set, you must pick the best marketing strategy to ensure it succeeds.
Let’s suppose you want to increase your business revenue, then you should focus on marketing strategies that reduce abandoned cart rates and increase customer retention.
Take one step at a time and only focus on goals that you can achieve in the shortest time before embarking on long-term goals.
2- Apply Content Marketing
Content marketing is one of the most useful ways to increase your marketing ROI. You must ensure your content addresses your target audience’s concerns and provides them with a solution.
If you serve a global audience, use a VPN to determine what your target audience is searching for on search engines. VPNs change your IP address to make it appear like you are physically present in a different location. This way, you can understand the needs of your audience at different locations and improve your content marketing strategy.
Choose the fastest free VPN for the USA to speed up content strategy research and understand the behavior of your target audience.
Once you dedicate significant resources to content marketing, you are assured a higher return on your investments. Content marketing is cost-effective and has a long-term impact on your businesses.
Create high-quality articles like how-to guides, case studies, white papers, and eBooks. Quality content can increase site traffic by up to 2,000%.
Publish written content at least twice a week on your website to give your visitors a reason to visit your site regularly.
At times, you may not have the skills, time, or enough resources to apply the most sophisticated content marketing methods like videos and infographics.
If that is the case, you can outsource content marketing to freelancers or agencies who have the expertise and can generate a higher ROI for you.
Follow certain content marketing best practices to improve your marketing ROI, such as:
- Focus more on the quality of your marketing content.
- Partner with influencers to advertise your content on social media platforms. 45% of the younger generation uses an image-driven app like Instagram for discovering and interacting with brands. Therefore, using influencer marketing makes complete sense.
- Craft highly informative, engaging, and shareable content.
- Use email marketing to send custom content to those on your subscriber list.
- Perform keyword research to determine the most popular search queries and include them in your marketing content.
3 – Take Measures to Increase Your Income
Every business needs steady cash flow to survive. Without a steady income, your business is bound to fail.
Carry out a cost-benefit analysis for every marketing strategy that you employ to ensure it is in line with your strategic business plan. Reducing the cost of marketing is a great way to improve your Returns on Investment (ROI).
Invest money and time to set up profitable systems that will help you increase your income. Focus on ways that can help you to sell more products to potential customers.
In case you are launching a new product in the market, you can employ a marketing strategy that will inform the customers about the product and persuade them to buy.
Employ inbound marketing strategies like email marketing and social media marketing to reach out to customers on a personal level and increase your sales.
4- Perform A/B Split Test
If you want to find the most profitable marketing strategies for your business, you have to carry out an A/B split test.
A/B split test helps you determine the most effective marketing strategy so that you focus on it to improve your marketing ROI.
It helps you collect useful data and insights that you can use in your marketing campaign. For instance, you can compare your website pages or emails to find out which ones drive more traffic to your website.
By comparing your site pages, you can find out ones that most customers like and use that as a reference to optimize all other pages.
Here are some reasons why you should do the A/B Test.
- You have low traffic on your website, and you look forward to driving more traffic and increasing your site visibility.
- You want to find out which marketing strategy is the best for your business and dedicate all your time to the test.
- You have an informed hypothesis, and you just want to test if it’s significant or not. For instance, you may want to prove the hypothesis that if I optimize my home page, I can increase my sales revenue by at least 20% in a year.
5- Automate Your Marketing Tasks
Automating your tasks helps ensure you are regular with your marketing efforts.
However, coming up with a calendar for posting your marketing content can be tedious. If you don’t have all the time to create a content schedule, you should make use of the automating feature in platforms like Facebook, MailChimp, and WordPress.
If you are using WordPress, you can create a bunch of content and schedule them for publishing on specific dates. Facebook also allows you to schedule your posts in bulk, thus saving you time and money.
By automating your marketing tasks, you can spare more time to focus on managing your business.
To increase your marketing ROI, you must be ready to do what most businesses are not doing.
Employ the best marketing strategies we have mentioned here to grow your brand and attract more customers to your business. In every effort you take, always ensure you measure the results and purpose to improve where necessary.
The above five tips should help you achieve your marketing ROI in the shortest time and take your business to the next level.