Digital marketing campaigns can really accelerate your business’s growth, but what if you don’t see the return on investment (ROI) you hoped for?
Companies are always looking to make a profit, but as the digital marketing industry becomes more competitive it can make it harder to meet customer expectations and increase conversions.
It is important for organizations to measure ROI to estimate the impact of their digital marketing efforts as it shows them how much profit they are making in relation to the amount they spend on digital marketing and SEO services.
If, when calculating your ROI, you realize that you are spending too much on your campaigns because they do not result in a significant ROI, there are a few things to consider to improve your digital marketing ROI.
Describe Your ROI Goals
The first and main thing you have to to do is set your business goals, and it is a very good idea to keep your SMART goals in mind. SMART goals means:
Applying this strategy will help you plan your approach to achieving your goals and is a great way to measure your progress along the way.
When setting these goals, you should also consider how realistic and positive your ROI campaigns are.
When setting a Return on investment goal, you require thinking about the factors such as market requirements and costing structure. Additionally, it’s important to remember that your ROI will vary depending on the type of campaign you’re running.
Avoid vanity metrics
Vanity metrics such as number the number of your social media channel subscribers can distract from your business goals, and while they may look impressive, they don’t always correlate with profit margins. The best alternative is to focus on and track your conversion rates, these include:
- Filling out the contact form / potential clients
If you want to look at engagement metrics, some of them might be more appropriate:
- Comments on articles and blogs
- Repeated page views
- Share content
In short, you need to focus your efforts on tracking actions that will lead to sales, more leads, and more revenue.
Focus budgets on areas with high ROI
Identify areas of your business with high ROI and budget focusing on what already works best.
UX (User Experience) can affect your conversion rates and since your website makes the first impression of your business to many users, you will want to provide a better user experience! This is how you can improve your UX:
- Use engaging calls to action that allow users to easily navigate your site
- Make sure that your website is mobile friendly and also responsive.
- Clear markup of key information and services
- Use relevant images (which do not have a file size larger than normal, which will slow down your site’s load time)
- Include headings
- Remember, consistency is the key and looks more professional (you don’t want users to feel like they’ve been moved to a different site every time they check out the page!)
A / B testing for ROI
A / B testing is a great tool for those working in digital marketing since you can test the effectiveness of two variations of a marketing strategy to see which one work best.
Overall, by testing your campaigns, you can determine which strategies and designs are most likely to increase your ROI.
Create valuable content
As mentioned, digital marketing is an increasingly competitive industry, so if your content is unsatisfactory, the right answer is just one click on a competitor’s site! Like we have to create content on digital marketing and SEO services so just visit competitor’s sites and analyze them.
Make sure your content is user-friendly
It’s important that your content is user-friendly and well-formatted. You should aim to:
- Break content into easy-to-understand paragraphs
- List the key points
- Introduce new sections and ideas under subheadings
Not only will this make it easier for the reader to navigate your content, but it will also look more engaging and help reduce the bounce rate of users who are put off by your army of disorganized words.
Ensure content is user friendly
Personalized content for your target audience can help the client feel connected to your business. For example, sharing information about a service or product they might like via email is a great way to retain customers.
Find out that what content audience want to see
Determining what content will be relevant can be done in a number of ways. You can ask customers directly (for example, ask them to fill out surveys or answer surveys), or you can find out what queries online users are looking for using a marketing tool such as SEMrush. This can allow you to identify that what people are searching on internet. And then you can make that content to respond to user queries.
Use predictive modeling
Predictive modeling is a very useful tool when it comes to measuring and improving your ROI as it allows you to predict conversions or sales before launching a campaign. With predictive modeling, you can use website data, internal data, and social media to interpret contextual information about leads. In short, predictive modeling uses a variety of data to help you plan marketing activities which is suitable for your viewers.
Keep track of your actions
It’s important for you to keep monitoring your digital marketing ROI efforts so you can observe the impact of your strategy and continue to improve.
One final note on improving ROI
Experimenting with marketing strategies can help you increase your ROI over the long term. Too much focus on vanity metrics will distract you from promoting your campaign and increasing conversions, so make sure your focus is on creating valuable content and grab opportunities that come your way.