As a small business owner, you have likely had to make sure that “less is more” just to cover expenses. Many small business owners have to juggle multiple roles and work with limited resources, either due to lack of finances or a desire to maintain the same profit year after year.
That’s why maximizing your return on any investment you make is crucial. You don’t have the finances for trial and error as a small business. You need to know that an investment will pan out the first time.
Unfortunately, business is inherently risky. Even so, there are some tactics you can use to help see an increased ROI when it comes to marketing for your small business.
Tips to Increase Marketing ROI
Read on to learn more about seven things you can do to increase your marketing ROI.
Know your goals
What are you trying to achieve, anyway? Knowing your goals will narrow your focus and make your marketing more impactful. If you want your customers to sign up for your newsletter, you can craft marketing materials and messages for that specific goal. If your focus is on increasing revenue, you can create marketing materials with a specific call-to-action to shop, check out a sale, or visit your store in person. Don’t scatter yourself too thin trying to cover all the bases. Know what is essential.
Find your best channels
Rely on data and experimentation to tell you what channel works best for you. In case you’re unfamiliar with the term, a marketing channel is a method of communicating with your audience, such as Social media – Facebook, Twitter; Direct mail – printed pieces; Digital advertisements – online newspapers, search engine optimization or PPC. – Chris Hickman CEO of Adficient
It will take some time to determine where you find the most success, but once you do, you can focus more resources into the channels that work best. Cut out the ones that don’t until you have enough revenue that you can experiment with them without losing too much money.
Try an integrated marketing campaign
According to the Data & Marketing Association, integrated marketing “is an approach to creating a unified and seamless experience for consumers to interact with the brand/enterprise.” Basically, whether your customers are online or reading something in print, your message is consistent.
Integrated marketing is great because it can not only increase visibility but also enhance your message. In fact, 72% of consumers would prefer an integrated marketing approach.
Use campaigns to target specific customers
Here is where data will help you again. You could run a general campaign on social media, but you won’t be getting as much “bang for your buck.” Instead, use your money more effectively and make your messages more impactful by developing campaigns that target specific customers.
Let’s say you have a list of customers who have opted-in to receive communication from you. Use that list and cross-reference it to emails signed up for your loyalty program. Then, using the list of emails not currently signed up, send an email blast about the benefits of signing up for your loyalty program. You can take this a step further and upload this list to Facebook, where you can create ads and sponsored posts about your loyalty program.
Use content marketing
Hopefully, you’ve determined that content marketing is one of your best channels (it should be!). In addition to it being one of Google’s most important ranking factors (which will enhance your visibility in searches), it offers a high return on investments. According to Forbes Contributor and CEO of Audience Bloom Jayson DeMers, content marketing offers minimal costs, long-term durability, and compounding effects.
Even if you don’t have the time, money, or skills to create videos or infographics, you should still focus on well-written content, such as those on a blog. Plus, even if you can’t publish multiple times a week, you’ll still see results from posting once a week (or, if you have even fewer resources, a few solid, quality posts 2 – 4 times a month).
One of the great benefits of digital marketing is that many of these platforms allow for automating tasks. Here are a few examples:
- WordPress: Schedule posts to go live on a certain date down to the minute you want.
- Facebook: Free scheduler built-in so you can schedule posts in bulk
- MailChimp: Schedule an entire email blast campaign in one sitting
Choose from one of the best marketing tools that let you schedule everything from one platform. For example, you can use HootSuite to schedule on Facebook, Instagram, Twitter, LinkedIn, and more. It also helps you find content to share and create contests, among others.
By setting aside time to automate your tasks, you can save time and money. And since you’re scheduled for weeks or months in advance, you can focus on your business—and never miss out on posting during crucial moments.
Don’t forget to measure
How do you know that what you’re doing is working? By measuring. Data will become your best friend in terms of trying to improve your marketing return on investment. Use as many free analytics tools as you can, such as those built-in to social media, or invest in a tool that covers all your channels. Continue to monitor not only the performance of your channels but the performance of individual campaigns as well. This way you’ll be able to make adjustments as needed and get back on track.
Increase Your Marketing ROI Today
By using these 7 tips, you can work towards seeing a higher return on investment. It’s all about being smart with your resources and using data to influence your actions.
You know your customers best, and by using data about them, you can create more highly personalized marketing materials and messages that improve your ROI.