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Email marketing can bring an average ROI of 260% over a three-year period.
LinkedIn is a way of finding over 190% return on investment organically, and even more if you opt for paid LinkedIn marketing.
ROI is one of the fundamental things we measure in order to determine the success of marketing efforts.
In order to give your marketing the edge you’re looking for, your marketing ROI needs to improve and increase. Keep reading to find out simple things you can do to achieve this.
What Is Marketing ROI?
Marketing ROI is exactly what it sounds like: a method of calculating the return on investment from a company’s marketing expenditures.
You cannot accurately monitor your marketing ROI if the systems are not solidly in place for you to understand what you’re spending and what you’re getting back as a direct result.
It’s also important to note that marketing ROI does not operate in isolation, you can calculate ROI as a whole or break it down into smaller segments to analyze the success of individual campaigns.
1. Look at the Bigger Picture
Your efforts cannot be determined by just one single metric, namely ROI. So, our first tip is to look at the bigger picture to monitor your ROI.
For example, your reach and engagement on social media might be increasing directly as a result of marketing spending but you’ll only see monetary rewards down the line.
Look at the bigger picture and include other metrics to measure your performance.
2. Try Different Channels
To maximize your ROI, you should consider adding different platforms and channels to your marketing mix.
Consider launching various marketing efforts on different platforms at the same time. You may find out where your audience is most likely to respond to your proposition by allocating about the same budget and testing similar advertising.
Experiment with your adverts and use the features of each channel. Depending on the platform you use, you can promote a single product using a variety of content forms.
3. Be on Target
Your audience is probably the most important aspect of your digital marketing efforts. Ensure that your campaigns are driven solely with them in mind, including your content creation and content marketing strategy.
With on target marketing, you can be assured that your message is getting to the right people and see a positive ROI.
4. Automation Is Awesome
Remember, that part of what you spend on marketing is time. If your team is spending too much time on a task then this costs you money too.
This can be avoided if you consider automation tools to help you get more tasks and jobs done. It helps increase ROI if you can bye-bye to repetitive and mundane tasks.
5. Use In-House Resources
This tip is not to say that you should have everyone internally spending loads of time on marketing tasks but rather, consider that there are resources inside your business that can help you save time and money.
If you can save on spending externally with an agency, you might see the ticker move up on your marketing ROI!
Marketing Metrics Are Everything
The key to marketing ROI is measuring your metrics.
This means you need a solid foundation with which to start as well as accurate systems in place to measure your ROI on an ongoing basis. Without metric measuring, your efforts will be in vain.
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