This is the simplest checklist to help you boost your marketing ROI in 2018.
But before you jump into action, let me clarify:
This is NOT just another “2018 Tips to Improve Your ROI”.
Instead, I’m going to reveal 7 point checklist that will immediately boost marketing ROI and will help you stay ahead of the curve in 2018 and beyond.
So if you’re looking to up your ROI in 2018, you’re going to love this 7 point checklist.
Let’s dive right in.
Here Are Seven Easy-to-use Ways to Boost Your Marketing ROI:
- Tracking Brand Awareness Using Google Analytics
- Having Multiple Conversion Points
- Setting up SMART Campaign Goals
- Building Social Listening Dashboard
- Utilizing Micro Surveys
- Using Actionable, Qualitative Data
- Utilizing Audience Segmentation
Now, let’s discuss each of these 7 pointers in this simple-to-use checklist for improving marketing ROI in greater details.
Let’s get started! Shall we?
Point One: Track Brand Awareness Using Google Analytics
Google Analytics is perhaps the best tools to derive data in order to determine your marketing ROI. It especially comes in handy when determining the ROI of your content marketing and social media marketing campaigns.
Here are 3 tips to help you make the most of Google Analytics in improving your marketing ROI.
Tip 1: Analyse your content including blog posts, infographics, videos, etc. to find out what type of content generates the highest volume of traffic and leads.
Tip 2: Collect qualitative data using Google Analytics.
Tip 3: Once you have qualitative data in hand, do well to test your top performing content assets to understand what type of content works best with your target audience.
Point Two: Having Multiple Conversion Points Helps
You’ll be surprised:
Out of the 100% visitors who come to your site, approximately 96% visitors aren’t ready to buy.
Shocking? But it’s true!
Only 4% visitors who come to your site click on your call to action buttons and make a purchase.
What does this mean?
This means that if you don’t have multiple conversion points at your site, you’re leaving money at the table.
Here’s how you can do it:
Tip 1: Use retargeting ads to retarget visitors who have shown interest in your products earlier, but didn’t buy it. Ensure using ad content that you believe will have the maximum impact in terms of delivering persuasive messages to your target audience.
Tip 2: Carefully research keywords in your ad content to ensure good exposure. Be vigilant when placing keywords in the text copy. Try using long tail keywords to avoid steep competition. Use the same keyword in the Meta title and description that appear in SERPs.
Tip 3: Make sure your ad creative and call-to-actions are powerful enough to your visitors into taking the desired action at your website.
Case Study: Impact of Multiple Conversion Points
One of the leading marketplaces for voice-over talents, Voices.com was able to optimize its ROI many times over and increase its conversions from less than 5% to 22%.
Challenge: In 2009, Voices.com was looking for ways to improve its ROI and conversions.
Solution: The team at Voice.com studied analytics account to monitor what part of the sales funnel had the biggest opportunities for improvement. In addition, they surveyed 510 visitors to understand what was stopping visitors from subscribing. The team also analysed the competitor websites to understand the missed opportunities. Basis the outcome of their analysis, the team decided to add multiple conversion points at the site.
Result: The results of this experiment were amazing. Voice.com was able to increase its conversion rates by over 400%.
Point Three: Setting up SMART Campaign Goals is Important
Setting up SMART goals to measure the impact of your campaign is very important. Don’t forget to keep your campaign goals to-the-point, relevant, measurable, and achievable to ensure when measuring the accuracy of the campaigns.
When setting up SMART goals, do keep these three vital tips in mind:
Tip 1: Always remember to set up goals that encourage you to achieve them. Do well to ensure that the goals you’re setting make sense to your business objectives.
Tip 2: Make sure of monitoring the impact of your campaign goals and analyse the impact against your conversion goal.
Tip 3: Make sure that your conversion goals are simple and non-complex. Complex Goals may make it difficult for you to achieve them. In addition, it will become a problem for you to measure the impact of such complex goals.
Point Four: Build a Social Listening Dashboard
If you’re actually looking to increase your ROI in 2018, you’ll need to make sure to listen to what customers are talking about your brand online. Remember, there is a lot of social buzz about brands and it makes sense for marketers to tap into that data as well.
You can easily do this by creating a social listening dashboard and by capturing the consumer sentiment and consumer opinion towards your brand or offering.
Here’s a how you can make the most of social listening platforms:
Tip 1: First things first, use Google Alerts Dashboard to add alerts to get a notification for major keywords related to your business and competitors. Don’t forget to check all social listening tools to track the impact of your marketing campaigns and increase your marketing ROI.
Tip 2: Use popular RSS readers such as Feedly to track to know what your target audience is talking about the blogs you’ve chosen. Don’t forget to identify influencers in your industry. Once you identity such influencers, add them to your social listening dashboard.
Tip 3: Set up social media alerts for your keywords, competitors, and brand by using tools such as Pinalerts, HyperAlerts, Twilert, and nutshellmail. Don’t forget to keep an eye on social mentions for your brand. Mention could be a perfect tool to track mentions for your brand on social media. Do well to create customized streams across multiple social platforms in order to track social conversations related to your brand.
Case Study: Effectiveness of Social Listening Dashboard
Cisco was able to increase its ROI by using social listening dashboard.
Challenge: Cisco was looking for ways to reduce its marketing budget, and increase its marketing ROI by quickly identifying customer issues and improving the overall engagement.
Solution: The team at Cisco decided to use the Hub-and-Spoke Model for social listening to track ongoing topics, know what was trending, and to understand people’s sentiment towards the brand. They started monitoring social conversions on an ongoing basis with a network of subject matter experts to engage with customers.
Result: Utilizing social listening helped Cisco increase its productivity and profits with 281% return on investment in less than one year.
Point Five: Make Use of Micro Surveys
Well, I’m sure you’ll agree:
In order to improve your marketing ROI, you’ll need to understand your target audiences first. You’ll need to know what do they do, what are their issues, and what do they typically want from your brand.
This is where micro surveys come to your rescue.
Typically, micro surveys are small set of questionnaires that can help you collect vital, actionable data directly from your customers.
But before you jump into action and start using micro surveys, do well to heed these three simple to follow tips:
Tip 1: Before setting up a micro survey, do well to clearly define its objective. Include only the most relevant questions to keep it crisp and to-the-point.
Tip 2: Use easy-to-understand and close-ended questions to encourage visitors to complete the survey.
Tip 3: Add images in your micro-surveys to make it more interesting. Always ask for vital information such as email address and contact details of the participant at the end of the survey.
Case Study: Usefulness of Micro Surveys
Teespring, a popular custom apparel platform, was able to increase its conversions by 12.7% by utilizing micro-surveys.
Challenge: Teespring’s website visitors were hesitant placing their orders leading to poor conversion rate for the company.
Solution: To understand why visitors were apprehensive placing orders at the site, Teespring utilized micro surveys. Resultantly, the company found that its CTA was discouraging conversions.
With the results of its micro surveys, the team at Teespring optimized its CTA explaining that the visitors won’t be charged anything until their campaign goal is achieved.
Here’s how the new CTA looked:
Result: The results of the utilizing micro surveys were astonishing. Conversion rate for Teespring increased by as much as 12.7%!
Point Six: Use Actionable Qualitative Data for ROI Calculation
When calculating the ROI of your marketing campaigns, it makes sense to take into account the actionable, qualitative data. Remember, clearer picture in hand will help you understand how effective your marketing strategy is.
Here, using subjective data comes handy, especially when you’re calculating the ROI of your content marketing campaigns.
Point Seven: Audience Segmentation is Vital for ROI Calculation
I’m sure you’ll agree:
One marketing strategy for your entire set of audience is not going to help you draw traffic, increase leads and boost conversions. In addition, targeting a huge pool of audience will also lead to a huge expense.
This is where audience segmentation comes to your rescue.
Segmenting audiences can help you understand the needs, requisites, spend patterns and browsing habits of your target audience. Eventually, this will help you implement different strategies for people with varied interest, taste and preferences.
You can segment your audiences on the basis of their:
- Buying Pattern
- Demographics, and
Case Study: Benefits of Audience Segmentation
The National Offender Management Services (NOMS) was able to optimize its ROI and lead generation by utilizing audience segmentation.
Challenge: NOMS was challenged to draw in applications for prison officers for HM Prisons within the Thames Valley region. The lack of applicants and hires was consistently leading to operation challenges.
Solution: The team at NOMS utilized segmentation to better understand the demographics of potential job seekers in the area. Audience segmentation helped NOMS identify 15 summary groups and 66 detailed types of potential applicants.
With highly targeted segment in hand, they started email campaigns and mobile in-app banner ads, billboard advertising, and Google Search marketing.
Result: In just 12 months, NOMS received more than 8,700 applications. By the end of the campaign, 86% of roles at HM Prisons had been filled. And that’s not all! NOMS was able to collect more than 400 positive applicants at different stages of the recruitment process.
Now It’s Your Turn!
You just saw the simplest seven point checklist that outlines the EXACT steps you need to take to track your marketing ROI, and measure the impact of your social media marketing, content marketing, email marketing and SEM strategies.
Now it’s time to actually put these powerful strategies into practice.