As we’re sure you’re aware, your ROI as it pertains to digital marketing represents the profits and losses your online campaigns experience. In order to understand it, you’re going to want to look at how much you’ve invested into a particular campaign, and what the returns were. At the end of the day, this will help determine how successful each campaign was. Simple, right? Actually, it is! But existing in the digital marketing world means that you should always be aiming to improve your digital marketing, and it’s easy to get lost and turned around in the strategies for doing so. Fear not! As usual, we have some tips for you that might make strategizing a little bit easier for you.
Understand Your Consumer Base
This is going to set the foundation for all digital marketing across your organization. Without understanding your consumers, you won’t be able to determine why a campaign was or was not successful.
It’s worth it to invest in the data tools that Pardot offers you like A/B testing, custom redirects, and landing page reports. They’re instrumental in helping uncover what exactly engages prospects and customers in a campaign, and ultimately, what helps increase campaign ROI.
Set ROI Growth Goals
Business is like a plant. If you’re not growing, there’s something wrong. Setting goals to continually grow ROI should always be one of your top priorities, and should be customized to align with your organization and its vision for the future.
For more straightforward monetary sales-based ROI goals, keep the ratio of 5:1 in mind. For every one dollar spent on marketing, five dollars should be earned in sales. A ratio of 10:1 is considered exceptional, but it’s very difficult to achieve much higher than that. Keep in mind that your ROI growth goals can look a little different depending on what works for you and your organization. Maybe prioritizing form completions is what your digital marketing is focused on for the quarter. In that case, you’ll want to look at your form completions from the previous quarter and determine what growth number you’d like to set a goal for. It’s just being aware of where you are, and where you want to be.
Automation is Important
Actually, scratch that heading. Automation isn’t just important, it’s vital. Setting up your engagement studios, autoresponders, and progressive profiling creates a massive support structure for increasing ROI. The best part?
Automation helps stretch even the smallest of marketing budgets, so you can have even more power and resources at your fingertips that would be otherwise tied up.
Try Something New
The true beauty of digital marketing is that it allows you to try lots of different campaigns quickly and at a lower cost than some of the more traditional marketing methods.
That fact alone can already help increase your ROI! But also don’t be afraid to experiment. You may be able to find a whole new successful strategy that was hiding right under your nose. Play around. You have the ability to do so now!
