What does it mean to increase your ROI? In the marketing world, ROI is a huge buzzword right now because everyone wants to make sure that their spending is worth it. Does good ROI come from paid ads, aggressive marketing or cutting other business costs? Today we are going to go through a few ways to increase your company’s ROI and talk about what that really means for your business.
Measuring analytics is the first step for a reason, you need a baseline to see where you want to go. Facebook, Instagram, and Google all have great analytics programs built in, step one is to pull a report of your current social status. If you use a social media tool like Buffer or HootSuite you can look at your analytics all in one place. The next step is to look at your current spending and return for your business, establish that baseline so you can make your best decisions. Measuring analytics is a great way to increase your ROI because it lets you know where your current ROI stands.
Paid ads can go two different ways, they increase your sales or they don’t. When it comes to increasing your ROI it is important to remember that increased sales do not always mean increased ROI. If you use paid ads to grow your online presence then it may be worth it in the long run, growing your presence can be just as important as short-term sales! Paying for ads, in the end, is a great way to increase your online reach and inevitably increase sales. If you make sure to research your company’s market through social research, google keyword research and influencer research then where to spend is pretty straightforward. At the end of the day you have to spend money to make money, the biggest key is to do so wisely!
Develop Consistent Strategies
Developing consistent strategies is a big factor to increase your ROI. In the marketing world, it is very common to try different tactics and experiment with marketing strategies. This is a great tactic to use, but having a consistent underlying strategy is also necessary. A great example of this is social media, you can experiment in a million different ways but there needs to be some consistency for your followers. If you don’t have consistency in your social media then you can lose that consistent growth that you should be seeing. Consistency affects your ROI because investing in a consistent strategy will yield better long-term results than trying to always change it up.
We love content marketing here at Eliasson Marketing, it is fun for us and it’s our favorite method for increasing ROI. Content marketing is creating content that your viewers are interested in, it is the creative man’s dream when it comes to marketing. The reason content marketing is so effective is that people are always looking for new content to consume, whether that’s video, blogging or photos. Content marketing has been steadily increasing over the years and more people are starting to hop on the train. In 2018 it is one the best ways to market your business and to increase the overall value of your company. If you are looking for a channel to invest in, content marketing is definitely a top choice.
Run Some Tests
Experimentation is the heart of growth, trying something new can be the catalyst that shoots your company to the top! Run some tests in your business, this goes for everything from social strategies to sales strategies. After you have run some tests, you can look at your results to see what worked and what didn’t. Here at Eliasson Marketing, we have some clients who do really well with email marketing and some who do better with social. It all depends on your company and your market, run those test to see if anything gets traction.
If you want to increase your ROI: Measure your analytics, begin paid ads, develop consistent strategies, start content marketing and run some tests! Having a good return on your investment is huge when it comes to business, everyone wants to see annual growth. Our top method for increasing your ROI is content marketing since we believe this to be the future of marketing in 2018. We would love to hear from you and learn about what works for your company, make sure to leave a comment below!