8 Smart Tactics To Increase The Digital Marketing ROI Of Your Small Business
Having a chance to discuss this matter with their owners, many would come to the conclusion businesses only fail to increase their online presence because they use the wrong tools and don’t possess the proper actionable tactics.
This could be fatal to small companies because they won’t get many chances to use their limited budget for marketing in a proper way and achieve measurable results.
You may have only one chance to do this right.
And you would be surprised how many business owners could benefit by knowing this in 2017.
The exact number?
Here it is …
In order to help you with this problem in the year 2017, after doing some analysis, I managed to put together8 reasons you can improve your digital marketing ROI right away!
Let’s start with the number one marketing channel most businesses throw their money away on.
1. Social Media Is More Than Following Building These Days
Being active on your social accounts and posting regularly are some marketing tactics that may have been effective back in the days when the audience reach was extremely high.
Now, when it’s obligatory to pay for social (read Facebook) ads in order to make your content seen more regularly by a targeted audience, it’s clear you need to step up your game.
The biggest support for this line of thought comes from the Facebook Ads Benchmark Report, where the data shows how the highest click-through rate on Facebook for ads, is reserved for …
Sponsored Place Check-in Stories.
Social Supports Your List Building
Even though ads prices are not that high, many platforms implement the pay-for-placement format. This means that if you want to have your content seen, you have to give away more and more money from your budget.
There is a smart tactic that will give you the power to use the user data you gather from your social channels outside this frame.
Start collecting the emails of your current social followers and unify a list of these contacts.
This way, you create a list of people that are already familiar with your brand and get the opportunity to reach them outside of social media.
By doing this you’re both:
- Expanding the customer journey
- Increasing your social marketing ROI
2) Limit Your Expectations And Don’t Give Up
30 percent of small businesses collapse after only two years, while enormous 50 percent fail after five years of working! Fact provided by theSmall Business Administration.
The cause of these unfortunate stats is impatience for the work to produce results. Nothing good comes out of the blue sky, and that is how things work.
Adapting to marketing tactics that work becomes a significant factor in today’s digital playground.
Social isn’t that much different. .
Be prepared for stagnation periods with your social ads campaign. If you think you can’t manage this, advertise smartly.
Create split tests for your ads, invest in copywriting and of course, support your social channels with all other resources you currently own. (website, professional online profiles, community influence, etc.)
This will buy you time and keep you marketing resources ready, while you add content you can bear the expense of.
3) Understand your audience = Increase Digital Marketing ROI
If you want to increase the return of investment you get from your marketing efforts, you need to get intimate with your perfect customer persona.
When you know who exactly are you targeting you’ll get more familiar with the most suitable way of communication, which will directly affect your marketing strategy resulting in a:
- Decrease in ad expenditure
- Increase in conversions
- Improvement of your sales funnel
For starters …
If you want to establish connection with your audience, you NEED, and you MUST know who they are.
4. Always Know How You Attracted Your “High Earners”.
Not every customer is the same. Some bring a whole lot of cash on the table, and some just cover your electricity bill for the month.
You offer different services, different products, different packages, for different types of customers.
That’s great for quality targeting of your leads, but a good practice is to segment your most profitable types of customers and analyze the sales funnel you’ve used on them.
When you know how you’ve attracted your most profitable customers, it’s time to scale that process and create a marketing support system.
5) Start Small, Scale Big!
You have a great spectrum of marketing options at disposal. As this is positive as it gets, there can be only one chance to test their efficiency.
Owners of small businesses should be aware of their limited marketing budgets, which is the main reason to be careful with the “five-figure” campaigns.
These marketing campaigns do not guarantee success, but at the same time require a huge ads budget.
How to put this marketing method under your scrutiny?
Split test everything!
Play with the target groups you create and the way you try to reach them all the time.
6) Test, Track and Document Your Marketing Efforts
You must be using Google Analytics or another data analysis tool. The question is, have you utilized it for your benefit?
Can you say what is it useful for?
I am under the impression that lots of small business waste tons of money on PPC campaigns just because they don’t test, track, document and learn from the data they collect.
There is no silver bullet solution to increase your Click-Through rates. One ad group may not work forever.
That’s why you need to keep a constantly track the data from all your marketing campaigns.
7) Don’t Do Everything On Your Own.
Running a small business means limited resources by definition. Don’t be too demanding to yourself. Be selective with the marketing channels you’ll use and try to delegate or outsource most of the execution work to people in your company or third parties.
This is also the point where all the previous methods collide. There are people out there that will take care of all the research, optimization and analysis for you.
Investing in smart marketing planning will in fact improve your marketing ROI and save you great deal of money by avoiding unsuccessful campaigns and decreasing the guess work to zero.
8) You haven’t adjusted your marketing strategy in years.
Like many social processes, marketing evolves rapidly. This is why you need to be innovative in using marketing tools and methods. Try something new every year and upgrade your strategy with tactics that actually work.
If your business loses money due to any of the mentioned reasons, it’s time for you to strike back and apply a different approach.
Just send us a message and we can start exploring the options you have on your disposal.