How can the knowledge of your ROI increase your potential for more clients, customers, and sales? It’s important to note that there’s a difference between sales ROI and marketing ROI. Although most business owners are familiar with ROI in terms of sales, marketing ROI takes on many different forms, including:
- Impressions and followers for social media engagement
- Open rates and click rates for e-blasts
- Lead generation
Here’s how marketing and ROI are connected, and what I recommend for improving your marketing ROI overall.
What’s the connection?
Marketing and ROI go hand-in-hand. Your ROI can ultimately help you determine the “why” of each marketing campaign, as it is used to demonstrate the success of each individual marketing campaign. This is a measurement of how your marketing is performing, and in turn helps to indicate what you can do to boost a campaign’s performance.
ROI is going to tell you exactly how affective your current marketing tactics are and help you determine if you’re getting everything that you were looking for out of your campaign. This means that for your future marketing efforts, you will want to increase your marketing ROI, enhancing your business marketing goals, including your sales, impressions, or lead generation.
Growing your ROI
I think many of you should know by now that I am a strong believer in writing down your goals and coming up with a firm plan of action. Growing your business’ ROI is no exception: in order to see the results, you have to put in the effort first and track every single step towards the end result.
For example, if your focus is on building your social media following, growing your ROI could entail implementing a variety of marketing strategies, such as posting frequent, relevant content, or engaging with your followers. By targeting new followers through unique social media content, you’re more likely to gain more of an organic following.
I always recommend that business owners take their ROI into account, both in terms of sales and marketing efforts, before they apply any further marketing tactics. That way, you can gain insight into your current marketing strategies and use them to adjust future tactics.
To learn more about how your ROI can impact your marketing efforts, and how you can create a more effective marketing strategy, contact us today.