Are you looking for a fool-proof way to ensure your brand is growing on a steady incline? You need to arm yourself with the right marketing tools and metrics to ensure growth and know the difference. With a handful of methods to keep in mind, your brand can narrow in on its target audience and produce desired results.
Table of Contents
What is Marketing ROI?
Marketing ROI, or Return On Investment, serves as an indicator to measure the efficacy of your marketing strategy. ROI is a ratio of how much you spend on a marketing campaign versus how much revenue it generates. A good indicator of a successful marketing campaign is a high ROI, which means you bring in more money than you spend.
Run Targeted Campaigns
Know your audience! The more specific you can get about the audience most likely in need of your product or service, the more you can target your marketing campaigns for that audience.
With a thorough examination of the benefits of your offering, you can focus on specific points to use in your marketing. In return, you will reach your desired audience with the goods or services you offer, and they will be more likely to see these benefits. This strategy will generate effective leads and incite sales, which will, in turn, increase your ROI.
You can get to know your target audience in several ways, starting with your existing clients. What do they have in common? What parts of your brand appeal to them the most? What key associations exist with your brand, products and/or services offered? These inquiries all provide critical information to get to know your desired audience.
Measure Your Results
No matter how targeted and profitable your campaign is, it’s useless if its results are left untracked. Find out how far your campaign is reaching, how many leads and sales your campaign is generating, general feedback from existing and new customers, and any other helpful consumer behaviour.
Keep an eye on customer lifetime value; your existing customer relationships are a profitable investment and can inform your future strategies and decisions.
Incorporate Promotional Products
Using promotional products is a simple and cost-effective way to increase brand visibility and build brand loyalty. Promotional products are low-cost items, for example, custom keyrings, given to customers to serve as convenient reminders of your brand in the long term.
According to the British Promotional Merchandise Association, 83% of people who receive promotional merchandise can remember the brand advertised for an average of 12 months.
Brands that have the most success target their promotional items to the needs of their target audience. For example, a bookstore might invest in promotional bookmarks to give away with every book sold.
Experiment with Different Channels
Part of the game is trial and error. Not every marketing channel that works for a competing brand will work for you.
It is essential to experiment with several different marketing channels and campaigns until you hone in on one that best speaks to your target audience. For example, while TikTok might bring in a certain kind of audience, a well-placed ad near an escalator at the train station might better increase your ROI.
Ignore Vanity Metrics
While it is tempting to set a digital marketing campaign into motion and wait for the followers and likes to roll in, it is an unreliable metric. We call these vanity metrics as they don’t point to hard evidence on whether your brand has hit its target ROI.
Quality over quantity counts with these metrics, as it is often about the right audience members that will guarantee sales, rather than a group that will garner only a few likes or follows.
After trying out several channels and experimenting with what might reach your target audience best, ensure that your marketing team monitors important metrics to inform your ROI and any future investments toward marketing efforts.
No matter your choice of digital marketing campaigns, always keep your customers at the forefront of any decision-making, as this will play an instrumental role in the growth of your brand.