When you’re putting good money into a marketing campaign, you expect a good ROI or return on investment. This is just good business sense for everything that you do.
When you hire a new person, you expect them to put in enough work to justify how much you pay them.
When you spend a lot of money on developing a product, you want the product to reflect that.
When you open up your offices in a great new location, you’re hoping that the location will bring in new business.
So no matter what you put your money into, you want a good ROI. Marketing is no exception.
Whether you’re going with traditional marketing methods such as TV ads, print ads, billboards etc. or newer, digital marketing methods such as a website, blog and social media pages, you want a good ROI.
You don’t want to waste your precious time and money on a marketing campaign which doesn’t bring in any new customers or which doesn’t help you to create the type of brand you want to create.
What Are You Looking for in Terms of ROI?
The first thing you need to do in order have a high ROI is to figure out the aim of your campaign. Try to be as specific as possible.
- Do you just want to increase customers or to increase customers by 50% within a six month period? An increase in money coming in is generally the aim of many marketing campaigns.
- Do you want to establish your brand name? This is a more intangible kind of return, but if it’s what you want. Then you need to write it down now and try to be as specific as possible about the kind of brand you want to create. Do you want people to think of your brand as reliable and dependable? Cool and hip? Accessible and relatable? Or something else?
- Do you want to increase traffic to your website and get more “likes” on social media pages? This may or may not increase the total number of customers. However it’s also something that you might want as a return on your investment. Especially if you run the kind of website where you get paid more from advertisers if you have more traffic.
Tailoring Your Marketing Campaign to the ROI You Want
Once you know exactly what you’re trying to accomplish with your marketing campaign, you can sit and figure out what type of marketing campaign will help you to accomplish your aim. It all depends on the type of customer you’re trying to reach and what their habits are.
It’s a fact that younger customers go online much more than older ones. So digital marketing is a great way of reaching teens, young professionals and middle-aged people. But as you get further into the geriatric market, you may have to rely more on traditional outbound methods of marketing like print and TV advertisements.
Still, it’s always a good idea to use different types of marketing methods in your campaign. This way you reach different segments of the population. But if you find that one method is working a lot better than others, then use that more.
For example, if you’ve started a Facebook page, an Instagram page and a Twitter account but people seem to be flocking more to your Instagram page, then post more on Instagram.
At some level, your ROI is an intangible kind of thing. Sometimes, you spend very little and the returns are a lot while. At other times, you may spend a lot and get very little in return. But if you’re clear on the types of returns you are expecting, this will help you to get a good ROI in the long run.
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