3 Strategies That Will Help Boost Your Online Marketing ROI
In today’s highly digital worlds, where digital marketing is continuously increasing. So, there are specific needs just to deal with the customers’ expectations of a personalized digital interactions. To meet those expectations, many of marketing agencies combine their traditional and online marketing strategies . This is also includes the key technology investments in the areas of social marketing and digital commerce.
Generating revenue still the main focus for any business despite of the digital technologies that has been used. Marketers need an easy and straightforward ways to decide if their efforts are producing revenue. In this article, i will share on how you can increase and boost your online marketing ROI.
But before that, let me explain what RPI means. Return of investment (ROI) is a performance measure used to analyze the efficiency of an investment or differentiate the efficiency of a number of different investment. ROI attempt to directly calculate the amount of return on a particular investment, relative to the investment’s cost.
Know The Value Of Data
The first thing you need to know is to understand and know the value of the data you collect. This is the foundation to figure out how to use it for the analysis and planning. But, many organizations and agencies underused analytics regarding digital marketing.
As a research stated by Forbes, only half of marketers regularly practice data-driven marketing to individualize marketing messages and offers whereas just 39% of organizations capture the business benefits became fully aware from taking action based on the customers’ data. Only 3% view proving the effectiveness of marketing to be a top priority when it comes to company executives.
These statistics to consider given eh volume of the data produced in a single minute and are counterintuitive to the finding that individualied marketing is a pririority for 92% of executives as determined in the same research. In extension to that, the majority of marketers today, which is 87% consider that data is the most underused asset in marketing organizations compared to 46% in 2013.
Identify And Seize Opportunities
Secondly, you need to recognize and start acting on the opportunities once the numbers are crunched and the tools are in place. As an example, a case in point is Kraft Food, which is set out to recreate its marketing strategy after the split from Modelez International in 2013.
According to the Vice President of media, data and CRM, Bob Rupczynski, stated that they knew back then that the data was going to be the backbone of how they were going to move forward. He also added that they had the tremendous amount of data but yet they weren’t leveraging the information that consumers had entrusted to us to make the relationship deeper.
Therefore, by leveraging more than 34,000 attributes across 100 million online visitors each year, Kraft indicated more than 800 consumer marketing segments to use as a guide when purchasing ads. The returns has been proved to be astounding not only in sales but in click-through rates, interaction rates and also search behaviour.
Experiment And Make Adjustments
The last strategy that will help you to boost your online marketing ROI is by experimenting and making adjustment on your ads. As with all the marketing activities, ongoing measurements are very important to decide what is effective and when changes are needed. You need to know if the revenue jump as a result of the last marketing campaign or did it remain static.
Besides that, you also need to know other factors that might be at play and if there are unique visitors, qualified leads or other important data points coming after the latest promotion? All of these factors playing a huge role in the success of the campaigns and ROI.
For example, Lenovo experienced a very similar success by controlling data as they identified the need to leverage the volumes of data collected on a daily basis. And for that, the company formed an analytics team in the e-commerce unit to inspect marketing data from more than 60 sources worldwide.
Lenovo was able to meet promised shipment dates and leverage feedback about products through direct contact and social media just by analyzing the perceived quality of online interaction. Hence, the organization can identify where the customers find value in this way.
An example of this was developing to offer Lenovo’s tablet using a Microsoft operating system along with its Android version. By identifying the customer’s desire for a Microsoft version, Lenovo was well placed to act on the data and reap the rewards of a version they may not have considered otherwise.
As a conclusion, by using the analytics to explain the data and monitor the trends, your organization can open opportunities, eliminate the obstacles and attract positive attention to your brand. As knowledge on this is very advantage, online marketing strategies can be progressed that engage and excite users, attract and retain customers and accelerate marketing ROI.