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When you launch a marketing campaign, you want to ensure it’s as successful as possible. Whether your goal is to increase your sales, attract new customers or build brand awareness, you need the right strategies to maximize your return on investment (ROI).

Marketing campaigns are often expensive, but they are necessary. You can’t unleash the full potential of your campaigns without a powerful marketing strategy. 

Regardless of the mode of marketing, you need to determine the Return On Investment(ROI) of your marketing campaigns. The truth is, measuring return on investment is essential for every well thought out marketing strategy, although calculating it may seem unclear at first. However, there are a variety of metrics that you can track when it comes to measuring the ROI of your digital marketing campaigns. Thus, it’s also necessary to know which ones to measure and which ones to avoid.

Here are the most innovative ways to improve the return on the resources you invest in your marketing activities

Establish Campaign Goals

Every business has goals, and so does every marketing campaign. When you create business goals, you must consider multiple factors that could impact your journey to achieving your goal.

Most organizations have recently begun to embrace the use of “SMART” goals (Specific, Measurable, Achievable, Relevant and Time-bound). According to Managers.UK, SMART is a strategy that helps you plan your approach to reach the goals and also measure your progress with ease.

For starters, you need to determine what a strong ROI would be from your campaigns. Remember that your marketing ROI depends on many different factors, such as cost structure, your industry, and market demand. 

Additionally, your campaign determines your ROI, too. For instance, the ROI from a digital campaign will be different from that from an e-mail marketing campaign. It’s also important to define the purpose of your marketing strategies clearly when establishing campaign goals. 

Always try to set only realistic goals. Setting unrealistic expectations from your marketing team or campaigns can drastically impact your overall strategy.

Try Out Various Platforms

Sometimes you might spend a lot of time running your marketing campaigns on LinkedIn in vain,  only to find out that exactly the same strategy brings positive ROI on Facebook.

A common mistake marketers do is judging the potency of a campaign based on its performance on one platform. This is very ineffective and short-sighted. Always consider running marketing campaigns on multiple platforms simultaneously. Allocating more or less the same budget and testing similar ads can tell you where your audience is most likely to respond to your proposition.

After trying, you can use the capabilities of each channel and experiment with your marketing angles. You can advertise one product using multiple content formats depending on the platform you choose to exploit. Most likely, your potential customer tends to use multiple channels daily so you also need to exploit every channel available. 

Find out your brand’s area of influence by utilizing multiple channels, and it will increase your chances of success.

Create Audience-specific Content

Your brand needs to stand out if you have a chance of becoming successful in a digital space where consumers are constantly bombarded with hundreds, if not thousands of ads daily. Content is the linchpin of your marketing strategies, and you need to ace it to ensure that you stand out from the ever-growing crowd of marketers.

It is necessary to ensure that your content is personalized for your target audience.  Once you figure out your target market, you can create content accordingly. It can be defined based on their interests, demographics, location, and gender. 

From sharing content about your product or services to engaging with your audience regularly via emails, be sure to connect with your audience on a personal level. Also, the best way to determine what your audience really wants and expects from your brand is to ask them directly. Schedule and conduct regular surveys, polls, Q&A sessions, and webinars to communicate with your customers. 

Once you gather information, analyze it, and identify common points that will help you understand the audience’s needs better. This will enable you to create better-personalized content for them, and increase your ROI.

Use Split Testing

Split testing, commonly referred to as A/B Testing, is a method of conducting controlled, randomized experiments to research user experience. This method implies that you experiment with new angles by introducing one or two changes in a variable at a time. In A/B testing, “A” refers to the control or original variable, whereas “B” refers to the new version of the testing variable. 

Marketers should use this approach as it allows them to eliminate guesswork and make decisions based on raw data. To identify your best performing platforms you need to test them! However, it is important not to spread yourself too thinly across all platforms. Test a couple at a time and see what works.

Don’t stop with testing out your marketing channels. It is also crucial to test the content that you upload on those channels. Always remember to make only one change at a time so you can attribute the improvement or decline to that specific change.

Even the smallest change could make all the difference to your conversion rates – and therefore your ROI!

Invest In Marketing Automation

With the evolution of marketing, marketers are increasingly looking for efficient marketing automation tools to perform simple and regular tasks to reduce their expenses. This is probably one of the reasons why the market for marketing automation tools is expected to grow to $6.4 billion by 2024, according to Marketsandmarkets. 

Time is just as valuable of a resource as money. Producing effective marketing content routinely, conducting a proper review, and implementing changes is a labour-intensive process. Applying marketing automation tools in your marketing strategy takes away the burden of manual and highly repetitive tasks. 

Choosing the right automation tool enables you and your team to identify your target audience and automatically generate necessary actions based on acquired information. A marketing strategy that heavily relies on automation lets you save a great amount of time and resources while contributing to ROI, and the better your marketing ROI becomes, the more confident you’ll feel in investing further in the right kind of marketing.

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