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Marketing is a vital part of your business’s success, but it’s expensive and forces you to spend a considerable chunk of your budget yearly. At the same time, you can’t stop splashing the cash, since you’ll soon fall behind your rivals who maintain and increase their budgets. Still, you can ensure your return on investment (ROI) is worth the time and money you put into your campaigns.
By confirming that the juice is worth the squeeze, it means you can be confident that your company will benefit from the expenditure in the short and long term. If you don’t know how to do that, then here are four options to keep in mind.
Operate with ROI at the Forefront
Although ROI appears as if it should be a topic that you treat with respect, especially in today’s day and age, the statistics highlight that most businesses haven’t upped their games. Not surprisingly, over 80% of bosses say that want to measure every element of a campaign. Shockingly, a recent study says less than 33% can do it for each platform.
Therefore, it’s critical that you invest in the ROI process. That means more than purchasing analytical tools, too. You also need to understand what to measure and when and how to do it. Otherwise, you won’t be able to hit your targets.
Use a Suitable Advertising Platform
Choosing between the different platforms on the market is challenging because the market is saturated. Thankfully, you can decide which one will be effective by evaluating its features. For instance, using native ads is a smart move, since they lead to an 18% boost in purchases. However, without a native advertising platform like VoluumDSP that is specifically built for affiliate marketers, the odds are high that you won’t experience the benefits.
Advertising platforms differ depending on the type, yet all should let you track the performance of ads and scale up as your brand grows.
Don’t Invest in Social Media Engagement
This sounds like bad advice, since social media is unavoidable in today’s society. The thing is, likes and retweets aren’t great for marketing because it’s hard to quantify the engagement. Sure, X amount of people have seen, liked, and even commented on your post, but has that resulted in monetary value?
The answer is often “no” because Twitter and Facebook followers don’t directly correlate to ROI. In many ways, they may even take away from your goals because people end up concentrating on an area of the company that won’t return a sound investment. That doesn’t mean social media has zero advantages, yet it may not be as effective as you believe.
Use focus groups
When the level of choice gets to a certain point, it can be intimidating. You would rather stick to what you know because you understand it and won’t make mistakes. While it’s easy to see why this approach is popular, it’s that kind of mentality which prevents you from experimenting and potentially boosting your ROI.
Testing can highlight the areas where there is room for growth, giving you the option to explore the possibility of changing your method. Thanks to test-and-learn, you can learn more about outcomes without spending a significant amount of time and money on the venture. The Drum points out that all you need to do is take an action with a focus group and switch it up for a targeted group and analyse the results.
The key is not to make decisions that you’ll later come to regret. With the advice above, you should be able to avoid small errors that can have a huge impact on your bottom line.