ROI is one of the most crucial aspects of any business which needs to be tracked and measured. ROI provides insights into the profitability of the business and the overall impact on the bottom-line of the company.
In today’s complicated marketing world, marketing strategies often get misplaced. As marketing is becoming more digital, ROI is easy to track and measure using various advanced marketing tools with real-time tracking and optimization. This has resulted in optimizing marketing campaigns and making intuitive marketing decisions in real time.
So the question that’s really on every marketer’s mind is how to leverage the latest technology for improving marketing ROI. Here we give you 7 ways to improving your marketing ROI:
1. Have a focused spending strategy
Businesses often have misplaced marketing priorities in terms of spending and realize they are not getting the desired results. One of the key aspects for maximizing your marketing ROI is having a focused spending strategy. This requires a clear understanding of the target audience and selecting the media channels that fit the target audience.
By filtering your media channel as per the target audience, you will achieve a lower cost per lead which in turn will result in higher ROI.
For example, a real estate developer needs to have a different channel spending strategy for affordable homes as compared to luxury apartments. The channels for both the property type will be different as the target audience for both is different. For affordable housing, a company may spend more on Facebook or general entertainment sites. And for luxury apartments, a property developer may focus more on niche websites.
2. Track and optimize campaigns in real-time
Technological platforms have empowered marketing teams to track marketing campaigns in real-time. It gives a real-time view of ROI and forecasted sales for each campaign and each media channel/source under a campaign. It shows which sources will give a better result at the end of the campaign.
Sell.Do generates forecasted sales numbers, sales revenue analysis, sales pipeline for each campaign and its source in real-time. A real estate marketer can get a comprehensive view of the current performance, and based on this, also predict the future performance of the campaign and optimize it based on the set benchmarks to achieve a higher ROI.
For E.g. - A company is executing a 30-day campaign on Source A and Source B for their new project in Andheri. After 10 days of running the campaign, they observe that on Source A the cost per lead is high, but the cost per qualified lead is low as compared to Source B. Therefore there are changes made to the campaign plan and more funds are allocated to Source A and less funds to Source B.
3. Have a personalized content automation strategy
Marketing automation is an essential tool to increase efficiency and improve marketing ROI. There are various aspects of marketing automation such as sending bulk emails to subscribers, auto email responders and using drips to nurture leads that are responsible for enhancing brand engagement and building trust with the target audience. Drip campaigns which are set up using automation tools guide the customer through the buying process.
Marketing automation platforms such as Sell.Do can be leveraged to build a robust nurturing strategy and realize the full potential of your brand. It leads to connecting with the right consumer at the right time. This results in pushing leads further down in the sales funnel and eventually increases the chances of closing more deals.
4. Automate the sales process
In today’s technologically advanced business landscape it has become imperative to get maximum returns with minimum efforts. CRM tools such as Sell.Do empower sales teams to stay connected with their leads at every stage of the buying journey. Sending automated responses to your leads for follow-ups and meetings and on every interaction, and having a one-click communication mechanism using virtual numbers play a crucial role in improving sales team productivity. This leads to reducing the redundant tasks for the sales team resulting in them focussing on selling more properties and improving the ROI.
Measuring the performance of every sales executive and your sales teams with the help of CRM tools is contributing towards increasing the efficiency of sales teams. Now CRM tools such as Sell.Do provide insights into the number of site visits and meetings conducted which is a crucial element in tracking the sales team performance for any real estate business. These tools have also made it possible to track the impact of your marketing campaigns on sales performance by aligning the sales and marketing process in one platform. This helps in measuring the effectiveness of sales and marketing and improving the overall ROI.
5. Build a powerful website
The website of any brand is one of the most impactful media to connect with your audience. It is at the centre of your brand’s online strategy which includes social media and email. A website plays an important role in building a story around the brand for the consumer.
A strong website requires an impactful content marketing strategy which will meet the business objectives with a continuous flow of traffic and an enhanced search engine optimization. Tools such as Google Analytics help in measuring the effectiveness of the website by metrics such as cost per click and the click-through rate. An impactful website leads to increasing the traffic and higher conversion rates which results in higher revenue.
6. Create more video content
On an average, a person receives 84 emails in a day. You need to separate yourself from the herd, and that can be done by embedding a video in the email. According to Experian, a consumer reporting agency, a video embedded email increases conversion rate by 21%. In addition, if the term “video“ is a part of the subject lines then the click rates have increased by 13%.
On similar lines, Facebook had revealed that users spend approximately 100 million hours consuming video content each day and therefore marketers need to leverage Facebook's platform and create innovative video content. The video gives you an opportunity to reach a larger targeted audience by having a direct impact on their need and improving your cost per acquisition. This results in contributing towards higher return on investment.
7. Conduct A/B split test
A/B test is a method of comparing two versions of various marketing elements and determining which is working better. An example of A/B split test would be, you want to increase the traffic on your company website and get maximum conversions possible, so you create two versions of the website and show it to a particular target audience. Now the version that will give the maximum conversions will be the one you should use.
Some of the marketing elements that can be compared using A/B testing includelanding page, website colours, call to actions, navigation links, website layout, ad creatives, font type, design and many more. The purpose of conducting A/B testing is to convert your leads into customers. The A/B test provides an insight into the conversion rate of any marketing element, i.e. the effectiveness of that particular element in converting your prospects into customers. Therefore in the case of the website, the cost of acquisition of paid traffic can be very high; however, the cost of conversion is quite minimal.
Increasing your marketing ROI is a process and does not happen overnight. The right changes need to be implemented in order to get the desired results. Sales & Marketing automation platforms such as Sell.Do are playing a key role in increasing operational efficiency and building robust processes. This aspect is contributing immensely in improving return on marketing investment which is allowing organizations to re-invest and expand.