3 Ways to Increase Your Marketing ROI
Does your firm throw money at marketing initiatives, only to realize that nothing has really worked for you? Redesigning websites and brochures, attending business showcases and other marketing efforts can be expensive, and there’s no guarantee that they’ll generate viable leads.
Spoiler alert! Even the best marketing initiative is a waste of money if you’re spending it without a plan. So let’s take a look at three ways to increase your marketing ROI.
Think before you spend
Theoretically, the more you spend on marketing, the more clients you’ll have. If only it were that easy. Converting people into potential clients takes time. Many marketers believe in the “Rule of 7,” which says a prospect needs to hear a message at least seven times before they will take action to buy the product or service.
It’s a nice idea, but it’s also one of the oldest concepts in marketing. Today, you might need way more than seven “touches” with a prospect to be heard above the clutter in people’s newsfeed and fields of vision. Today, there is no single “right” answer when it comes to how many times you need to get in front of a prospect to turn them into a client. But it does mean you need to think long-term and use your marketing budget strategically.
Instead of trying to get your marketing message in front of 50,000 people one time, you’re better off reaching 10,000 people five times and segmenting your audience so you can target which 10,000 potential clients you reach and tailor your message to them.
Track what matters
Your marketing budget is a means to an end. So what is the end goal you have in mind and how will you track it?
In marketing, it’s easy to get lost in “vanity” metrics. Things like number of social media followers, likes and shares are easy to track, but they don’t necessarily translate into revenue. Sometimes, they even take your focus away from marketing efforts that could really make a difference.
Instead, focus on metrics that actually help your firm’s growth. For example, does content marketing improves your sales pipeline by a certain percentage? If so, what can you do to increase content production volume? Look at historical data, pinpoint any trends and use that data to flush out a detailed plan.
Once you’re tracking the KPIs that impact sales and profits in a positive, measurable way, do more of what works. When a marketing initiative works well, repeat it with minor updates. Listen to your internal and external clients and incorporate their feedback. If you land new clients because they were excited about a certain service line, look for other areas in which you can meet their needs.
Remember, every new client should lead to a long-term relationship and expanding services. As important as it is to bring in new clients, it’s perhaps even more important to keep the relationships with your existing clients alive and well.
There is a lot to consider when measuring your marketing ROI. You’ll succeed in getting it to the next level if you plan carefully, measure along the way and make tweaks as needed. When you do these things, your revenue should increase, and your firm will be on to its next growth phase.
As the Marketing Manager for Boomer Consulting, Inc., Heather’s primary focus is on developing the firm’s marketing strategy and brand awareness to help drive business results. She manages and executes marketing and business development initiatives, with daily oversight of the website, social media, and thought leadership content. In addition, as a part of the Business Development team, she provides leadership and strategic planning on marketing and communication practices for the firm.