A digital marketing campaign is usually expensive, but today’s competitive market requires it. Without a strong presence online, it can be difficult to expand your business. Moreover, without a skilled digital marketing strategy, you can’t reach the full potential of your campaigns.
Just like other forms of marketing, you’ll want to estimate the return on investment(ROI) of your digital marketing campaigns. However, there are several metrics that you can monitor when it comes to determining the ROI of your digital marketing campaigns. Thus, it’s essential to identify which ones to measure and which ones to avoid.
Here are five advanced ways to improve your digital marketing campaign’s ROI:
1. Set achievable campaign goals
When you formulate business goals, you examine multiple factors that could affect your journey in reaching your goal.
Some businesses use “SMART” goals – Specific, Measurable, Achievable, Relevant, and Time-bound. This approach can assist you in planning your strategy, achieving your goals, and also easily tracking your progress.
Establishing your campaign goals is no different, but it can be somewhat harder to determine as you need to decide what a strong ROI could be from your campaigns.
Keep in mind that your marketing ROI is affected by several different factors, such as cost structure, your industry, market demand, and so on. Furthermore, your campaign determines your ROI, too. For example, the ROI from a content campaign will differ from that from a PPC campaign.
Thus, while setting campaign goals, it’s essential to clearly define the intent of your marketing strategies. It also is fundamental that you set only practical and achievable goals.
Having unreasonable expectations from your marketing specialists or campaigns can significantly affect your overall strategy.
2. Produce engaging content
In a digital environment where consumers are exposed to hundreds, if not thousands of ads, your brand needs to stand out to become successful. Content is the foundation of your marketing strategies, and you need to master it to ensure that you distinguish yourself from the competition.
Nobody wants to see standard emails about sales or your new product launch, because it’s overwhelming on their social streams and inboxes. Customers demand value and personal connections with a brand.
That is why it’s imperative to make sure that your content is always customized for your target audience. Once you understand your target audience, you can produce content accordingly and define it based on their interests, demographics, location, gender.
However, personalization isn’t the sole thing that has significant value. Here are some other components that you need to keep in mind while creating content:
- Produce valuable content – Your goal should be to present value to your audience through your content. Create content that is intended to solve their problems, by providing great advice.
- Make sure your content is consumer-centric – From sharing content about your product or services to connecting with your audience regularly through emails, be sure to reach your audience on a personal level.
- Conduct regular surveys – The best way to discover what your audience needs and expects from your business is to ask them directly. Plan regular surveys, polls, Q&A sessions, and webinars to interact with your customers. Once you have collected the data, analyze it, and identify common features that will help you better
- understand their needs. This will support you in creating highly customized content for them.
- Influencer marketing – Collaborations with influencers in your niche can create excellent content targeted at your audience. They know precisely what kind of content their audiences are likely to respond to. By producing content when partnering with an influencer, you expose your brand to new prospects and leads.
3. Employ predictive analytics
Predictive analytics is an indispensable tool that can assist you in measuring and boosting your ROI. Using machine learning and artificial intelligence, it draws insights generated by massive datasets, models, and algorithms to anticipate customers’ future behavior.
Predictive analytics also supports marketers in recognizing and focusing on leads to determine the standard customer base that is closest to conversion. It also enhances customer retention efforts and increases conversion rates as marketing teams are equipped with relevant information that permits them to comprehend customers’ needs.
It also enables marketing specialists to design efficient marketing strategies that will generate the best results based on real consumer behavior. Marketers can concentrate on where to spend more based on the value the customer brings and identify the channels they’re most likely to respond to.
AI-powered tools apply predictive analysis to discover your audience’s preferences. It examines data to determine which visual content will work best for your audience and generates high-quality social media content for you.
4. Take full advantage of automation technology
Marketing departments are frequently looking for effective marketing automation tools that can perform basic and routine tasks to reduce their costs. This is possibly the reason why the market for marketing automation tools is predicted to grow to $6.4 billion by 2024.
Automation tools can execute repetitive tasks such as housing images and documents, maintaining email lists, and handling various other functions. By leveraging automation technology, you can more concentrate on complex strategies that demand more creativity and effort.
For example, AI chatbots can improve customer satisfaction by automating your customer service operations.
Here are some other advantages of using automation technology:
- Boost revenue by improving customer retention
- Develop team accountability
- Reduce staffing costs
- Allow more time for creativity and boosts productivity
- Target potential customers across various channels with minimal effort
- Save time by running your social media campaign
5. Be careful with vanity metrics
When you track the progress of your campaign, you should be careful of the parameters that you choose to measure. Some metrics might make you feel good without telling you anything about your business and can divert you from your business goals.
Standard vanity metrics in marketing combine press release shares, Facebook fans, raw pageviews, registered users, and others that often do not correspond with revenue.
While these metrics might give you some insights on how your marketing strategy is running, they do not directly affect the ROI of your marketing endeavors. Vanity metrics dilute focus and effort and take the focus away from things that matter and hold value.
However, there are some useful metrics that you should monitor and measure. These include your click-through rate, engagement rate, reach, and more. By tracking them, you can understand how your campaigns are operating and accordingly adjust them to grow your brand even further.
You can boost your ROI by constantly experimenting with your marketing strategies and leaving out distractions. Learn to set clear goals for your marketing campaigns so that you can adjust your efforts to reach them.
Also, employ predictive analytics and produce relevant content for your target audience. Learn to benefit from automation technology to automate manageable and constant tasks. Finally, when you estimate the progress of your campaign, avoid vanity metrics.
Still need some help in creating successful digital marketing campaigns? We take this opportunity to guide you on how to increase your ROI with our data-driven, results-oriented marketing techniques. Contact us today for more information on hiring us.