Businesses are designed to make money. For this reason, business owners and marketing managers are concerned about the return on investment they receive from their marketing campaigns. The better return a marketing campaign provides, the likelier it is that the company will grow and will have the sales it needs to reach the next level. The following are some things that marketing managers and business owners can do to get the highest return on investment on their marketing campaigns.
Targeting the Right Demographic with the Right Message
Since 2009, automobile dealers have seen a marked decrease in sales worldwide. This is due in part to the fact that more automobile owners are holding onto their vehicles longer, somewhere around 4 ½ years. This means that in the past few years auto dealers have received a good portion of their income from customers coming back to get paid service work. This has led auto dealers to rely on customer segmentation and modeling to improve their return on marketing investments.
Instead of giving every single customer in their database the exact same offer, they have tailored the offers they send out based on their customer’s demographic. In effect, they found the right offer for the right customer. The result was increased response rates and a higher return on investment for their marketing campaign.
Set Goals and Measure Results
A good marketing campaign will start with a clearly defined goal. The goal should be achievable and quantifiable. For example, your marketing team may have the goal of increasing the number of page views on all blog content. Frequently review your marketing campaign and see if it is achieving the goals you set. If not, make adjustments in your marketing campaign. The highest return on investment for any marketing strategy is seen when goals are met with the least amount of investment on the business owner’s part.
Contact Relevant Clients
Marketing to a billion people may be a waste of time and money if none of those people are interested in your product. So the goal is to identify and recruit individuals who are passionate about your brand and your product and who can actually benefit from the product you are offering. This is especially the case when talking about marketing in print.
A good example of this can be seen when looking at the medical field. An orthodontic medical professional’s primary goal is to reach individuals who need orthodontic care within a specific geographical location. An orthodontist in Minnesota could care less about reaching individuals who need orthodontic care in Rhode Island. For this reason, many orthodontists choose to use uniquely designed postcards, like the orthodontic marketing materials created by OrthodonticMarketing.net, to target the needs and responses of specific individuals who need orthodontic care within their community.
Improve Social Media Marketing Return on Investment
While social media is one of the least expensive forms of advertising, it still incurs cost. A social media manager is needed to update and monitor what happens on social media, and a company needs graphic designers and other individuals who create the digital media that is displayed on social media accounts. They all need to be paid. This requires investment. To get the greatest return on your social media marketing investment, it is first important to promote the content you create. Next, link all of your content together. This means linking your Twitter, Facebook, Google+, and Instagram accounts together. Social media should serve as a bridge to tie all of your other marketing campaigns together, thereby bringing more attention to your brand and increasing the profits you get from your marketing efforts.
Marketing is challenging. It requires investment. However, with careful planning and a little bit of skill, you can see to it that your marketing campaign provides the greatest financial returns for your investment.
About the author: A recent college graduate from University of San Francisco, Anica loves dogs, the ocean, and anything outdoor-related. She was raised in a big family, so she’s used to putting things to a vote. Also, cartwheels are her specialty. You can connect with Anica here.