Easy Hacks to boost your ROI

With the rise in the expectations of the customer approaching businesses online, as well as with the influx of massive data from all corners, it has become increasingly complex as well as competitive for the organizations across the spectrum to use this information, to the best of their capability. To meet the demands of the consumers, especially during these times, where direct interaction is down to the minimum, personalization is what rules the roost, having said that, it is expensive and without a well thought of and a powerful digital marketing strategy it won’t be possible to unleash your campaign to its full potential.

Having said that ROI, is the most important feature to enhance and track the efficiency and efficacy of your digital marketing initiatives as well as, the key is to keep the rising costs within your budget, especially if you have recently started a venture or are running a non-profit, fret not, Zivanta Marketing shall help you with our cutting edge and straight-forward analytics to help you formulate the best decisions for your digital marketing campaigns.

(P.C.- Unsplash, @austindistel)

Ways to enhance your ROI

1. Establish your ROI targets – Before establishing your ROI goals, it is important to be S-M-A-R-T, i.e. Specific, Measurable, Achievable, Relevant, and Time-bound, as a general business practice, a good marketing ROI is that of 5:1, implying generating $5 in sales for every $1 spent. A ratio of more than 5:1 is considered strong across most sectors, whereas 10:1 is outstandingly high. Achieving more than 10:1 is achievable but not highly expected.

Therefore, it is best for organizations to set realistic and achievable goals and target those goals which are achievable, depending on various variables, like the industry, cost involved, etc.

2. Experiment and incorporate changes at regular intervals – With so many marketing activities at play, at once, it becomes over-whelming at times. But, it is important to take stock of what is working and what not, for instance was there an increase in revenue post adopting new marketing strategies, if yes, then what worked and if not, then what were the reason behind it, tracking unique website visitors, qualified leads, etc.

 For instance, Lenovo, effectively used the large data generated everyday to improve their services as well as introduce a new line of product, at the same time maintaining a direct line of communication with its existing consumers and building new ones. To leverage the large set of data collected, they built a team dedicated only for data analytics in their E-commerce team, to interpret and analyze data from 60 sources across the world.

3. Create targeted content for your audience – With constant bombardment of excessive information, inputs, and variable content from multiple sources, your targeted audience can be legitimately confused, therefore, your content should not only be unique but sell its own story, thereby, indicating that content is the king.

Before content creation, it is important to identify your targeted audience and then further segregate it on the basis of gender, geographical location, areas of interest, etc.

Therefore, these are some points to keep in mind, before going ahead;

• Creating user-centric and curated content- Creating personalized, informational, insightful content for the audience and keeping in touch with them regularly.
• Influencer marketing- This means targeting those individuals on the Social media who are related to your field and have a huge following, this kind of engagement not only generates trust and authenticity but also makes your product or services, more relatable.
• Conducting regular surveys – The best way to work upon and trust is when you directly hear from the horse’s mouth, i.e. engage directly with the consumers by directly sending them surveys, engaging in live Q&A’s, podcasts, etc., this won’t only give a genuine feedback freed from any biases but also direct communication creates a pathway for trust and direct engagement.

4. Leverage Automation technology and using predictive analytics– Marketers are increasingly on the look-out for efficient and effective market automation tools and services, which can regulate and automate simple and repetitive tasks to reduce their operational costs. This is the reason, perhaps why the automation tools industry is expected to by $6.4 billion by 2024.

Some of the benefits of using automation technology tools

• Reduction in overhead costs
• Work is streamlined, in terms of efficiency and productivity enhancement
• Team accountability can be maintained
• Help target potential customers with less efforts
• More time to focus on productivity and creativity

(P.C.- Unsplash, @austindistel)

With the help of predictive analytics, which has now, undoubtedly, become an essential and an imperative tool that helps people measure and boost their ROI. It heavily uses machine learning and artificial intelligence to draw conclusions generated via humongous datasets, models, and algorithms to predict the future behavior of customers.

Predictive analytics most importantly assists marketers in identifying and prioritizing leads to understand their ideal consumer base that is nearest to conversion. It also helps in improving those efforts which can yield customer retention and increase conversion rates, as marketers are well informed and equipped with relevant information that enables them to understand customers’ needs.

It also lends the intellectual capacity to the marketers to plan well devised, informed and efficient marketing strategies that shall result in the best outputs’, based on consumer behavior.

With our expertise across this domain, Zivanta Analytics shall provide you with cutting edge analysis to help you target your potential leads and convert them into your future consumers.

Thereby, increasing ROI isn’t as tough and worrisome as it seems, with a well-placed strategy in place, without any distractions and a strong consumer centric focus, aligned to reach out to them; and most importantly using the above suggestions to create opportunities of challenges, will yield desirable results for your organization and create a loyal customer base.