There isn’t a business owner or executive out there that would argue about making more money. It’s what we are in business to do. You are spending your marketing budget but wouldn’t it be great to do more with less?
Meaning increase marketing ROI. That is precisely what we are going to talk about today.
3 steps to increase marketing ROI.
The following steps to increase marketing ROI are simple in nature but they are some of the most common problems we see when working with clients of all sizes. We are talking small companies doing $1Million in revenue up to $180 million dollar enterprises.
How can you expect to increase marketing ROI when you have no idea what is performing and by how much? This is actually a big problem, even for larger companies. Actually I feel this is easier the smaller you are.
You have to know how well your campaigns are performing at every step of the process. From impressions to the followup, every step matters.
One of the most important ways to increase marketing ROI is to make sure you have proper tracking in place. Without proper tracking you basically can’t do anything and you most certainly can’t do the following two steps.
2. Cut losers
When looking to increase marketing ROI this is typically a quick win, especially if you are a larger company. We find that companies are simply spending money to spend and are spending money on things that simply don’t give a great return.
An example recently on a client campaign. We came in and cut about half of their keywords, repositioned the ads, and resulted in double the leads after one week and a reduction in overall CPL (cost per lead) by about 35%. In ONE week!
If you have a larger marketing budget you are most likely bleeding money all over the place. Pay attention to the variations that are performing most. This goes for ads as well as landing pages.
We wouldn’t be a good optimization company without mentioning this final step to increase marketing ROI and we are talking about conversion rate optimization. You have got your tracking in place, you have cut losing variations from your marketing campaigns, now it is time to add the rocket fuel.
Optimization is more than just running a few split tests. As we have preached in the past it is more about understanding what makes your website visitors tick and leveraging split testing to prove assumptions and further track the improvements. Optimization is the single most profitable thing a company can do. We have proven it time and time again.
Continuing to dial in on what your visitors want and give it to them in a way that they will take a desired action at a higher rate is what it is all about. What would you do with 20% more leads, 15% more customers without spending more money on ads (and in some cases lowering your spend)?
Don’t you think that will help increase marketing ROI? You can also play around with our quick marketing ROI calculator here.
There you have it… 3 simple steps to increase marketing ROI. Of course there is more to it than just that but this should give you a glimpse at some actionable items you can take to get a better return on your marketing investment.
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If you want help figuring out which areas you may be bleeding, reach out for a no obligation conversion acceleration session.