How to Improve Digital Marketing ROI in 20215 min read
Are you looking for ways to maximize your marketing strategies in 2021? Do you worry that your current marketing tactics aren’t producing a return? If so, then you need to learn all that you can about how to improve your digital marketing return on investment this year.
Doing so can help you reduce your margins and maximize your profits simultaneously. It is all about finding the best ways to expose your brand to your target market.
See below for an in-depth guide on how to improve the return that you get from your digital marketing plan. Be sure to exercise them all!
1. Use Marketing Attribution
Perhaps you’re concerned about the lack of return that you’re receiving from certain marketing tactics in your digital marketing strategy. Maybe you’ve realized that certain tactics yield higher returns, while others are a waste of money.
You should find reassurance in the fact that every brand goes through this same scenario with their marketing plans. Different tactics work for different industries.
By using marketing attribution, you can find what marketing initiatives are integral to the sales of your products/services, as well as which ones are not.
For those of you unfamiliar with the term, marketing attribution is an analytical look at each digital marketing tactic you use. This could be things such as blogging, email marketing, case studies, live chat, social media, webinars, PPC advertisements, etc.
The goal here is to find which marketing tactics in your digital marketing plan have the greatest influence on customer conversion. Once you identify which ones play the biggest role, you allocate more of your marketing budget towards them.
Such benefits of using marketing attribution include:
- Yielding a higher return on your marketing investments.
- Helps you avoid wasteless spending on tactics that don’t work.
- Personalizes your brand.
- Improves the functionality of your products.
- Helps you measure the worth of any given marketing tactic.
2. Hire a Marketing Agency
The businesses that don’t invest time or money into their marketing initiatives are the ones that fall behind. However, as a marketing manager or business owner, you already have so much on your plate, to begin with.
That’s when hiring a marketing agency can make a lot of sense for your business. They can help unlock a wide variety of benefits for your digital marketing plan such as:
- Access to marketing experts at the top of their field.
- Increase the return on your investment with each of your marketing initiatives.
- Saving you money by helping you avoid marketing tactics with no return.
- Improving the personalization and consistency of your brand.
- Maximizing all of your marketing efforts.
- Less stress on the in-house marketing team to perform.
- Establish passive marketing trends that convert while you’re asleep.
- Access to a plethora of marketing resources your business doesn’t currently have.
At the end of the day, digital marketing business is a must-have for your thriving business. At Liquid Digital, we strive to help our clients establish durable digital marketing tactics that will outperform and outlast their competitors.
3. Set SMART Goals In Your Digital Marketing Plan
The results of your digital marketing plan are only as realistic as the goals that you set for it. Don’t get us wrong, we encourage lofty goals! However, to build progress for your marketing plan, you need to set ones that are achievable as well.
That’s why SMART goals are such an important piece to the puzzle. If you’ve never heard the term before, “SMART” stands for goals that are:
By setting SMART goals, you’re giving your company access to real data. For example, let’s say you set a goal of growing your email list to 200 credible subscribers in one year.
By giving it a number, you’ve made it specific and measurable. The number of 200 subscribers is certainly attainable and relevant to your hopes of maximizing ROI. Then, you’ve set a time-based goal by giving your company one year to complete it.
4. Build a Marketing Budget
Your marketing budget will dictate a lot of the moves you make with your digital marketing strategy. However, that doesn’t mean that it’s a crutch.
By using the marketing attribution mentioned above, you can make sure that all of the money in your marketing budget is going towards worthy marketing tactics.
If you haven’t already done so, take the time to make a detailed marketing budget. It should include things such as:
- The cost of the marketing agency you’ve hired
- Website updates and redesigns
- PPC advertisements
- Social media initiatives
- Marketing automation tools & more
5. Observe the Customer Journey
Not enough companies pay attention to the journey they’re mapping out for their customers. Imagine that your customer is standing in a wide-open field. They have a problem, but they aren’t sure how to go about fixing it.
Then you come along with a customer journey map, which highlights a specific path for them to go down to resolve their biggest pain points.
A customer journey map allows you to control all of your target market’s interaction with your brand both leading up to and after the initial sale.
To create a clear customer journey map, be sure to create buyer personas, invest in pivotal touchpoints, and aim to fix your customer’s biggest problems.
Increase Your Digital Marketing ROI Today
Now that you have seen all of the different ways that you can improve your digital marketing ROI for your company, it’s time to take action.
Please begin by reading this case study on the Australian Human Rights Commission and how they were able to convey the right message for their brand.
For more inquiries, please begin by making an appointment online with one of our marketing experts.