Digital marketing campaigns are costly but necessary. It’s difficult to grow a business without an online presence. But you can’t maximize your campaign’s potential without a strong digital marketing strategy.
Like other marketing methods, you must calculate the ROI of your digital marketing campaigns. However, there are numerous metrics that can be tracked to determine the ROI of digital marketing campaigns. So knowing which to measure and which to avoid is critical.
How to improve your digital marketing campaign’s ROI in five ways:
- Set campaign goals
- Give your audience what they want
- Predictive modelling
- Leverage on Automation Technology
- Do not use vanity metrics
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Set campaign goals
When setting business goals, you consider many variables that could affect your success.
These are SMART goals: Specific, Measurable, Achievable, Relevant and Time-bound. This strategy can help you plan your goals and track your progress easily.
Setting campaign goals is similar, but more difficult. Your campaigns’ ROI must be determined.
Remember that marketing ROI is affected by many factors such as cost structure, industry, and market demand. Your campaign also determines your ROI. For example, a content campaign’s ROI will be distinct from a PPC campaign’s.
Thus, when setting campaign goals, clearly define the purpose of your marketing strategies. It’s also important to set realistic goals.
Unrealistic marketing team or campaign expectations can negatively impact your overall strategy.
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Give your audience what they want
In a digital world where consumers are constantly bombarded with ads, your brand must stand out to succeed. Content is the foundation of your marketing strategies, and you need to nail it to stand out.
Nobody wants to see sales emails or new product launches because they are constantly bombarded with them. Customers want value and personal connections.
That’s why it’s critical to tailor your content to your target demographic. Then you can create content for your target audience. Interests, demographics, location, gender, etc.
But personalization isn’t everything. Other factors to consider when creating content include:
- Produce valuable content – Your content should be valuable to your audience. Create content that addresses their issues. Consider giving them good advice through it.
- Make your content user-centric – Whether you share content about your products or services or communicate with your audience via email, make personal connections.
- Ask your audience directly what they want and expect from your brand. Conduct regular customer surveys, polls, Q&A sessions, and webinars. After gathering data, analyze it to find common themes that will help you better understand their needs. This will help you create more tailored content for them.
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Predictive modelling
Predictive analytics is a vital tool for measuring and increasing ROI. It uses machine learning and artificial intelligence to predict consumer behavior based on massive datasets, models, and algorithms.
Predictive analytics also helps marketers identify and prioritize leads to determine the most likely to convert. Marketers are better equipped with relevant information to understand customers’ needs, which helps improve customer retention and conversion rates.
It also enables marketers to plan effective marketing campaigns based on consumer behavior. Marketers can prioritize where to spend more based on the customer’s value and identify their preferred channels.
AI-powered tools like Cortex predict your audience’s preferences. With the help of data, it creates high-quality social media content for you.
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Leverage on Automation Technology
Marketers are increasingly looking for cost-effective marketing automation tools that can automate routine tasks. Perhaps this is why the marketing automation market is expected to reach $6.4 billion by 2024.
Automation tools can house images and documents, manage email lists, and perform other functions. You can spend more time on complex strategies that require more creativity and effort.
To improve customer satisfaction, AI chatbots can automate customer service operations.
Other advantages of using automation technology:
- Increase revenue by retaining customers
- Boost team morale
- Cut staffing costs
- Increases creativity and productivity
- Easily target potential customers via multiple channels.
- Manage your social media campaigns.
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Do not use vanity metrics
When tracking your campaign’s progress, be cautious of the metrics you use. Vanity metrics can distract you from your business goals.
Vanity metrics in marketing include press release shares, Facebook fans, raw pageviews, and registered users.
These metrics provide some insight into your marketing strategy, but do not directly impact your marketing ROI. In fact, vanity metrics divert attention and effort from more important matters.
But there are some metrics you should definitely track. These include your CTR, engagement, and reach. By tracking them, you can see how your campaigns are performing and adjust them to further grow your brand.
Conclusion
Increase your ROI by testing new marketing strategies frequently and eliminating distractions. Remember to set clear marketing goals and to align your efforts to achieve them.
Use predictive analytics to create content that your target audience will like. Automate simple and repetitive tasks. Finally, avoid focusing on vanity metrics when tracking your campaign’s progress.