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If you have made a commitment to grow your business this year, you will need to invest in your marketing and sales processes. After all, marketing is not a cost, but an investment. If you get two dollars back for every dollar you put in, it is worth it. Otherwise, there is simply no point getting started. Below you will find a few tips on how to maximise your ROI when running marketing campaigns.
Focus On the Most Profitable Audiences
It is important that you get your targeting right and setting clear goals. Knowing who your ideal clients are will help you make your online and offline marketing stick. Make the most out of your reach, and stop beating a dead horse. Promoting to people who cannot afford your services is just a waste of time and money. You have to make it worthwhile, and this means identifying your negative clients; ones that will not want to buy from you.
Calculate Your Potential Conversions
When it comes to marketing, it is all about the numbers. If your conversion rate is only 3 percent, and you reach 30 clients, you will only make one sale. There are a few great ways of measuring your results and working out your potential conversions. You can look at industry reviews and reports, and find out about the buying power of your market, too.
Automate Processes
If you think about your marketing as an investment and not a cost, you will be more focused on the results. Make the most out of your reach and automate some of the processes. If you are engaged in social media marketing, you can schedule posts for up to a month ahead, and get detailed statistics about the performance of individual posts and adverts. This will take the guesswork out of your marketing and help you make adjustments that will improve your conversions and your return on investment.
Measure Everything
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Without measuring your conversions and your marketing results, chances are that you will end up shooting in the dark. There are some advanced marketing and CRM systems that will track your visitors’ journey and actions, and let you know who are close to buying from you, so you can start a retargeting campaign. Track where your website visitors are coming from, and you can find the winners and lose the losers.
Outsource What You Can
If you are not an expert at sales, market development, and marketing, you might simply want to ask for help. Check out Peak Performance business accounting to find the numbers you are interested in, and get help with creating an effective advertising budget without compromising your financial stability. Outsource some of the processes in your business, so you can focus on your growth plan.
If you would like to improve your marketing ROI, you need to set clear conversion goals, measure everything, and get feedback from your audience. This way, you can look at your marketing activities as an investment instead of a cost.
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To your success,
Vinh Van Lam & Stuart Horrex
