In the digital marketing world, it is always crucial to measure ROI (return on investment) over your client’s monthly investment. ROI optimization often happens when you are selling huge varieties of products, clients who are cutting costs, or having doubts that marketing is just a myth. With that being said, it may be a good decision to run into consultants and marketers as they can certainly help you on such matters. In fact, they are highly knowledgeable when it comes to cost, business development procedures, and marketing strategies. They are equipped with valuable information enough to devise the right approach to a certain business concern. They have in-depth analytical skills and specific means to provide you competitive tracking for your business. As a marketer, it is important to have client retention.
With the given formula, ROI is mostly gained in a month or two. It still depends on how competitive your product is, what line of services you offer, etc.
1. Know your products and services.
Having full understanding of your products and services means you must know what your selling point is. In order for you to run your business quickly, you must also identify the different aspects of your services and see them on a customer’s perspective. Lastly, list all the benefits that your consumers/customers will be getting from your product.
2. Identify your services package or product cost.
If you are offering services, it is imperative to set and know your package cost in each of them. It is where you might be getting an estimated budget for your marketing campaign. In the same manner that you do with selling products, identify and make a list of these products that cost from lowest to highest.
3. Competitor Research and Analysis
As a part of understanding what your product is, it is important to know other products related to yours too. Yes! competitor prospecting is one of the best marketing strategies. You need to find and explore their gems and assets and on how they play the game. From there, it’s up to you if you are going to apply or enhance it.
Tips on how to search competitors using Google Operators
In Google search box:
* intitle:keywords + “resources”
* related:yourdomain.com (results reflect if the domain is established well) see image below :
4. Estimate daily and monthly budget.
After identifying all your packages and products cost, next thing would be to set a budget for marketing. It will include marketer’s rate and daily/monthly costs.
5. Let Marketers do their work.
It’s up to the marketers on what they should do around the given budget. But if you have enough money in hand, most marketers would opt to spend it on paid ads, building landing pages and press releases.
6. Marketers should set “Goals”
Online marketers do not just implement strategies, they also set goals for each separated campaigns. Sample of goals are :
* Driving prospects to your desired product/page
* Driving clickers/visitors to “sign-up” for newsletter
* Driving clickers/visitors to buy or subscribe
7. Allow tracking and Funneling of Conversion
When something is being implemented and setted, you should allow tracking to see insights. This is for the purpose of knowing what is happening after executing the marketing plan. You might be able to see ups and downs on the graphs, but it doesn’t mean you just stare at them. The best thing you can do is to analyze and take action based on your analysis.
Funneling is a form of tracking things step by step to complete desired goals. This involves analytics (e.i google analytics, adwords, ebay, facebook ads etc.) See sample set-up below:
* Know your products and services
* Research : Everything is in Google
* Set a proper budget cost
* Build strong KPI’s to determine the campaign’s success
* Involve Analytics and proper tracking