How Do You Get A Better ROI From Your Marketing Strategy

Two focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. A major component of your business is you marketing. It’s good enough just to market though. You have to do it effectively. The following contributed post is entitled, How Do You Get A Better ROI From Your Marketing Strategy.

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What does ROI mean? For those that are unaware, it stands for Return on Investment, relating to what you gain from investing your money. In marketing terms, it basically addresses how much you earn as a result of a marketing campaign/strategy. As a basic example, let’s say you spent $1000 on a marketing campaign, and it yielded sales totaling $2000. Here, you’re made a positive ROI as you essentially gained $1000.

With that in mind, how do you get a better ROI from a marketing strategy? Marketing and advertising cost lots of money nowadays, meaning many small businesses struggle to profit. Nevertheless, here are a few worthwhile ideas:

Utilize free marketing as much as you can

The first step is to be more frugal in your approach to marketing. There’s no need to splash the cash all the time – many marketing tactics are free! Think of things like social media marketing; this can be done without spending a penny. Word-of-mouth marketing works well for small businesses – get people to spread the word for you. You’ve also got ideas that initially cost money, yet provide free marketing afterward. Handing out branded products is a fine example; give customers a free tote bag with your branding on it, and they basically advertise your business whenever they go out with it.

Switch from traditional to digital marketing

Traditional marketing includes loads of classic ideas like billboard ads, newspaper adverts, flyers, etc. Nowadays, these methods aren’t as effective, meaning they provide a lower ROI. Instead, it’s worth venturing into the realm of digital marketing. Now, what is digital marketing? In short, it relates to all the different ways of promoting your business through digital channels. Again, social media falls under this umbrella, as do SEO, PPC, etc. Digital marketing helps you get a better ROI because it’s easier to tweak and measure the success of a campaign. You have access to all kinds of metrics that tell you what is working and what isn’t. Therefore, you can make adjustments to ensure you see a positive ROI.

Plus, most digital marketing tactics are more affordable than traditional ones. Do you know how much it will cost to get an advert on the TV during a prime time show? A fair bit more than paying for an advert on social media!

Set a strict budget

Finally, you should set a strict budget and stick to it. Many people see a negative ROI because they keep paying for more things. Your campaign isn’t producing results, so you increase the budget and keep promoting as much as you can. In the end, you spent far too much to make it possible to gain a positive return. A strict budget forces you to think smarter and make your money go a long way. It limits your spending, which could help you see a better ROI.

In summary, it’s all about being wise with your spending. Think of ideas and tactics that don’t cost much money, yet provide excellent results. Contrary to what you might believe, you don’t need to spend a fortune on a good marketing strategy.

Author: anwaryusef

Anwar Y. Dunbar is a Regulatory Scientist. Being a naturally curious person, he is also a student of all things. He earned his Ph.D. in Pharmacology from the University of Michigan and his Bachelor’s Degree in General Biology from Johnson C. Smith University (JCSU). Prior to starting the Big Words Blog Site, Anwar published and contributed to numerous research articles in competitive scientific journals reporting on his research from graduate school and postdoctoral years. After falling in love with writing, he contributed to the now defunct, and the Edvocate where he regularly wrote about: Education-related stories/topics, Science, Technology, Engineering and Mathematics (STEM), Financial Literacy; as well as conducted interviews with notable individuals such as actor and author Hill Harper. Having many influences, one of his most notable heroes is author, intellectual and speaker, Malcolm Gladwell, author of books including Outliers and David and Goliath. Anwar has his hands in many, many activities. In addition to writing, Anwar actively mentors youth, works to spread awareness of STEM careers, serves on the Board of Directors of the Friends of the David M. Brown Arlington Planetarium, serves as Treasurer for the JCSU Washington, DC Alumni Chapter, and is active in the Dave Ramsey Financial Peace Ministry at the Alfred Street Baptist Church. He also tutors in the subjects of biology, chemistry and physics. Along with his multi-talented older brother Amahl Dunbar (designer of the Big Words logos, inventor and a plethora of other things), Anwar is a “Fanboy” and really enjoys Science-Fiction and Superhero movies including but not restricted to Captain America Civil War, Batman vs. Superman: Dawn of Justice, and Prometheus. He is a proud native of Buffalo, NY.

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