Every dime you’re spending on your marketing needs to provide some sort of ROI. That’s because there are a lot of businesses out there, all making the same efforts online and offline to get noticed.
It’s a tough market to exist in right now, despite it being a more accessible one for new businesses to pop up every other day.
A proactive effort, therefore, needs to be made when it comes to your marketing strategies. Whether you’ve paid much attention to your marketing efforts this year or you’re looking to switch directions, this guide will provide you with seven proven ways to boost your marketing ROI this year.
1. Focus on Customer Lifetime Value
While it’s important to acquire new customers as a business, it’s also important to focus on the ones you already have. After all, it’s the customers that return again and again, that typically provide the longevity that your business is after.
With that being said, look at how you could focus on selling more to your existing customers to increase the revenue your business makes, as well as helping with customer loyalty and higher results on your ROI, too.
A good way to help focus on customer lifetime value is to take a look at your customers and where they’re currently in the sales funnel. Providing these are customers who have already purchased something, you should explore what methods work well to get them to make a purchase again.
The more times a customer comes back, the likelihood of you are to have a lifetime customer.
2. Leverage Marketing Automation and AI
Marketing automation and AI are technologies that you don’t want to ignore. They provide a lot in the way of helping to streamline processes, while maximizing the available resources you have.
Technology has never been more exciting, which is why you should consider making use of marketing automation tools where you can. With marketing automation and AI combined, you can help assess your data and make your efforts more efficient every time.
It can also be useful for helping to manage the sheer volume of effort required for marketing in this current digital climate. You’ve got a lot of competition to go up against, so making use of technology wherever you can do, is important.
3. Optimize Omnichannel Marketing
Nowadays, it’s simply not enough to just exist on one platform or channel. You’ll want to optimize your omnichannel marketing to reach the full potential of your available audience.
The more channels you’re on, the more success you’re likely to have with your marketing efforts. There are many industries seeing the benefits of omnichannel marketing, which is why it’s important to invest in it yourself.
Optimizing omnichannel marketing in pharma is helpful, especially when you’re trying to reach a wealth of patients and customers across numerous platforms. Some customers may not exist on certain platforms, which is why you’ll want to try and spread your marketing as much as possible across numerous channels.
4. Create High-Quality and Relevant Content
The type of content you create for your customers is important. They’re likely to switch off and not engage with the business if the content isn’t up to par.
Developing valuable, optimized, and engaged content is the way forward. You want content that not only resonates with the audience in question but that provides them plenty of value. From educational value to entertainment. There are a lot of different types of content that you could craft and create.
With that being said, consider what forms of content you could create for your customers moving forward. From blog posts to whitepapers, social media content, and more, all of these content efforts can lead to improved lead generation and converted customers.
5. Implement Influencer Marketing
Influencer marketing is one of the best forms of modern marketing. While there have been changes in the influencer industry, it’s still proving to be a lucrative opportunity for many businesses to take advantage of.
With that being said, define clear objectives when it comes to picking the influencers you want. Identifying those influencers will take some effort in the way of research and understanding of what influencers are best for your product or service in question.
It’s useful to use a mix of big influencers with big numbers, to the smaller influencers who have a micro following but one that’s highly engaged.
6. Optimize for Search Engines
Search engines are a great way to boost your business success. Optimizing for search engines is always beneficial for your business, so it’s worth implementing a strong SEO strategy.
Improving your visibility online is important, and so when it comes to boosting that part of the business, you should know what those basic practices include.
Remember to link internally and externally throughout your website. This helps to promote the authenticity of your site. Don’t forget about the user’s experience on the site, too, by improving any page loading speeds and making sure the web design is modern and functional.
7. Track and Analyze KPI’s
KPIs are useful to set because they provide a point of motivation for anyone involved in the marketing efforts within the business.
Defining your key performance indicators can help to understand what’s working for the company and what isn’t. Comparing ROI across a variety of marketing channels will also help you allocate the budget you have available more effectively.
There are plenty of analytical tools that are effective when it comes to tracking and analyzing your efforts. It’s important to do so, even if the results aren’t always positive. Otherwise, you won’t really know whether your efforts are fruitful or not.
Boosting your marketing ROI is definitely something to do more of this year. With the competition in the market, it’s important that every dime spent is maximized. Look at these opportunities for your business and consider spending more time on your marketing this year.
