We’ve all heard that it “takes money to make money.” It’s never fun to see money leave your account (unless it’s for a sunny vacation or a sweet treat). But it’s important for business owners to recognize the return on an investment that will further their growth and profitability. Your ROI should always be an essential component of your marketing strategy. That includes your digital marketing investments.
Your return on marketing investment (ROMI) shows how much money you made from marketing efforts in comparison to the money you spent creating those efforts. To calculate your ROMI, you start by subtracting your marketing expenses from your revenue. Then, you take that number and divide it by total marketing expenses. Multiply that number by 100, and voila! There’s your ROMI.
You want to be sure that you’re getting the best ROMI possible with your digital marketing strategy. Read on to learn a few strategies that can help.
5 ways to get a high return on your digital marketing investments
When we’re talking about the return on digital marketing investments, we’re referring to the ROMI for efforts including search engine optimization (SEO), emails, content creation and social media. By taking this key performance indicator into account, you’re able to choose the most cost-effective options and adjust your budget as needed. You can also identify the weak spots that should be addressed.
Here are five ways to ensure that you get the best return on your digital marketing investments:
- Prioritize SEO — Search engine optimization is essential for digital marketing. Organic traffic from search engine result pages boosts your credibility and brand visibility. By utilizing SEO practices, such as internal linking and high-quality content creation, you’re able to increase traffic and lead conversion rates through more cost-effective ways than paid digital advertising, resulting in a higher ROMI.
- Make data-backed decisions — It seems like there’s always some new digital marketing trend popping up. While it’s important to keep your marketing fresh and relevant for a competitive advantage, be sure that every digital marketing decision is backed by data gathered from your analytics. By capitalizing on the strengths of your digital marketing campaigns, you’ll be able to have a good ROMI because you’re not wasting your budget on ineffective efforts.
- Implement automated marketing tasks — If you’re putting an extensive amount of your team’s time and resources into moving people through the customer journey, then you may see a low ROMI due to the high marketing expenses. An effective remedy to this is using marketing automation software when possible. This can include automated posting schedules and tracking leads from form fills.
- Focus on well-performing channels — When you know what works, prioritize it in your budget. If you’re getting double the amount of click-throughs on Instagram as opposed to Facebook, then you know that consistently posting engaging content on Instagram will give you a better ROMI than Facebook. We’re not saying that you should disregard lower-performing distribution channels. But it is important to balance your investments between capitalizing on your strengths and improving weak spots.
- Pay attention to customer retention — By engaging with a loyal customer through personalized digital marketing efforts, you can boost your ROMI with their repeat business. Not only does customer retention increase your revenue, but it also has a ripple effect. Customer retention can boost word-of-mouth referrals and social media shares for a greater reach. This results in a high ROI for each digital effort that’s geared toward your existing customers.
At BURG+CO., we want to help you maximize your return on marketing investment through strategies such as video creation, SEO and content marketing. We’re here to help you increase your bottom line by making sure that your marketing dollars are being used in the most effective manner possible.
Want to have a return on marketing investment? BURG+CO. can help
Increasing traffic to your website plays a role in increasing conversions and leading to new clients. However, it’s difficult to attract visitors to your site when you don’t know what to do. Fortunately, this is what we specialize in at BURG+CO.
Our team has years of experience in helping businesses improve their digital presence to attract new leads and retain existing ones. If you’re looking to perform better in search engine results and attract more visitors to your site, we’re ready to talk to you to see how we can help. Contact our team today for more information about digital marketing or to schedule a complimentary consultation.
